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☆ What is shrinkflation? Here’s why consumers may be getting less for their money
▼ + stars: | 2024-03-17 | by ( Lorie Konish | ) www.cnbc.com time to read: +5 min

Pixelseffect | E+ | Getty ImagesSome grocery store products are providing less for your money. At the State of the Union, he again took a stand against shrinkflation, complaining that Snickers bars have become smaller. on X earlier this month, the White House responded, "C is for consumers getting ripped off." Where consumers may see shrinkflationFor now, it's up to consumers to spot the changes companies may make to their products. Why critics say shrinkflation is the wrong focusWhile shrinkflation is now under the political spotlight, not all experts agree the emphasis is correctly placed.

Persons: Joe Biden, Cookie, Biden, hasn't, Cookie Monster, Mara Weinraub, Weinraub, Shrinkflation, shrinkflation, Veronique de Rugy, de Rugy, David Doyle, Justin Sullivan Organizations: State, Union, shrinkflation, White, Federal Trade Commission, FTC, of Labor, Finance, Social, Federal, Labor Statistics, of Labor Statistics, George Mason University, Costco, Getty Locations: U.S, California, Macquarie, Novato , California

☆ Here's why Social Security cost-of-living adjustments may be smaller in 2025 and beyond
▼ + stars: | 2024-03-15 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

Peopleimages | Istock | Getty ImagesEarly estimates for the 2025 Social Security COLANew government data points to a 2.4% Social Security cost-of-living adjustment for 2025, The Senior Citizens League estimates, based on new government inflation data released this week. The Social Security Administration typically announces the cost-of-living adjustment for the following year in October. In the meantime, experts say there are steps retirees can take to help compensate for the prospect of lower benefit increases. Annuities, which provide fixed income in retirement in exchange for a lump-sum investment, can be one way to supplement a retiree's income, LaVigne said. Consult with a financial advisorBefore purchasing an annuity or other retirement income strategy, it helps to consult with a professional.

Persons: " Johnson, Johnson, Lisa Featherngill, Featherngill, Kelly LaVigne, You've, LaVigne Organizations: Istock, Getty, Security COLA, Social Security, Senior Citizens League, Urban, Clerical Workers, CPI, Comerica Wealth Management, Social, Allianz Life Locations: Winston, Salem , North Carolina

☆ Deflation: Here's where prices fell in February 2024 — in one chart
▼ + stars: | 2024-03-13 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

The U.S. is still grappling with higher inflation, government data released this week shows. This "does not mean prices have come down, it just means that they are increasing at a slower rate," said Brett House, an economics professor at Columbia Business School. "It is reasonable that people continue to be frustrated by high prices," House said. While inflation is an overall increase in prices, that doesn't mean all prices go up, said Eugenio Aleman, chief economist at Raymond James. "Some prices go up, some prices go down," Aleman said.

Persons: Brett House, —, Eugenio Aleman, Raymond James, Aleman Organizations: Columbia Business School, Bureau of Labor Statistics Locations: U.S

☆ Here’s the inflation breakdown for February 2024 — in one chart
▼ + stars: | 2024-03-12 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

Inflation is down from its hottest point in 2022, but is still warm, considering the Federal Reserve's 2% inflation target. Real wages are on the rise, said Hamrick, which means people are seeing wages adjusted for inflation. When interest rates may subsideOne factor that affects how well Americans are doing — for better or for worse — is interest rates. The Federal Reserve is expected to cut interest rates this year, after having executed a series of rate increases to tamp down inflation. "We don't perceive there to be like an imminent pressure on the Fed to cut rates," such as a recession or sudden rise in unemployment, Doyle said.

