Winter Woes in the UK and US: Pensioners Left Struggling as Leaders Slash Support

Pensioners in both the UK and US are grappling with government policies that threaten their financial security, with Britain limiting winter fuel payments to the poorest and the US facing concerns over Biden's upcoming gas water heater ban. Also, get to know these underrated tax credits US retirees should know about in today's Money Making Moves:  

> Pensioners in Britain and the US face challenges from government policies affecting their financial stability. In Britain, Labour's decision to restrict winter fuel payments to only the poorest pensioners has sparked criticism, with health secretary Wes Streeting defending the move but facing backlash for comments deemed insensitive. Meanwhile, in the US, Joe Biden’s upcoming ban on certain gas water heaters has raised concerns about increased costs for older citizens, with critics highlighting the financial burden on low-income households. Proponents argue the policy aims to reduce carbon emissions, but its impact on seniors remains contentious.

> James Daunt, CEO of Barnes & Noble and Waterstones, plans to open about 60 new Barnes & Noble stores in the US in 2025, following the 57 locations added in 2024. He is also considering a potential initial public offering (IPO) in London or New York, although no plans are currently in place. Daunt aims to integrate IT and finance systems across both chains and credits strong holiday sales for a "solid Christmas" performance. Barnes & Noble, America’s largest book chain, and Waterstones were both acquired by Elliott Investment Management, with Daunt leading both companies while maintaining his independent book chain in London.

> Toyota Motor is venturing into orbital rocket development by investing $44.4 million in Interstellar Technologies, a Japanese private spaceflight company. Chairman Akio Toyoda emphasized that mobility shouldn’t be limited to Earth or dominated by a single company, referencing Tesla and SpaceX. Toyota aims to leverage its vehicle mass-production expertise to support rocket manufacturing, competing with Mitsubishi Heavy Industries in Japan’s launch market. Additionally, Toyota announced the completion of the first phase of Woven City, a futuristic prototype city at the base of Mt. Fuji designed as a testbed for emerging technologies.

Open a sober bar that offers a vibrant and welcoming alternative to traditional nightlife, complete with mocktails, music, and atmospheric decor. Cater to the growing demand for alcohol-free social spaces, driven by trends like reduced drinking among Gen Z and increased health awareness. Focus on creating a fun and inclusive environment where patrons can enjoy themselves without the need for alcohol. Highlight the unique experience with creative drinks, mystical or themed decor, and the promise of a great time—minus the chaos often associated with boozy nights out.

Turn your passion for fixing bikes into a thriving neighborhood side hustle. Offer bike repair and custom-building services, catering to cycling enthusiasts and casual riders alike. Promote your services through local Facebook groups, flyers in community hotspots, and a user-friendly website showcasing your expertise. With affordable pricing and convenient service, you’ll quickly become the go-to bike mechanic in your area.

> In 2024, YouTube reaffirmed its role as a cultural powerhouse, redefining how audiences engage with news, entertainment, and viral trends. The platform spotlighted everything from the U.S. presidential election to global sensations like the "Bye Bye Bye" dance challenge. Indie animation reached new heights with hits like The Amazing Digital Circus and Hazbin Hotel, proving that independent creators can not only captivate audiences but also influence the industry at large. By empowering creators, sparking global conversations, and nurturing diverse communities, YouTube continues to shape the cultural landscape in profound ways. To know more on how to be part of this industry, click here. 

> Many U.S. retirees over 65 face financial stress as they manage fixed incomes amidst rising living and long-term care costs. Early Social Security claims and insufficient savings in 401(k)s exacerbate these challenges, often forcing retirees to rejoin the workforce. However, strategies like deducting Medicare premiums, using additional standard deductions for those over 65, and leveraging spousal IRA contributions can help lower taxable income. Additionally, low-income retirees may qualify for tax credits, offering further financial relief during retirement.

> The question "Tell me about yourself" often trips up job candidates who try to cram too much information into their answers. Thomas Caleel, a former director of MBA admissions at Wharton, suggests breaking the response into three areas, such as academics, extracurriculars, and volunteering, and asking the interviewer which they’d like to hear about first. This method engages the interviewer, makes the conversation dynamic, and prevents candidates from rambling. Career experts also advise focusing on career accomplishments, and transferable skills, and keeping responses concise—ideally under a minute.