DIRS.INFO The most relevant business & tech news

☆ Social Security isn’t keeping up with inflation. That could weaken Biden’s support among some seniors
▼ + stars: | 2024-04-28 | by ( Tami Luhby | ) edition.cnn.com time to read: +5 min

CNN —Not long ago, senior citizens got the two biggest annual increases in their monthly Social Security checks that most had ever seen. While inflation has afflicted Americans of every age, senior citizens are often in a more difficult predicament because many live off fixed incomes. Many depend heavily on Social Security – some 42% of elderly women and 37% of elderly men rely on the monthly payments for at least half their income, according to the Social Security Administration. They aren’t wrong: Inflation has eaten away at 36% of Social Security benefits’ buying power since 2000, according to an analysis last year from The Senior Citizens League. The president needs these senior voters since polls also show his support among younger Americans has eroded since 2020.

Persons: Joe Biden, Donald Trump, Biden, Shannon Benton, “, ”, Mary Johnson, Johnson, –, Trump, they’ve, Marty Cohen Organizations: CNN, Social Security, Senior Citizens League, Social Security Administration, Biden, James Madison University Locations: Pennsylvania, Arizona , Michigan, Wisconsin

But she isn’t certain that it will be enough, even with her Social Security benefits. Charles Blahous, a former Social Security trustee, said the annual COLA announcement is a reminder about the program's stressed finances. Mary Johnson, Social Security and Medicare policy analyst at the Senior Citizens League, says her organization supports the Social Security Administration using whichever index is higher to best protect older people from inflation. The maximum amount of earnings subject to Social Security payroll taxes for 2023 is $160,200, up from $147,000 in 2022. There have been legislative proposals to shore up Social Security, but they have not made it past committee hearings.

Persons: Karla Abbott, she’s, Charles Blahous, Mary Johnson, Kevin McCarthy, Abbott, Alfred Mason, Mason, Jo Ann Jenkins, ” Johnson, “, ” Organizations: WASHINGTON, Social Security, Bureau of Labor Statistics, Senior Citizens League, Social Security Administration, Security, Social, AARP, Senior Citizens Locations: Sioux Falls , South Dakota, Washington, Louisiana

☆ 47% of Americans say achieving retirement security will take a miracle. Why inflation is to blame
▼ + stars: | 2023-09-13 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

DusanManic | iStock | Getty ImagesAlmost half of Americans, 47%, say achieving retirement security will take a miracle, according to a new survey from Natixis Investment Managers. The results come as research from the firm shows the U.S. has improved its overall score for retirement security compared to last year, with 71% versus 69% in 2022. The five top countries for retirement security include Norway at No.1, followed by Switzerland, Iceland, Ireland and Luxembourg. Most survey respondents, 84%, say recent economic activity shows inflation is a big threat to their retirement security. Moreover, 58% of retirement savers and retirees say their biggest worry is outliving their money, Cerulli Associates recently found.

Persons: Dave Goodsell, Goodsell, it's, Cerulli, Mary Johnson, Johnson Organizations: iStock, Natixis Investment, Natixis Center, Investor Insight, Northwestern Mutual, Social Security, Senior Citizens League, Getty Locations: U.S, Norway, Switzerland, Iceland, Ireland, Luxembourg

☆ Claiming Social Security retirement benefits is a high-stakes decision. Don't let these 5 myths get in your way
▼ + stars: | 2023-08-19 | by ( Lorie Konish | ) www.cnbc.com time to read: +6 min

Moyo Studio | E+ | Getty ImagesSocial Security benefits provide retirement income for millions of Americans. Myth 1: Claiming early is bestNegative headlines may scare people into claiming as early as possible to get the most benefits. Eligibility for Social Security retirement benefits starts at age 62. Myth 4: Social Security benefits are not taxedThanasis | Moment | Getty ImagesThe misperception that Social Security benefits aren't taxed is "perhaps the biggest myth of all," said Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League. That includes the sum of your adjusted gross income, nontaxable interest and half of your Social Security benefits.