Persons: Elijah Nouvelage, Mark Hamrick, David Doyle, Doyle, Hamrick Organizations: Kroger, AFP, Getty, Bureau of Labor Statistics, Federal Reserve, Federal Locations: Atlanta, Macquarie

☆ Trump vs. Biden: Where 2024 presidential candidates stand on Social Security, Medicare
▼ + stars: | 2024-03-11 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

It's not the first time Trump has suggested cuts to Social Security. However, such a policy would reduce the tax income Social Security and Medicare rely on. In recent interviews, Trump has mostly rejected the idea of changing Social Security. How Biden aims to strengthen Social SecurityDuring the State of the Union on Thursday, President Biden promised to protect both Social Security and Medicare from cuts. Biden calls for improving Social Security benefits, as well as Supplemental Security Income benefits, for seniors and people with disabilities, particularly those with low incomes.

Persons: Donald Trump, Joe Biden, Sen, Marco Rubio, Joe Raedle, Trump, Biden, It's Organizations: U.S, Miami - Dade Country Fair, Getty, Social Security, CNBC, Security, Fox News, Social, Union Locations: Miami , Florida

☆ Biden called for protecting Social Security, Medicare in last year’s State of the Union. Now advocates hope for action
▼ + stars: | 2024-03-07 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

His bill — Social Security 2100 Act — would include a 2% across-the-board benefit increase, as well as more generous benefits for low-income seniors, and other enhancements. Those benefit boosts would be paid for by making it so earnings over $400,000 are subject to Social Security payroll taxes. Larson's Social Security proposal currently has almost 200 House co-sponsors, with companion legislation in the Senate. watch now"The fact that there hasn't been votes on something as critically important to 70 million Americans as Social Security is … why isn't there a vote?" At the time, there was a question as to whether to focus on Social Security instead.

Persons: Joe Biden, John Larson, Conn, Drew Angerer, hasn't, Larson, Barack Obama, — Larson, Elizabeth Warren, Bernie Sanders Organizations: Capitol, Getty, Democratic, Social, Security, Social Security, CNBC, D.C, Affordable, Republicans Locations: Washington, Larson's, U.S, Sens

☆ In poker, risk is the 'name of the game,' pro player says. How that applies to women and investing
▼ + stars: | 2024-03-05 | by ( Lorie Konish | ) www.cnbc.com time to read: 1 min

It's a maxim that poker and chess pro Jennifer Shahade, author of "Play Like a Champion," knows well. "In poker, risk and calibrating risk is the name of the game," Shahade said during the CNBC Women & Wealth event on Tuesday. If you risk too much, you will lose your money quickly, Shahade said. If, instead, you don't risk enough, you will also lose all your money, but very slowly, she said. "I like to tell women who aren't as comfortable with risk that not taking any risks, that is a risk as well."

Persons: Jennifer Shahade, Shahade Organizations: CNBC

☆ Why investing earlier may help younger workers avoid retirement worries that plague older generations
▼ + stars: | 2024-03-05 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

A shift from pensions to 401(k) plans has made workers responsible for ensuring they have enough money to live on in retirement. Most Americans — 79% — now agree there is a retirement crisis, up from 67% in 2020, according to a new report from the National Institute on Retirement Security. Meanwhile, more than half of Americans — 55% — are worried they won't be able to achieve financial security in retirement. Younger investors have a unique opportunity to avoid that dilemma, according to experts who testified at a Senate hearing last week. "Starting earlier obviously makes the math work much better," Dan Doonan, executive director at the National Institute on Retirement Security, said during the Senate hearing.

Persons: Albert Einstein, Dan Doonan Organizations: National Institute on Retirement Security, Finance, Security, Investors, National Institute on Retirement

☆ Many workers believe pensions are key to achieving the American Dream. But getting those plans back isn't easy
▼ + stars: | 2024-03-01 | by ( Lorie Konish | ) www.cnbc.com time to read: +5 min

watch nowMore than three-quarters of Americans, 77%, say the unavailability of pensions is making it harder to achieve the American Dream, according to a new report from the National Institute on Retirement Security. With the shift from pensions to 401(k)s, the responsibility for saving for retirement has transferred from employers to workers. "When not managed properly, defined benefit plans can end up like Ponzi schemes," Greszler said at Wednesday's Senate hearing. Neither Social Security nor multiemployer pensions can pay benefits as promised, she noted. To shore up Social Security, the average American household would have to pay at least $3,000 per year more in taxes, money that would better be invested in personal accounts, Greszler argued.

