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While the often-repeated statistic that only one percent of New York City restaurants survive a year after opening is a long-running urban legend (the actual number is closer to 20%), the market in the city is notoriously difficult given the high cost of real estate and a customer base with infinite options for where to go for delicious food.Some high-profile restaurant closures in March 2026 alone include specialized wine bar Corkbuzz, gluten-free Japanese bakery Postcard and Bar56 just underneath the Brooklyn Bridge in the Dumbo neighborhood.On the chain end, New York also lost Las Vegas Mexican restaurant Pink Taco. The last Hooters restaurant in New York also closed its doors in the Queens borough in late February.Elmo restaurant opened in Chelsea in 2001Another beloved restaurant that is serving its final meal this month is the gay staple Elmo Restaurant. Opened in the Chelsea neighborhood by  Bob Pontarelli in 2001, it served a menu of simple American dishes but quickly grew into a beloved community hangout as Chelsea went through a period of rapid gentrification and most other LGBTQ+ restaurants on sixth and seventh avenues closed their doors. A New York Times article from 2021 described Elmo as one of the last LGBTQ+ restaurants left in a neighborhood that was once full of them.Related: 26-year-old sushi chain files for Chapter 11 bankruptcyBut in an Instagram post, Pontarelli announced that the restaurant will serve guests for the last time on March 13; after the building where the restaurant was located was sold, the new owner chose not to renew their long-running lease.The existing space at 156 Seventh Avenue will be developed into a new high-end residential project.”It was just confirmed to me that our building — home to elmo for 25 years — has been sold,” Pintarelli wrote in the Instagram post. “Our lease expires with that sale. The new owners will soon bring a residential building to our neighborhood. Sadly, all things must come to an end and elmo will serve its last meal on Friday, March 13.”

Elmo was a long-running LGBTQ+ institution in the Chelsea neighborhood.Elmo Restaurant

“A place to gather comfortably with members of your community”The heartfelt post received hundreds of comments from fans and local residents who see the closure as the end of an area and the loss of an important community space.Many described memories of coming there to meet dating prospects in the pre-app era and continuing to come back for the communal ambiance over the years. Others would come to Elmo for a place to socialize with locals from Chelsea.More Travel News:Airline to launch unusual new flight to Cayman Islands from the U.S.Iranian strike hits major airport, injuries reportedUnexpected country is most luxurious travel destination for 2026U.S. government issues sudden warning on Switzerland travel”It’s been a place for a first date or dinner with friends,” Pontarelli wrote. “A place for important celebrations and fabulous parties or simply a place to gather comfortably with members of your community at a home away from home. […] We opened just months after the events of 9-11 and stayed open and serving food and cocktails through Sandy, several blackouts and record snow falls.”A year ago in March 2025, a separate bar also owned by Pontarelli closed down for similar reasons of neighbohood development and demolition of several local buildings by the owner.Related: This Texas city is a seriously underrated foodie destination