Persons: that's, Joe Elsasser, Elsasser, Laurence Kotlikoff, Bruce Tannahill, there's, Kotlikoff, Tannahill, Mary Johnson, Anna Frank Organizations: Social Security, Social, Security, Boston University, Senior Citizens League . Social Security

☆ Social Security cost-of-living adjustment for 2024 may be 3%, estimate finds. How hurricane season may change that
▼ + stars: | 2023-08-18 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

"The COLA estimate might go down if gas and oil prices drop." Hurricanes, in particular, may prompt higher oil and gas prices, she said. "Certainly, hurricane season bears close monitoring, and we are entering the heart of it now," said AAA spokesman Andrew Gross. "A major storm impacting the Gulf Coast and nearby refineries will likely lead to a spike in gas prices for a few weeks," he said. However, the pressure may be off pump prices at the moment, he said, due to a combination of lower oil prices and flat demand.

Persons: Mary Johnson, Johnson, Andrew Gross Organizations: Istock, CPI, Social Security, Senior Citizens League, Hurricanes, National Oceanic, Atmospheric Administration, AAA, Seniors Locations: Coast

☆ Social Security’s Next Cost-of-Living Raise Is Forecast Around 3%
▼ + stars: | 2023-07-28 | by ( Mark Miller | ) www.nytimes.com time to read: +1 min

More than 74 million Americans can expect a healthy inflation adjustment to their Social Security benefits next year — just not as large as this year’s historic 8.7 percent raise. The recent slowdown in inflation points to a 2024 Social Security cost-of-living adjustment, or COLA, of around 3 percent, according to a forecast by the Senior Citizens League. “A 3 percent COLA would be nothing to sneeze at.” Other estimates point to a possible raise of just over 3 percent. The COLA is a crucial feature of Social Security that helps seniors and other beneficiaries keep up with inflation. The Social Security Administration will announce the COLA in October, after September inflation data is released.

Persons: —, Mary Johnson, ” Organizations: Social Security, Senior Citizens League, Medicare

☆ Medicare Part B premiums may increase in 2024, prompted by a new Alzheimer's treatment
▼ + stars: | 2023-07-20 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

If Part B premiums go up next year prompted by the new Alzheimer's drug, it will not be the first time. However, Part B premiums dropped by 3% for 2023 in response to Medicare's decision to limit Aduhelm coverage. How Part B premiums affect Social Security checksThe Senior Citizens League is currently predicting a 3% Social Security cost-of-living adjustment for 2024, based on the latest government inflation data. Medicare Part B premium payments are typically deducted directly from monthly Social Security checks. Medicare patients may pay more than $5,000 annually for the treatment, according to KFF.

Persons: Juliette Cubanski, Mary Johnson, Johnson, KFF, Cubanski, Jasmin Merdan Organizations: Senior Citizens League, Social Security, Medicare, Security

☆ As inflation cools, Social Security beneficiaries may see a much lower cost-of-living adjustment in 2024
▼ + stars: | 2023-07-12 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

As the rate of inflation continues to fall, Social Security beneficiaries may expect to see a much lower cost-of-living adjustment for 2024. The Social Security COLA may be 3%, according to a new estimate from The Senior Citizens League, a nonpartisan senior group, based on new consumer price index data for June released on Wednesday. A lower 2.6% rise would happen if there is no net inflation for the rest of the year, according to the forecast. The projected increases to benefits for next year would fall short of the 8.7% rise beneficiaries saw in 2023 — the highest boost in four decades. In 2022, beneficiaries saw a 5.9% increase, which was also a record increase at the time.

Persons: Mary Johnson Organizations: Social, Social Security, Senior Citizens League, Finance, Federal Budget

Parliament's privileges committee - the main disciplinary body for lawmakers - had the power to recommend Johnson be suspended from parliament. Johnson hinted that he could return to politics, declaring he was leaving parliament "for now". The investigation is chaired by a senior Labour Party lawmaker, but the majority of lawmakers on the committee are Conservatives. A spokesperson for the committee said Johnson had "impugned the integrity" of parliament with his resignation statement. Johnson used his resignation statement on Friday to deliver an attack on the premiership of Sunak, whom he partly blames for ending his government.

