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That’s why it’s a big deal when Social Security recipients receive their annual cost-of-living adjustment. Starting in January they’ll see a 3.2% increase in their Social Security checks, that’s a much smaller increase than the inflation-fueled boosts of the past two years, the Social Security Administration announced last week. David Certner: The Social Security Cost-of-Living Adjustment (COLA) is based on the Consumer Price Index for urban wage earners. The amount of GDP that’s generated by Social Security checks is actually larger than the total amount of Social Security money going out in the first place. Before the Bell: Could an increase in Social Security possibly add to inflation since that money is bolstering the economy?
Persons: they’ll, Bell, David Certner, There’s, we’ve, David Goldman, , , Neil Saunders, GlobalData, ” Taylor, Taylor, “ Taylor Swift, ” Elizabeth Frank Organizations: New, New York CNN — Social Security, Social, Security, Social Security Administration, AARP, Consumer, Bell, Social Security, Medicare, CVS, Walgreens, Walmart, Target, Costco, US Securities and Exchange Commission, , Aid, Rite Aid, AMC Locations: New York, United States, Canada, United Kingdom, Mexico, Australia, Germany, Philippines, Brazil, South Korea, Malaysia, Singapore, Taiwan, Hong Kong
UBS thinks UnitedHealth is an essential portfolio holding trading at a discount. The firm upgraded shares of the health care giant to buy from neutral and raised its target price to $640 from $520. "We believe that the strong Q3 release from UNH is a clearing event that should pave the way for improved valuation for the stock," Rice said. UnitedHealth stock has ticked up nearly 2% in 2023. UNH YTD mountain UNH in 2023 UNH YTD mountain UnitedHealth stock.
Persons: UnitedHealth, AJ Rice, Rice, — CNBC's Michael Bloom Organizations: UBS Locations: UNH
Savoy Life is building a virtual care platform for long-term care facilities. Peter Emigh, Savoy Life's founder and CEO, said he saw the need to improve long-term care facilities while working as a healthcare administrator at CareMore Health. He said improving the lives of everyday residents receiving long-term care starts with giving operators of those communities more – and better – tools. Savoy Life is entering an already booming market focused on the aging population, which could grow to north of $2 trillion by 2028, according to research consultancy Markets N Research. Check out the nine-slide pitch deck that Savoy Life used to raise $3 million and launch out of stealth.
Persons: Peter Emigh, Savoy, Organizations: Red Cell Partners, American Healthcare Association, National Center for, CareMore, Research, Frontrunners
Two new immunizations promise to protect babies from respiratory syncytial virus – if people can find them. Providers are scrambling to offer Pfizer's vaccine, Abrysvo, to pregnant patients and Sanofi's monoclonal antibody, Beyfortus, to babies. Until now, the only preventative treatment was another monoclonal antibody called Synagis that's given once a month during RSV season, which generally runs from fall through spring. Sanofi's Beyfortus is a monoclonal antibody that's given directly to babies and provides them with immediate protection. "I know that [RSV]'s a threat to little babies, and so to have an opportunity to prevent illness in the first place is really exciting."
Persons: Michael Chamberlin, hasn't, we're, Chamberlin, that's, Erin Bakke, Graham Organizations: Pediatric Associates Locations: Carmel, Cincinnati , Ohio
During the enrollment period, which ends Dec. 7, people will have the opportunity to choose between traditional Medicare and privately run Medicare Advantage plans in their area, as well as prescription drug plans. Medicare Advantage plans provided by insurers frequently offer prescription drug coverage , as well as extra benefits like dental or vision coverage not provided by traditional Medicare. The federal government also said Thursday that millions of Social Security recipients will get a 3.2% increase in their benefits next year. The average Medicare beneficiary could choose from 43 Medicare Advantage plans for this year, or more than double the choices available in 2018, according to KFF. After this year’s open enrollment window ends in December, people will be able to switch to another Medicare Advantage plan or opt for traditional Medicare during another enrollment period from Jan. 1 to March 31.