Persons: Rebecca Cook, Sara Schambers, Schambers, Teresa Ghilarducci, Ghilarducci, Rachel Greszler, Greszler, Sen, Bill Cassidy Organizations: United Auto Workers, Sterling Heights Assembly, Reuters, Ford, Washington , D.C, UAW, National Institute on Retirement Security, Pensions, Finance, Security, Workers, The New School for Social Research, The Heritage Foundation, Senate, Social Security Locations: Sterling Heights, Sterling Heights , Michigan, Washington ,, New

☆ Amid mass layoffs, it's best to take a new approach to job searches, expert says
▼ + stars: | 2024-02-26 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

Westend61 | Westend61 | Getty ImagesAs thousands of layoffs make headlines, experts say there is a silver lining — a resilient job market. But to find your next position faster as companies cut costs, you may have to take a new approach. Job search tools can help amplify your search, according to Scott Dobroski, career trends expert at Indeed. By updating your profile on job search sites with your skills, experience and the positions you are seeking, you may find roles you would not have otherwise considered. Bring your authentic selfHaving the right social networking skills can make a big difference in finding work faster, according to Lee.

Persons: Gray, Holly Lee, Lee, Scott Dobroski, We've, Dobroski, Vicki Salemi, Salemi Organizations: Westend61, Getty, Challenger, Citigroup, Google, Amazon, Finance

☆ 78% of near-retirees failed or barely passed a basic Social Security quiz. Test your knowledge before you claim
▼ + stars: | 2024-02-21 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Generally, if I am in a same-sex marriage, there are different eligibility requirements when it comes to Social Security retirement benefits. The money that comes out of my paycheck for Social Security goes into a specific account for me and remains there, earning interest, until I begin to receive Social Security benefits. If I get divorced, I might be able to collect Social Security benefits based on my ex-spouse's Social Security earnings history. If I file for retirement benefits and have dependent children age 18 or younger, they also may qualify for Social Security benefits. Social Security retirement benefits are subject to income tax just like withdrawals from a traditional IRA account.

Persons: Rupp, David Freitag, you've, Freitag, " Freitag, You've, that's Organizations: Social Security, spouse's, Social, Getty, Security Locations: U.S

☆ Raising your credit score can help you save $92 per month, report finds. Here are some expert tips
▼ + stars: | 2024-02-19 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

With consumer prices still rising due to higher inflation, there is one way to save money that you may be overlooking: raising your credit score. Increasing your score from fair (580 to 669) to very good (740 to 799) may help you save $22,263 over the life of your credit and loans, according to a new LendingTree study. Overall, consumers stand to save an extra $92 per month, LendingTree estimates, based on four common debt types: auto loans, credit cards, mortgages and personal loans. "There is little in life that's more expensive than crummy credit," said Matt Schulz, chief credit analyst at LendingTree. "It's a big deal, especially when you consider what else you could do with that extra money," Schulz said.

Persons: LendingTree, Matt Schulz, Schulz, Bruce McClary, McClary Organizations: LendingTree, Finance, Social Security, National Foundation, Credit

☆ Here's how to reduce your health-care costs during Medicare Advantage open enrollment
▼ + stars: | 2024-02-16 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Certain retirees can now change their health coverage during Medicare Advantage open enrollment, which runs until March 31. Medicare Advantage is health coverage provided through private companies that are paid by Medicare to cover your benefits. If you're already on a Medicare Advantage plan, you can take advantage of the open enrollment period to switch to another Medicare Advantage plan or drop your Medicare Advantage plan and switch to original Medicare and perhaps also a separate Medicare drug plan. However, those enrolled in Medicare Advantage may need lower savings targets, the research found. Medicare open enrollment periods can be an opportunity to identify potential ways to save.