Persons: Boris Johnson, Johnson, Brexit, britannique Boris Johnson, Peter Nicholls, Rishi Sunak, Nadine Dorries, Angela Rayner, Sunak, David Milliken, Daniel Wallis Organizations: Labour, LONDON, British, Conservative Party, Labour Party, L'ancien, Conservatives, Johnson's, Thomson Locations: Downing, London, Brexit, Britain, à Londres

☆ As inflation starts to subside, a lower Social Security cost-of-living adjustment for 2024 may be on the horizon
▼ + stars: | 2023-04-13 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

New government inflation data shows inflation is cooling — and that could point to a lower cost-of-living adjustment, or COLA, for Social Security beneficiaries next year. Yet another measure used to calculate the Social Security COLA each year — the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W — rose 4.5% over the last 12 months and 0.3% for the month prior to seasonal adjustment. To be sure, that is a very early estimate, according to Mary Johnson, Social Security and Medicare analyst at The Senior Citizens League. Gauging how much the increase for 2024 will be, if there is one, will be clearer toward the second half of the year, she said. In 2023, Social Security beneficiaries saw an 8.7% bump to their Social Security benefits, a four-decade record prompted by high inflation.

☆ You may face a 'stealth tax' on Social Security benefits, expert warns. These steps can help
▼ + stars: | 2023-04-05 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

The reason: More of their Social Security benefits may be taxed following a higher 5.9% cost-of-living adjustment in 2022. Unlike other tax thresholds, the Social Security income levels have not been adjusted for inflation since taxation of benefits began in 1984. Not moving the brackets or indexing them gradually exposes more and more people to income taxes on their Social Security benefits, according to David Freitag, a financial planning consultant and Social Security expert at MassMutual. The result is a "stealth tax," Freitag said. How Social Security benefits are taxedUp to 85% of Social Security benefits may be taxed, based on current tax rules.

☆ After an 8.7% Social Security cost-of-living adjustment for 2023, next year's increase may not be as large
▼ + stars: | 2023-03-20 | by ( Lorie Konish | ) www.cnbc.com time to read: +5 min

Pascal Broze | Onoky | Getty ImagesAn 8.7% Social Security cost-of-living adjustment for 2023 means beneficiaries received on average $140 per month more starting in January. The Social Security COLA for 2023 was the highest bump in monthly checks beneficiaries have received in four decades. About 70 million beneficiaries receive Social Security or Supplemental Security Income payments. watch nowWhile the Social Security COLA for this year may help ease beneficiaries' budgets, next year's increase may not be as large. Social Security COLA for 2024 may be far lessBased on current projections, the Social Security COLA for 2024 will likely be much lower than this year's 8.7% due to cooling inflation, according to the league.

☆ Higher Social Security cost-of-living adjustments may affect your taxes. Here's how to plan
▼ + stars: | 2023-01-20 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Social Security recipients are just starting to see the record 8.7% cost-of-living adjustment in their monthly checks. Last year's 5.9% cost-of-living adjustment was like getting a 6% wage bump in 2022, according to Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League. A recent survey by The Senior Citizens League found 57% of older taxpayers worry more of their Social Security benefits will be taxed due to last year's 5.9% cost-of-living adjustment. More from Personal Finance:What the U.S. debt ceiling could mean for Social Security and MedicareApproaching 62? However, beneficiaries would be wise to get a jump on their tax planning for next year to mitigate the effects of the 8.7% cost-of-living adjustment.

☆ Social Security cost-of-living adjustments have fallen short of inflation by $1,054 since the start of pandemic
▼ + stars: | 2023-01-12 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

That's as this year's 8.7% COLA kicks in for more than 65 million Social Security beneficiaries this month. That new data indicates Social Security beneficiaries will recover $38.70 after months of grappling with record high inflation, according to a new report from The Senior Citizens League. Average Social Security benefits fell short of inflation by about $1,054 from the start of the pandemic through 2022, according to a new analysis from the non-partisan senior group. That excludes Medicare Part B premiums, which are typically deducted directly from Social Security benefit checks. The predicament has made it more important for retirees to carefully plan for all income streams, not just Social Security.