Persons: Tricia Neuman, KFF, Neuman Organizations: Medicare, Medicare’s, Social Security, Services, Social
UnitedHealth Group 's (UNH) quality quarterly results Friday are a good sign for the broader health-care landscape, CNBC's Jim Cramer said. UnitedHealth "is a key component in the health-care universe, and … there will be a plethora of stocks that will trade well off this," Cramer said on "Squawk on the Street." Cramer's Charitable Trust, the portfolio used by the CNBC Investing Club, owns Humana shares. The company's past comments had major ripple effects for health-care stocks, dragging down fellow insurers — such as Humana — while boosting shares of many medical device makers. Including Friday's gains, UNH shares turned slightly positive year to date.
Persons: CNBC's Jim Cramer, UNH, Jim Cramer's, Cramer, UnitedHealth, UnitedHealth's Organizations: New York Stock Exchange, UnitedHealth, Dow, Charitable Trust, CNBC, Club, Humana
Jozef Polc / 500Px | 500Px Plus | Getty ImagesSocial Security beneficiaries will see a 3.2% boost to their benefits in 2024, the Social Security Administration announced on Thursday. The annual cost-of-living adjustment for 2024 will affect more than 71 million Social Security and Supplemental Security Income beneficiaries. Typically, Medicare Part B premium payments are deducted from Social Security checks. How the 2024 COLA comparesThe 2024 benefit increase is much lower than record 8.7% cost-of-living adjustment Social Security beneficiaries saw this year, the biggest boost in four decades in response to record high inflation. Older Americans 'still feeling the sting' of inflationThe 2024 adjustment comes as many retirees are still struggling with higher prices.
Persons: Jozef Polc, Jo Ann Jenkins, Jenkins, Tracey Gronniger, Gronniger Organizations: Social, Social Security Administration, Social Security, Senior Citizens League, Consumer, Urban, Clerical Workers, AARP, Justice, COLA, Security
NEW YORK (AP) — Tens of millions of older Americans will see a modest increase in benefits this January when a new cost-of-living adjustment is added to Social Security payments. Here's what to keep in mind:Political Cartoons View All 1209 ImagesHOW DOES SOCIAL SECURITY WORK? The Social Security program pays roughly $1.4 trillion in benefits to more than 71 million people each year, including low-income individuals with disabilities. The short answer is that taxes fund Social Security. While the money is used to pay people currently receiving benefits, any unused money goes to the Social Security trust fund.
Persons: Kathleen Romig, , Mark Hamrick, Hamrick, Charles Schwab Organizations: Social, Bureau of Labor Statistics Consumer, Social Security, Budget, Bureau of Labor Statistics ’, , Boomers, Associated Press, Charles, Charles Schwab Foundation, Inc, AP
WASHINGTON (AP) — Millions of Social Security recipients will get a 3.2% increase in their benefits in 2024, far less than this year's historic boost and reflecting moderating consumer prices. About 71 million people — including retirees, disabled people and children — receive Social Security benefits. The maximum amount of earnings subject to Social Security payroll taxes will be $168,600 for 2024, up from $160,200 for 2023. There have been legislative proposals to shore up Social Security, but they have not made it past committee hearings. A March poll by The Associated Press-NORC Center for Public Affairs Research found that most U.S. adults are opposed to proposals that would cut into Medicare or Social Security benefits, and 79% of people polled said they oppose reducing the size of Social Security benefits.
Persons: , Kilolo Kijakazi, , Jo Ann Jenkins, , Nancy Altman, Kevin McCarthy, Alfred Mason, Mason Organizations: WASHINGTON, Social, Social Security Administration, AARP, Social Security, Security, The Associated Press, NORC, for Public Affairs Research, Bureau of Labor Statistics ’, CPI Locations: Louisiana
WASHINGTON — President Joe Biden lauded Thursday's Labor Department report showing relatively stable inflation, taking credit for a recent spate of positive economic news. The consumer price index, a key inflation gauge, increased 0.4% in September and 3.7% compared to a year ago. Republicans consistently poll better than Democrats on dealing with economic issues, a hurdle Biden is trying to overcome as the 2024 election looms. "This morning's report shows core inflation fell to its lowest level in two years," Biden said in a statement Thursday. The president hailed the recent economic numbers as "Bidenomics in action."