Persons: Carolyn McClanahan, McClanahan Organizations: Medicare, Finance, Social Security, Research Institute, Planning Partners, CNBC FA Locations: Jacksonville , Florida

☆ As more Americans reach 65 than ever, here's what to know about your Social Security retirement age
▼ + stars: | 2024-02-14 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

Majamitrovic | E+ | Getty ImagesHow to find your Social Security full retirement ageIf you were born between 1943 and 1954, your full retirement age is 66. The full Social Security retirement age gradually increases from 66 to 67 for people born between those years. Social Security full retirement age Year of birth Social Security full retirement age 1943-1954 66 1955 66 and two months 1956 66 and four months 1957 66 and six months 1958 66 and eight months 1959 66 and 10 months 1960 and later 67Source: Social Security AdministrationFor some people, this can come as a surprise, because they may still confuse their Social Security full retirement age with the Medicare eligibility age of 65, according to Elsasser. Social Security statements can be accessed online by creating a My Social Security account. But tying those decisions to each other will result in permanently reduced Social Security benefits, since that would be before full retirement age.

Persons: Elsasser Organizations: Security, Social Security, Social, Medicare

☆ Biden calls on snack makers to stop 'shrinkflation' rip-offs. Here's how to spot downsized grocery store products
▼ + stars: | 2024-02-12 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

The phenomenon called shrinkflation — where consumer products become smaller in quantity, size or weight while their prices stay the same or increase — is a "rip off," Biden said. "Some companies are trying to pull a fast one by shrinking the products little by little and hoping you won't notice," said Biden, who called for the companies to put a stop to the practice. These tactics tend to become more prevalent during times of high inflation, Dworsky said. "This corporate greed is one of the reasons that Americans are frustrated by expensive grocery bills," Casey said in a December statement. "I'm hoping with inflation subsiding a little bit that we'll see fewer examples, but it's never going to go away," Dworsky said.

Persons: Anna Bizon, Joe Biden, Biden, Edgar Dworsky, Dworsky, Sen, Bob Casey, Casey, it's, shrinkflation Organizations: Getty, Finance, shrinkflation, U.S . Bureau of Labor Statistics Locations: TikTok, Washington, shrinkflation

A general view of Super Bowl signage displayed in the NFL Super Bowl Experience ahead of Super Bowl LVIII on February 06, 2024 in Las Vegas, Nevada. Super Bowl 58 kicks off at 6:30 p.m. The Super Bowl is advertising's biggest stage, with companies jockeying for a limited supply of spots to get their products in front of millions of consumers. Even as linear ad revenue slips, companies know there's no opportunity guaranteed to reach more people than the Super Bowl. — Amelia Lucas, Michael Wayland, Micah Washington, Gabrielle Fonrouge, Lorie Konish, Drew Richardson and Jordan Novet contributed to CNBC's Super Bowl coverage.

Persons: Bob Iger, Jason Momoa, Quinta Brunson, Jenna Ortega, Tina Fey, Kate McKinnon, Pete Davidson, Addison Rae, Usher, — Amelia Lucas, Michael Wayland, Micah Washington, Gabrielle Fonrouge, Lorie Konish, Drew Richardson, Jordan Novet Organizations: NFL, Super, AFC, Kansas City Chiefs, NFC, San Francisco 49ers, Disney, CBS Locations: Las Vegas , Nevada, Las Vegas, U.S

☆ To shore up Social Security, this controversial proposal calls for limiting retirement plan tax perks
▼ + stars: | 2024-02-09 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

But a new research proposal published by the Center for Retirement Research at Boston College by experts at the opposite ends of the political spectrum has sparked considerable opposition. Together, they call for limiting current tax preferences for retirement savings plans, and instead redirecting those funds to help shore up Social Security. How retirement plan tax incentives workIn 2024, the limit for total employee and employer contributions to a defined contribution plans such as 401(k)s is $69,000 in 2024. By rolling back the tax incentives provided through defined contribution retirement plans, the money saved could be used to help fix a portion of Social Security's funding gap, the researchers argue. "We now have an industry and a policy based on 401(k)s and defined contribution plans that has been, relatively speaking, successful," Fichtner said.