☆ 'Damaging cuts' to Medicare and Social Security are looking more likely with McCarthy as House speaker. Here's what it will mean for retirees.
▼ + stars: | 2023-01-11 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +5 min

Those concessions likely include budget cuts that will threaten Medicare and Social Security. Even if that agenda doesn't pass, negotiations could threaten Social Security payments, advocates say. According to a screenshot of the presentation viewed by CNN, the spending priorities were vague but mentioned reforms to "mandatory spending programs" that could include Social Security and Medicare. But it looks like some House Republicans are already strong-arming the policy direction of their renewed majority. Johnson also noted that any sort of stalemate over budget negotiations could endanger the timely payment of Social Security benefits, which would hurt seniors.

☆ Average Social Security retirement benefit fell short by 46% in 2022. Here are the costs that went up the most
▼ + stars: | 2022-12-20 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Sollina Images | Tetra Images | Getty ImagesAmid record high inflation, stretching Social Security benefit checks became more difficult in 2022. Even as a 5.9% cost-of-living adjustment went into effect in January, the record high annual benefit increase still fell short, according to new research from The Senior Citizens League. The average retiree benefit fell short by an average of $42.35 per month, or 46%, the research found. The 5.9% annual increase for 2022 was the highest bump to benefits in 40 years when it was announced in October 2021. "Even the simplest of foods are harder for people to afford," said Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League.

☆ Popular Medicare Advantage plans have 'clear cases of overpayments and improper billing of US taxpayers,' advocates and analysts say
▼ + stars: | 2022-12-05 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +6 min

The original Medicare program is offered directly through the federal government. "There hasn't been enough of an indictment of Medicare Advantage plans," Mary Johnson, a Social Security and Medicare policy analyst at the Senior Citizens League, told Insider. The Congressional Budget Office estimates that the share of all Medicare beneficiaries enrolled in Medicare Advantage plans will grow to 61% by 2032. The politics of Medicare AdvantagePoliticians, primarily Republicans, have done their part to promote Medicare Advantage over the original Medicare plans since President George W. Bush overhauled the program in 2003. Johnson said Medicare Advantage was so popular among conservatives because it shifted financial responsibility from the government to patients.

The number of working Americans aged 80 or over — such President Joe Biden — has risen from 1980. As seen in the above chart, 5.16% of Americans aged 80 and over had a job in 2022 as of October. Although the share of Americans age 80 and over with a job has tumbled some from it's high in 2018 per Insider's analysis, there are still plenty of older workers working past typical retirement age. And that's evidenced by poverty rates among older Americans standing higher than a decade ago as of 2021. However, not all older Americans want to keep working as they get older and will exit the labor force.

☆ Doctors explain why pending 'ominous' cuts to Medicare would limit healthcare for seniors in the new year
▼ + stars: | 2022-11-15 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +6 min

Reimbursements for doctors who see Medicare patients are set to be cut by up to 8.5% starting next year. Doctors warn cuts will prevent seniors from getting vital health services. Among them are Medicare cuts to doctors through the Physician Fee Schedule, which is used to determine which services doctors are reimbursed for, and how much they get. It affects the quality of care patients are able to get, and can even impact how many Medicare patients a healthcare provider can take on, Shalgain said. "And as that Medicare number goes down, you can't see as many Medicare patients," he said.

☆ Forget the culture wars: Democrats and Republicans are focusing their midterm-election closing arguments on Medicare and Social Security
▼ + stars: | 2022-11-03 | by ( Jason Lalljee | ) www.businessinsider.com time to read: +6 min

Democrats are challenging that by framing themselves as defenders of Medicare and Social Security. Since relief on sky-high inflation or the housing crisis isn't imminent, Democrats have turned to Republican plans to privatize and make cuts to Social Security and Medicare. In a speech at the Democratic National Committee last week, Biden used the phrase "Social Security and Medicare" 11 times while countering Republicans' rhetoric around reforming both programs. Republicans' proposed budget points to cuts, but they're denying that's the planRepublicans have said Democrats are misrepresenting their comments on Social Security and Medicare. Arrington has repeatedly introduced legislation that would prevent people from receiving both Social Security disability benefits and Social Security unemployment benefits at the same time — called "double dipping" by critics.