My years of experience reporting on Americans’ personal finance concerns have led me to understand on a deep level the reality that Social Security and Medicare face serious financial difficulties — and action needs to be taken to ensure both programs’ longevity.AARP, the advocacy group for older Americans, supports both federal programs and is working toward their survival.”Social Security and Medicare are the most effective and essential anti-poverty programs in American history,” AARP wrote. “Social Security serves as the largest source of retirement income for most of its nearly 69 million beneficiaries, while for more than 68 million people, Medicare is the primary and, for many, only source of health care.””In these uncertain times, AARP is redoubling its efforts to preserve and strengthen both programs.”Related: Jean Chatzky sends blunt message to Americans on 401(k)s, IRAsThe conversation about how to meet these objectives can appropriately begin with an acknowledgment that Social Security and Medicare are not giveaways or entitlements.”They are earned benefits — sacred promises that must be kept,” wrote AARP. “For younger generations, these programs represent an/essential lifeline to future retirement security.””For older Americans and individuals with disabilities, they ensure access to necessities like groceries, housing and medical care,” wrote AARP CEO Myechia Minter-Jordan. “Social Security and Medicare embody the best of America’s values: security, dignity and economic stability.AARP explains Social Security, Medicare urgent needsAt their respective ages of 90 and 60 years, Social Security and Medicare both need periodic updates to stay financially sound for the long term.”Without congressional action, Social Security benefits could be reduced by nearly 17 percent in the next decade — a loss of about $4,000 a year for the average retired beneficiary,” AARP wrote. “Chronic underfunding has also led to record-long wait times for those seeking assistance or applying for lifesaving disability benefits.””Meanwhile,” the nonprofit organization continued, “the Medicare trust fund will be able to pay all benefits until 2035, but long-term fixes are still necessary to ensure its financial health for future generations.”More on personal finance:Zillow forecasts big mortgage change for U.S. housing marketAARP sounds alarm on major Social Security problemDave Ramsey bluntly warns Americans on 401(k)sTackling these challenges will require bipartisan cooperation and action.”We must act now to ensure that after a lifetime of hard work and sacrifice, older Americans can live out their lives with the financial and health security they deserve,” Minter-Jordan wrote. “Top priorities are strengthening Social Security and Medicare, lowering prescription drug prices, expanding opportunities for financial stability in retirement, and closing the widening gap between the lifespan and the health span.”Status of Social Security and Medicare program fundingThe Social Security and Medicare programs both continue to face specific, significant financing issues, according to a 2025 Social Security and Medicare Boards of Trustees report.The Old-Age & Survivors Insurance (OASI)Trust Fund can cover full benefits until 2033, according to the 2025 report. After that, its savings run out and ongoing income would cover about 77% of promised payments.The Disability Insurance (DI) Trust Fund is expected to pay full benefits through at least 2099, one year longer than the 2024 projection.Looking at OASI and DI together (OASDI), the combined funds could pay full benefits until 2034, a year earlier than the 2024 estimate. After depletion, incoming revenue would cover about 81% of scheduled benefits.Even though the OASI depletion year didn’t change, both OASI and OASDI moved closer to depletion by roughly three‑quarters of a year compared with the 2024 outlook.The Medicare Hospital Insurance (HI) Trust Fund can pay full benefits until 2033, which is three years sooner than previously projected. After that, incoming money would cover about 89% of costs.The Supplementary Medical Insurance (SMI) Trust Fund is considered fully funded long‑term because premiums and federal contributions automatically adjust each year. However, its fast‑rising costs continue to place growing pressure on both beneficiaries and taxpayers.(Source:Social Security Administration)

AARP advocates for strengthening and protecting the financial health of Social Security and Medicare.Shutterstock

AARP emphasizes importance of Social Security, MedicareFew institutions are as vital to Americans’ financial and medical stability as Social Security and Medicare.As people live longer and traditional employer pensions continue to decline, Social Security and Medicare play an increasingly important role in retirement security. Rising costs for everyday essentials also highlight the importance of maintaining benefits that are stable and reliable. AARP’s long-standing focus on these programs reflects their significance to the more than 100 million older Americans the organization represents.”As we celebrate Social Security’s 90th anniversary and Medicare’s 60th, I am reminded of President Franklin Roosevelt’s words when he signed the Social Security Act on August 14, 1935,” wrote Minter-Jordan. “Social Security and Medicare have fulfilled that promise for generations,” Minter-Jordan wrote. “We must ensure they continue to do so for generations to come.”Related: AARP sounds alarm for American workers on 401(k)s, IRAs

TheStreet aims to feature only the best products and services. If you buy something via one of our links, we may earn a commission.Why I love this dealLate last year, as winter was setting in, I realized my reading nook wasn’t getting much light anymore. Since I spend a lot of time there, I thought it was time to buy a floor lamp so I could continue to enjoy my latest library read. I chose Amazon’sAmbimall Floor Lamp, which is currently on sale for $27 for Prime members, a 29% discount from its regular price of $38. I paid full price when I got it, but I can’t complain as it changed my space for the better. Now I’ve been using it for more than 12 months, and I can spend as long as I want in my reading nook, no matter what time of day it is, and clearly see what I’m reading.Before I bought this lamp, I relied on the overhead light in the living room to help me see my book of choice. But our lighting in that room is a gentle amber, which I like for the mood of the space, but isn’t bright enough to clearly see by when it gets dark outside. Since buying the Ambimall floor lamp, I’ve used it most evenings, and it provides clear, focused light that’s perfect to read by.  My cats appreciate this lamp, too, as they like to sleep on me when I’m reading in this chair, so it came with an unexpected perk!Ambimall Floor Lamp, $27 (was $38) at Amazon