Persons: Andrew Biggs, Alicia Munnell, Biggs, Munnell, Michael Wicklein, Jason Fichtner, Fichtner Organizations: Istock, Getty, Center for Retirement Research, Boston College, American Enterprise Institute, Federal Reserve Bank of Boston, Social Security, U.S, Mercatus, George Mason University, Cato Institute, National Association of Plan, Center, Board

☆ As baby boomers hit 'peak 65' this year, what the retirement age should be is up for debate
▼ + stars: | 2024-02-08 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

A fight is brewing in Washington over whether the mandatory retirement age for airline pilots should be raised from 65. The debate comes as baby boomers more broadly are reaching "peak 65" — the biggest number of Americans reaching that age in history. Age 65 has traditionally been thought of as retirement age. In France last year, pension reforms that raised the retirement age from 62 to 64 sparked fierce protests. In the U.S., the Senate is expected to mark up a Federal Aviation Administration reauthorization bill that will consider the pilots' retirement age.

Persons: Barry Kendrick Organizations: Alliance for Lifetime, Social Security, Finance, Federal Aviation Administration, Congress, Air Line Pilots Association Locations: Washington, U.S, France

☆ Saving for retirement in your 50s can be 'really stress-inducing,' expert says. These tips can help
▼ + stars: | 2024-02-07 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

The median age that workers 50 and older expect to retire is 67, according to the Transamerica Center for Retirement Studies. Brush up on Social Security, Medicare rulesIt is a great time in your 50s to look at your Social Security statement to see the retirement benefits for which you may qualify, according to Jenkin. The Social Security Administration provides free access to benefit information online. For example, it may make sense for someone to retire at age 63 and a half and then use COBRA coverage for the 18 months until they reach Medicare age, Jenkin said. If you're in your early to mid-50s, it's also a great time to explore what the Social Security claiming strategy fits your particular situation best.

Persons: Silke, Dogan, Ted Jenkin, Xers, Jenkin, they're, Brush, it's Organizations: Bank, Getty, Transamerica Center, Retirement, CNBC's, federal, Savings, Fidelity, Social Security, Social Security Administration Locations: Atlanta

☆ As car insurance costs surge, here's why your credit score may be partly to blame
▼ + stars: | 2024-02-05 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

If you've noticed the cost of your car insurance policy has gone up, you're not alone. The national average cost for full-coverage car insurance has gone up to $2,543 per year, according to Bankrate. For example, Detroit drivers stand to pay the highest average annual expense, with $5,687, or 7.98% of the median household income. Other cities in Bankrate's ranking of top five most expensive cities for car insurance include Las Vegas, Miami, Philadelphia and Tampa. The least expensive city for full-coverage car insurance is Seattle, where drivers spend an average of $1,759 per year, or 1.65% of the median household income.

Persons: you've, Shannon Martin, Martin Organizations: " Insurance, Finance Locations: Detroit, Bankrate's, Las Vegas , Miami, Philadelphia, Tampa, Seattle, Boston, Minneapolis, Portland, Washington

☆ If you want to age in place in retirement, experts say these are the things you should consider
▼ + stars: | 2024-02-03 | by ( Lorie Konish | ) www.cnbc.com time to read: +6 min

Westend61 | Westend61 | Getty ImagesThere's no place like home — especially as you age. "People might say, 'I want to age in place as the default plan, because that's what I'm already doing,'" said Carol Chiang, CEO of Evolving Homes, a company providing personalized consulting for individuals and families who want to age in place. The costs of the upgrades necessary to age in place can vary, experts say. Chiang said she has seen the prices of bathroom upgrades vary within Florida, where her practice is based. To make sure your home upgrades are successful, experts say it's wise to keep several things in mind.