Persons: Joe Biden, Dow Jones, Biden, Nonfarm payrolls Organizations: White, WASHINGTON, Thursday's Labor Department, Dow, NBC, Republicans, Labor Department Locations: Washington
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
Humana CEO Bruce Broussard will step down next year after more than a decade leading the health-insurance giant. Humana has tapped Jim Rechtin, head of Envision Healthcare, to be its next CEO. Weaving together insurance benefits with care delivery is meant to make healthcare easier for people to navigate and improve patients' health, Broussard said. One example is Humana's recent push into behavioral healthcare, Broussard said. That startup will eventually become part of Humana, Broussard said.
Persons: Bruce Broussard, Jim Rechtin, Broussard, , Rechtin, " Broussard, Rafael Henrique, Humana Organizations: Healthcare, Humana, Indiana's DePauw University, Harvard, Getty, Aetna, Oak Street Health, Iora, One, General Atlantic Locations: The Louisville , Kentucky, DaVita, Group's California, Kentucky, UnitedHealth
An Israeli family believes that five relatives, including three kids, have been taken hostage by Hamas militants. They say a video emerged online showing one of the kids being grabbed by gunmen. The family is now pleading for the safe return of their missing relatives from the village of Nir Oz. AdvertisementAdvertisementAn Israeli family believes that five relatives, including three children, were taken hostage by Hamas fighters amid the Palestinian militant group's attacks on Israel after seeing a video showing one of the kids being grabbed by gunmen appear online. The assault by the Hamas militant group has already left more than 900 dead in Israel, with many more injured.
Persons: Nir Oz, , Carmela Dan, Erez Kalderon, Sahar Kalderon, Noya Dan, Ofer Kalderon, Noam Dan, Sabrina Belhassen, Nimtzovitch, Hama, Israel, Alisa Shodiyev Kaff Organizations: Service, Hamas, The New York Times Locations: Israel, Nir, Gaza, Belhassen
That's why his remarkable, record-setting year on the PGA Tour Champions has Stricker thinking about playing more on the PGA Tour next year. “I don't know if it will work,” Stricker said at the Constellation Furyk & Friends. He already has set the PGA Tour Champions earnings record — currently $3,986,063 — and he is a lock to become the first senior player to surpass $4 million in a year. The courses on the PGA Tour Champions aren't as long and the competition isn't nearly as strong. “It's just a great time to be part of the PGA Tour,” he said.
Persons: Steve Stricker, , ” Stricker, , Stricker, Marco Simone, Charles Schwab, , “ I've, I've, I'm, Brooks Koepka, ” Stricker hasn't, Mike Weir, Weir couldn't, “ Jordan Spieth, ” Weir, Strick, “ It's, ___ Organizations: PGA, Constellation, Timuquana, Ryder, U.S . Senior, Phoenix, Ryder Cup, Sony Locations: JACKSONVILLE, Fla, Rome, Scottsdale, Europe, Oahu, Timuquana
Sonoma State University Courtesy: Sonoma State UniversityTo help make college a reality, Sonoma State University is trying a relatively new approach: High school students who have completed the requisite coursework and have a minimum 2.5 high school GPA are now "guaranteed admission" to the Rohnert Park, California-based school. Last spring, the State University of New York sent automatic acceptance letters to 125,000 graduating high school students. College enrollment is droppingSonoma State University Courtesy: Sonoma State UniversityStill, fewer students are going to college. More high schoolers want career trainingMost Americans still agree a college education is worthwhile when it comes to career goals and advancement. High schoolers are putting more emphasis on career training and post-college employment, the nonprofit found after polling more than 5,000 high school students six times since February 2020.