☆ Boris Johnson flies back to Britain to attempt rapid comeback
▼ + stars: | 2022-10-22 | by ( Andrew Macaskill | ) www.reuters.com time to read: +4 min

Johnson was booed by some passengers on the plane to Britain, according to a Sky News journalist on the flight. For some Conservative lawmakers, Johnson is a vote winner, able to appeal across the country not only with his celebrity but also with his brand of energetic optimism. "DEATH SPIRAL"The former Conservative leader William Hague said on Friday Johnson's return was possibly the worst idea he had heard in almost half a century as a party member. Johnson is currently under investigation by parliament's Privileges Committee to establish whether he lied to the House of Commons over lockdown-breaking parties. The contest to become Britain's fourth prime minister in four years has been accelerated to take only a week.

☆ Comeback king: Boris Johnson considering a run for UK prime minister
▼ + stars: | 2022-10-21 | by ( Elizabeth Piper | ) www.reuters.com time to read: +5 min

British Prime Minister Boris Johnson speaks during his visit to EDF's Sizewell B Nuclear power station, in Sizewell, Britain September 1, 2022. Chris Radburn/Pool via REUTERSSummary Johnson taking soundings from lawmakersHad said he wanted a quieter lifeUnder investigation for lying to parliamentLONDON, Oct 21 (Reuters) - Out of power for a matter of months, comeback king Boris Johnson is once again being touted as the new leader of the governing Conservative Party and Britain's prime minister. For some Conservative lawmakers, Johnson is a vote winner, able to appeal across the country not only with his celebrity but also with his brand of energetic optimism. When Johnson left Downing Street, his aides said he was going to embrace a quieter life, no longer being "public property" and able to make more money by going on the speaker circuit. After his successor as prime minister, Liz Truss, quit on Thursday after just six weeks in power, the Ukrainian government Twitter account even published, and then deleted, a meme saying "Better call Boris".

☆ Social Security recipients get 8.7% cost-of-living increase, the highest in more than 40 years
▼ + stars: | 2022-10-13 | by ( Tami Luhby | ) edition.cnn.com time to read: 1 min

New York CNN Business —Social Security recipients will receive an annual cost-of-living adjustment of 8.7% next year, the largest increase since 1981, the Social Security Administration announced Thursday. The spike will boost retirees’ monthly payments by $146 to an estimated average of $1,827 for 2023. The hefty increase, which follows a 5.9% adjustment for this year, is aimed at helping Social Security’s roughly 70 million recipients contend with the high inflation that’s been plaguing the US since last year. It’s too early to say,” said Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League, an advocacy group. “It depends on what inflation is going to do from October onwards.”This story is breaking and will be updated.

☆ U.S. retirees see biggest Social Security hike in more than 40 years
▼ + stars: | 2022-10-13 | by ( ) www.reuters.com time to read: +3 min

Retirees and other beneficiaries will get an 8.7% cost-of-living (COLA) adjustment starting in January, the U.S. Social Security Administration, which administers the benefit program, said in a statement. The average recipient will see $140 more per month in their 2023 benefit checks, it added, benefiting about 70 million people receiving Social Security or Supplemental Security Income (SSI) aid. The programs benefit older Americans who have retired from their jobs as well as the disabled and certain widows, widowers and children. The consumer price data, used to set the Social Security adjustments, showed rising rent, food and health care costs pressuring consumers. Mary Johnson, an analyst at the seniors advocacy group Senior Citizens League, said adequate cost-of-living increases were necessary "as older Americans live longer lives."

The annual adjustment is forecast to be the largest one-time increase since 1981, and the largest experienced by beneficiaries alive today. The nonprofit Senior Citizens League predicts an adjustment coming in at 8.7%, implying that Social Security recipients could see an increase of about $144 starting Jan. 1, 2023. The Federal Reserve has acknowledged the pain inflation inflicts upon on individuals who receive Social Security benefits. Thanks to an unusual quirk, Social Security beneficiaries can expect to realize the full COLA increase. "The lifeboat is leaking and taking on water, leaving older Americans at risk of financial drowning," Johnson wrote.

Search resuls for: "Mary Johnson"

25 mentions found