Persons: I'm, Carol Chiang, Chiang, Carolyn McClanahan, Curt Kiriu, Kiriu, there's, Thomas West Organizations: Westend61, Getty, AARP, Finance, Social Security, CNBC's FA, CK, Builders, National Association of Home Builders, Signature Estate, Investment Advisors Locations: CNBC's, Florida, Mililani, Hawaii, Oahu, Tysons Corner , Virginia

☆ Tens of thousands of workers were laid off in January. If you were affected, here's how you may find work faster
▼ + stars: | 2024-02-02 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

New government data shows a surprisingly strong job market for the month of January. But there are signs of weakness in the labor market, based on tens of thousands of workers who have been laid off since 2024 started. At the same time, the latest data shows the U.S. job market is still strong, with the unemployment rate holding at 3.7%. "At the same time, we have to understand that certain sectors of the economy may be experiencing more disruption or innovation." With that innovation comes a higher risk that workers may suffer from an income loss as the economy adjusts, he said.

Persons: Mark Hamrick, Hamrick Organizations: Finance

☆ New bill in Congress calls for creating children's savings accounts from birth. Here's how it would work
▼ + stars: | 2024-01-31 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

The plan calls for providing savings accounts for every child in the U.S. on state 529 college savings platforms, which would be managed by state Treasurers. More from Personal Finance:IRS to launch free tax-filing pilot programJamie Dimon: Improving earned income tax credit is 'no brainer'Biden has forgiven student debt for millions. Children in households that are eligible for the earned income tax credit — which aims to reduce the federal tax burden for low- to moderate-income workers — would receive additional aid. The proposal comes as Congress is poised to consider a new expansion of the child tax credit. Estimates have found the new child tax credit could help about 16 million children from low-income families in the first year, according to the Center on Budget and Policy Priorities.

Persons: Democratic Sens, Bob Casey of Pennsylvania, Chuck Schumer, Ron Wyden, Don Beyer of Virginia, Joyce Beatty, Suzan, Jamie Dimon, Biden, Casey, Momo, Roth, I'm, Madeline Brown Organizations: Democratic, New, Reps, Finance, IRS, Getty, Center, Budget, Urban Institute, D.C Locations: New York, Oregon, Joyce Beatty of Ohio, Washington, U.S

☆ No emergency fund? These tips can help you build savings and find extra cash in your budget, advisors say
▼ + stars: | 2024-01-30 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

If you're like most people, you may not have an emergency savings fund. It's not necessarily our fault, experts say, as our brains are programmed to focus on our needs today. He and other financial advisors typically recommend having at least three to six months' living expenses set aside in case of an abrupt change in income or unexpected event. At that point, it doesn't feel like as much of a stretch to set aside 20% of your income toward retirement and 5% toward an emergency fund. Financial advisors often see this barrier to savings with their clients and have their own tactics for nudging clients to set aside more cash and free up flexibility in their budgets.

Persons: It's, We're, Brad Klontz, CNBC.com, Klontz Organizations: Finance, CNBC FA

☆ Fake rich? Affluent millennials are more likely to exaggerate to appear wealthy. Here's what experts say they should do instead
▼ + stars: | 2024-01-25 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

But one group — affluent millennials — are more likely to lie or exaggerate their finances to appear financially successful, according to a recent survey from Wells Fargo. That goes for 34% of affluent millennials versus just 20% of Gen X or 4% of baby boomers. More than half of affluent Americans have cut back on luxury purchases post pandemic. Yet affluent millennials — with $250,000 to more than $1 million in investable assets — are going to great lengths to appear wealthy. Wells Fargo found 29% of affluent millennials admit they sometimes buy items they cannot afford to impress others.

Persons: boomers, Wells Fargo, Gen Xers, Emily Irwin, Irwin Organizations: Finance Locations: Wells Fargo

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