COurtesy of Amazon

Why it’s the perfect reading lampAs a published author and a voracious reader, I can say that one of my greatest passions is reading. My reading nook is one of my favorite spots in the house. But after moving into an older home with lackluster lighting, I needed a floor lamp to properly light the area where I like to sit when I read. I’ve spent a year testing this lamp, as I mentioned before, and while it’s not perfect, it’s an ideal investment if you’re on a budget.When I was shopping for a lamp, I knew I wanted something curved so I could focus the light directly on my book. But one thing I didn’t think of is that this lamp offers color temperature options. By pressing the on/off floor switch that’s located on the lamp cord, I can switch between a warm white (3000K), natural white (4000K), and daylight white (5000K) at any time, all without having to change the light bulb. This is unlike all the floor lamps I’ve owned in the past, which typically required specific bulbs for this. And the lamp does come with a 9-watt LED bulb, so you won’t need to have your own on hand.Colette Bennett demonstrating the three light modes in her living room. (0:08) I’ve enjoyed choosing between these options, opting for the warm white when I read at night and switching to the daylight white on overcast days. This lamp does not have dimming options, but since I’ve been happy with it as is, I haven’t felt a need for them.

One thing that took me by surprise about this lamp was the shade it comes with. In the past, any lampshade I’ve purchased has come assembled, and that’s simply how I thought all lampshades were made. Buying this lamp was my first time coming across a lampshade that you have to assemble. The shade is a single sheet of linen with velcro closures on the ends. To put it together, you wrap it around two wire hoops and secure the velcro closures. It looks fine once it’s assembled, but it does have a visible seam because of the way it’s constructed. I’m not a fan of this, so I turn the shade so the seam isn’t easy to see.The lamp has a decent weight of 6.5 pounds, but its body is very thin and light. I’m not worried about it falling over, but I highlight this because it may not be a fit for a high-traffic home where things are bumped into by kids playing or energetic dogs running around. I use mine in a low-traffic area, so this doesn’t bother me, but it wouldn’t be for everyone. I tested it on both hardwood and low-pile carpet, and it was fine on both, although I can’t speak to how it would stand on a high-pile carpet.This lamp only took me about five minutes to assemble, and no tools are required. Other than being a bit befuddled by the shade construction, I’m happy with it overall. It serves the purpose I bought it for perfectly, and I didn’t have to spend much on it, even though I paid full price.The pros and cons of my $27 Amazon floor lampProsAdjustable lighting: The lamp has an adjustable head, which is helpful for pointing the light in a focused area.Color temperature options: You can switch between warm white, natural white, and daylight white.Convenient pedal switch: The switch is on the cord and can be turned on and off with your foot.Easy assembly: Took about five minutes for me to assemble.ConsLightweight: The lamp isn’t very heavy and could be knocked over if you have large pets.No brightness adjustment: You can’t dim the light, as it only has one fixed brightness.Shade construction: The shade has to be assembled and has a visible seam, which looks cheap.Related: Amazon’s smart touch lamp is discounted to just $20, and it’s ‘perfect for any room’This lamp has more than 3,000 five-star ratings, so I’m not the only person who liked it. “I couldn’t be happier with this freestanding lamp!” one wrote, going on to say, “At five feet tall, it’s the perfect height to add warmth and light to any space without being overwhelming. Assembly was incredibly easy — just a few simple steps, and it was ready to go. No tools, no frustration!”A second reviewer came up with a clever solution to add a dimmer. They wrote, “I put a dimmable bulb in (purchased separately) and plugged it into a simple dimmer switch. The foot switch still works, and I love that feature.”Shop more deals Ambimall Dimmable Arc Floor Lamp, $42 (was $60) at AmazonSunmory Arc Floor Lamp, $46 (was $60) at AmazonG-safava Wood Floor Lamp With Foot Switch, $60 (was $70) at AmazonThe Ambimall Floor Lamp has made my reading nook a more comfortable and pleasant place to be. I’m happy with its performance and feel it was worth what I paid for it. I may upgrade to something heavier one day, but considering it was under $40 when I bought it, I’m pleased with what I got. It’s an even better deal at $27, which is close to its lowest price of all time. But the price is only good for Amazon Prime members, so if you aren’t a member yet and want to get this deal, you can sign up here.