Persons: Ed Mills, Mills, Robert Franek, Franek, Lakhani, Doug Shapiro, Cole Clark, Connie Livingston Organizations: Sonoma, Sonoma State University, California State University, Finance, Princeton, Virginia Commonwealth University, State University of New York, Sonoma State University Still, Nationwide, CNBC, National Center for Education Statistics, Student Clearinghouse Research, College Board, Public, USA, ECMC Group, Junior Achievement, Citizens, Brown University Locations: , California, Sonoma State, Richmond , Virginia, New York, U.S
Now, after a record-breaking year, almost everyone in world soccer is aware of Lamine Yamal. In April, at 15 years and 290 days, he became the youngest player to appear in a competitive fixture for the Blaugrana. When his star started to shine, questions were asked about which national team he would choose to represent. Unhelpful comparisonsDealing with such praise and adulation could be tricky for Yamal as he navigates the world of professional soccer. Yamal joined the Barcelona youth ranks at the age of seven, according to FIFA.
Persons: It’s, Yamal, Felipe Mondino, Luis de la Fuente, , De la Fuente, , Lionel Messi, Diego Maradona, Barcelona’s, Fati, David Ramos, Pedri, Xavi, ” Xavi, Messi, Ballon Organizations: CNN, Champions League, Borussia Dortmund’s Youssoufa, Spanish national, Georgia, La Liga, Granada, Barcelona, Spanish, Premier League, Brighton, FIFA, ESPN Locations: Barcelona, Spain, Moroccan, Equatorial Guinea, Nou
Israeli parents are being warned to delete apps from their kids' phones over hostage video fears. A Tel Aviv school's parents association warned parents to remove apps like TikTok, CNN reported. Fears that fighters from the Palestinian militant group Hamas will broadcast videos of hostages taken from Israel have prompted warnings to Israeli parents to delete social media from their children's cell phones. The association asked parents to remove social media apps, including TikTok and Instagram, from their children's phones, according to the news outlet. Israel declared war on Hamas after the attacks, launching retaliatory strikes in Gaza, where hundreds more people have been killed.
Persons: , Hama, Joe Biden, Eli Cohen, Israel Organizations: CNN, Hamas, Service, The New York Times, Israel Defense Forces, Israeli, Associated Press Locations: Tel Aviv, Israel, Gaza
The hope of avoiding a recession in the US heated up this year despite interest rates skyrocketing over the past 18 months. They also have more of a buffer than from the economic impact of inflation and higher interest rates than younger generations. AdvertisementAdvertisementWhile high interest rates and soaring prices for homes in recent years are terrible for young buyers, they are increasing the wealth of older Americans. Lance McMillan/Toronto Star via Getty ImagesMeanwhile, higher rates are helping older Americans grow their wealth in other ways. So older Americans who, in the past, would have been forced to sacrifice higher returns for safer investments can now get both.
Persons: boomers, , Taylor Swift, Tim Robberts, Ed Yardeni, Yardeni, they'll, they've, Lance McMillan, Neil Howe, demographer, Howe Organizations: Boomers, Service, Census Bureau, Labor, Images, Yardeni Research, New, Toronto Star, Getty, Treasury Locations: New York
Israel has to punch into the dense Gaza strip with tanks and troops, and conduct searches, he said. The rescue effort would be a "bloody mess" and "catastrophic" to Palestinian civilians, he warned. Israeli forces would have to seize control of the ground level in Gaza and conduct house-to-house searches, he said. AdvertisementAdvertisementA mass rescue effort would see Israeli forces punching into a 140-square-mile region filled with 2 million people, while meticulously searching house, basements, and cellars, McCaffrey said. "I don't know how they're going to solve this without massive casualties in their own forces, never mind catastrophic damage in the Gaza strip," McCaffrey added.
Persons: Barry McCaffrey, Israel, , McCaffrey, Alicia Menendez, haven't, Alex Witt, Tweeting Organizations: Service, Hamas, US Army, US Southern Command, Reuters, Palestinian Health Ministry, Palestinian, IDF, Israel's Defense Ministry Locations: Gaza, Israel
An Egyptian intelligence official said the Israeli government was warned about "something big" before the Hamas attacks. "We have warned them an explosion of the situation is coming, and very soon," the official told the AP. Yet Israeli officials downplayed the threat from Gaza and instead focused on the occupied West Bank, the anonymous Egyptian intelligence official claimed, the news outlet reported on Monday. But they underestimated such warnings," the Egyptian official told the AP. The Egyptian official said that Egypt, which has historically acted as a mediator between Israel and Hamas, told Israel repeatedly that "something big" was being planned.
