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Search resuls for: "Social Security's"


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☆ The White House is touting a huge boost to Social Security checks. It's happening because inflation is sky high.
  + stars: | 2022-11-02 | by ( Jason Lalljee | ) www.businessinsider.com   time to read: +3 min
That's despite Social Security cost of living adjustments being directly tied to inflation since 1972. The boon to Social Security is accurate, but it's one that would happen regardless of Biden's stewardship. The direct relationship between inflation and Social Security has existed since 1972, when President Richard Nixon signed automatic benefit adjustments. It's the largest rise in Social Security payments in about that same amount of time, and will increase monthly Social Security checks by about $145 per month on average, according to the AARP. And protecting Medicare and Social Security are top issues for them, according to an AARP survey analysis.
☆ Biden says Republicans want to risk economic chaos by using the debt ceiling to force Medicare and Social Security cuts
  + stars: | 2022-10-24 | by ( Juliana Kaplan | ) www.businessinsider.com   time to read: +4 min
President Joe Biden said that the GOP wants to hold the economy hostage over Social Security and Medicare. If they retake the House, the GOP wants to use debt ceiling negotiations to enact spending cuts. But Biden has ruled out repealing the debt ceiling, despite Democratic pushes. Biden has said that he opposes repealing the debt ceiling outright, despite calls to do so from some Democrats: "That would be irresponsible." "In order to cut Social Security and Medicare, they're threatening to default on the federal debt," Biden said of the GOP.
☆ Social Security record 8.7% cost-of-living adjustment for 2023 could pressure the program's funds, some experts say
  + stars: | 2022-10-14 | by ( Lorie Konish | ) www.cnbc.com   time to read: +1 min
Social Security's average retiree benefit will go up by $146 per month in 2023, thanks to a record 8.7% cost-of-living adjustment prompted by high inflation. More than 70 million Social Security and Supplemental Security Income beneficiaries will benefit from those higher payments. The increased costs may prompt Social Security's funds to reach insolvency at least one calendar year earlier than the trustees have projected, according to estimates by the Committee for a Responsible Federal Budget. Other experts also have expressed concerns about how the increased benefit costs would affect the program. "There is certainly a good chance that this could accelerate the depletion of Social Security's primary trust fund," said Shai Akabas, director of economic policy at the Bipartisan Policy Center.
☆ 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."
☆ Millions of retirees are about to get a $140 monthly raise from Social Security to help deal with how expensive everything has gotten
  + stars: | 2022-10-13 | by ( Juliana Kaplan | ) www.businessinsider.com   time to read: +4 min
That adjustment will put over $140 more a month in retirees' social security checks. Social security checks are tied to cost-of-living hikes from the third quarter of one year to another. "Medicare premiums are going down and Social Security benefits are going up in 2023, which will give seniors more peace of mind and breathing room,"Acting Social Security Administration Commissioner Kilolo Kijakazi said in a release. "Seniors deserve increases in their Social Security checks to keep up with risings costs — this year, and every year. Democrats are fighting to protect and expand Social Security, funded by the wealthy paying their fair share," Warren tweeted on Thursday.
☆ Social Security's cost-of-living increase for 2023 would be largest in 40 years. Here's what that means for benefits
  + stars: | 2022-10-10 | by ( Lorie Konish | ) www.cnbc.com   time to read: +2 min
Retirees who are confronting higher prices due to record high inflation may get some welcome news this week when the Social Security Administration announces the cost-of-living adjustment for 2023. The Senior Citizens League, a nonpartisan senior group, estimated last month that the COLA could be 8.7% next year. "These are just estimates," which means the official change for 2023 could come in higher or lower, said Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League. The Senior Citizens Leagues' estimate pointed to a higher 10.5% bump to benefits next year based on June data. The annual COLA applies to both Social Security and Supplemental Security Income benefits.
☆ Public servants like teachers and police often get reduced Social Security. Congress is weighing a bill that could change that
  + stars: | 2022-09-21 | by ( Lorie Konish | ) www.cnbc.com   time to read: +4 min
Monkeybusinessimages | Istock | Getty ImagesMillions of Americans may receive reduced Social Security benefits if they worked in public roles as teachers, firefighters, police or government workers. "There just aren't that many legislative days left," said Maria Freese, senior legislative representative at the National Committee to Preserve Social Security and Medicare. Why public servants encounter reduced Social SecurityThe Social Security Fairness Act calls for repealing two titles of the Social Security Act that reduce or eliminate benefits for Americans who work in public service — the Windfall Elimination Provision and the Government Pension Offset. The Social Security Fairness Act would fully repeal both rules, thus making benefits more generous for those affected. 82 would need offsets not to have a huge financial impact on the Social Security trust funds, and it doesn't provide that," Sprick said.
☆ A Harvard-trained economist says 'early retirement is one of the worst money mistakes'—here's why you'll 'regret' it
  + stars: | 2022-02-01 | by ( Laurence J. Kotlikoff | ) www.cnbc.com   time to read: +4 min
So, I'll be blunt: For most Americans, early retirement isn't just a decision to take the longest vacation of their lives — it's one of the biggest money mistakes that they will regret. The reason is simple: We are, as a group, lousy savers, making early retirement unaffordable. According to a Boston College Center for Retirement Research report, half of today's working families risk a major living standard decline in retirement. Still, almost two-thirds of people — between ages 57 and 66 — choose to retire early out their own volition, despite having saved next to nothing. If she continues to do so, her post-retirement living standard will be half her pre-retirement living standard!
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