Persons: Benjamin Netanyahu, , Israel, Israel —, Yaakov Amidror, Netanyahu, Amidror Organizations: AP, Service, Hamas, Associated Press, West Bank, Israel Defense Forces Locations: Palestinian, Israel, Gaza, Egypt
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Persons: Dow Jones
AdvertisementAdvertisementPhotos from AP show several hostages being taken to the Gaza Strip. An Israeli woman posted on social media with the photograph, saying it was her 85-year-old grandmother, per The Times of Israel. Palestinians transport a captured Israeli civilian, center, from Kibbutz Kfar Azza into the Gaza Strip on Saturday, Oct. 7, 2023. AdvertisementAdvertisementPalestinians transport a captured Israeli civilian from Kibbutz Kfar Azza into the Gaza Strip on Saturday, Oct. 7, 2023. The Hamas-run health ministry in the Gaza Strip said 232 Palestinians were killed and another 1,697 were wounded as of Saturday afternoon.
Persons: , Tzipi Hotovely, I've, Hatem Ali, partygoers, Col Jonathan Conricus, Abu Obaida, Benjamin Netanyahu Organizations: Service, Israel Defense Forces, Sky News, Kibbutz Kfar, Telegraph, AP, Kfar, CNN, Hamas Locations: Gaza, Israel, Israeli, Kibbutz, Kibbutz Kfar Azza, Re'im, Kfar Azza
Oct 7 (Reuters) - State Senator Aisha Wahab authored the bill vetoed by Governor Gavin Newsom that would have made California the first U.S. state to explicitly ban caste discrimination. In vetoing the bill, Newsom called it "unnecessary," arguing that since existing laws already banned ancestry discrimination, a separate legislation was not needed explicitly for caste discrimination. U.S. discrimination laws ban ancestry discrimination but do not explicitly ban casteism. Wahab's bill passed in California that Newsom vetoed added caste as a protected class to the state's existing anti-discrimination laws. Activists opposing caste discrimination say it is no different from other forms of discrimination like racism.
Persons: Aisha Wahab, Gavin Newsom, Wahab, Newsom, Kanishka Singh, Leslie Adler Organizations: California Senate, Hayward City, U.S, Thomson Locations: California, U.S, Hayward, Afghan, American, United States, India, Valley . U.S, Washington
Oct 7 (Reuters) - State Senator Aisha Wahab authored the bill vetoed by Governor Gavin Newsom that would have made California the first U.S. state to explicitly ban caste discrimination. In vetoing the bill, Newsom called it "unnecessary," arguing that since existing laws already banned ancestry discrimination, a separate legislation was not needed explicitly for caste discrimination. The veto from Newsom marks a setback for her and for U.S. activists fighting caste discrimination. India outlawed caste discrimination over 70 years ago. Activists opposing caste discrimination say it is no different from other forms of discrimination like racism.
Persons: Aisha Wahab, Gavin Newsom, Wahab, Newsom, Kanishka Singh, Leslie Adler Organizations: California Senate, Hayward City, U.S, Thomson Locations: California, U.S, Hayward, Afghan, American, United States, India, Valley . U.S, Washington
CNN —For the first time, adults 60 and older are eligible to receive a vaccine against the respiratory syncytial virus, or RSV. Since this is the first time an RSV vaccine has been made widely available, some older people may be wondering why it might be needed. Is RSV a major problem in adults, especially older adults? Tragically, around 10,000 to 13,000 older adults annually die from this infection. I also do not recommend that people who have decided to get the RSV vaccine to wait.
Persons: Abrysvo, Leana Wen, , Wen Organizations: CNN, Food and Drug Administration, GlaxoSmithKline, Pfizer, US Centers for Disease Control, CNN Wellness, George Washington University Milken Institute School of Public Health, CDC, FDA Locations: United States, It’s
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