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☆ 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.

☆ When Social Security beneficiaries can expect first checks of 2023 to include 8.7% cost-of-living adjustment
▼ + stars: | 2023-01-11 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Other beneficiaries are scheduled to receive their Social Security benefits on the third of every month if they also receive Supplemental Security Income (SSI) benefits or if they received Social Security before 1997. Yet there's one thing the record high Social Security COLA still can't beat: persistently high consumer prices prompted by inflation. Because of that, your purchases will probably consume any increase you see in Social Security benefits, noted Joe Elsasser, founder and president of Covisum, a Social Security claiming software company. Medicare premium costs are downThe good news for Social Security beneficiaries is that Medicare Part B premiums are down this year. watch nowAs those monthly premium payments are typically deducted directly from Social Security checks, beneficiaries stand to see more of the COLA.

☆ Approaching age 62? What you need to know about Social Security's 8.7% cost-of-living adjustment and claiming benefits
▼ + stars: | 2023-01-10 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

Current Social Security beneficiaries are poised to receive an 8.7% boost to their benefits for 2023 starting this month, thanks to the highest cost-of-living adjustment in 40 years. If you're at or near Social Security's retirement benefit eligibility age of 62, you may wonder if you should claim benefits to get in on the COLA increase. "Don't feel like you're going to miss it if you don't claim now," said Joe Elsasser, founder and president of Covisum, a Social Security claiming software company. Put off claiming even longer — up to age 70 — and you will get up to an 8% boost for every year you delay passed full retirement age. If they continue to wait, they also stand to receive higher benefits as the discounts for early claiming get reduced, he said.

☆ If you want higher pay, your chances are better now than in 6 months, says expert: 'Make your moves as soon as possible'
▼ + stars: | 2023-01-09 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Higher pay has been needed to keep up with inflation. Wage growth, based on average hourly earnings, is up 4.6% from a year ago. watch now"People who switch jobs are much more likely to be getting a raise above inflation than people who are staying in their jobs," Zhao said. But with a possible economic downturn looming, workers seeking higher pay face a more complex decision as to whether to stay or go. With pay rates so competitive now, even some laid-off workers are finding higher offers than what they were earning before, according to Pollak.

☆ Successfully applying for Social Security disability is difficult. Applying as a long Covid patient is even trickier
▼ + stars: | 2023-01-09 | by ( Lorie Konish | ) www.cnbc.com time to read: +8 min

Social Security disability benefits are generally available to workers who have earned enough credits through payroll taxes — typically 40 credits, though younger workers may qualify with less. Supplemental Security Income, or SSI, is a federal benefit available to disabled individuals who may not qualify for Social Security disability based on their work records. Allsup, which works with NASA, helped Perry get his Social Security disability benefits application approved. "That can really make or break a Social Security disability case," he said. Social Security disability benefits are aimed at long-term conditions.

☆ Trump's tax returns show no Social Security benefit income. Here's what retirees can learn about claiming
▼ + stars: | 2023-01-06 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

Jonathan Ernst | ReutersWhen former President Donald Trump's tax returns were released last week, the line for Social Security income was notably left blank. About 70 million Americans rely on Social Security for monthly income when they retire or become disabled. To qualify, workers generally need to earn 40 credits by working and paying Social Security taxes. Yet Trump had no Social Security income for tax years 2015 through 2020, based on his individual tax returns. In the U.K. or Australia, Trump would not be eligible for a benefit anywhere near the size of U.S. Social Security benefits, Biggs noted.

☆ Stocks making the biggest moves midday: World Wrestling Entertainment, Bed Bath & Beyond, Costco and more
▼ + stars: | 2023-01-06 | by ( Sarah Min | ) www.cnbc.com time to read: +3 min

World Wrestling Entertainment — The wrestling entertainment stock surged 21% after WWE announced that founder Vince McMahon is returning to its board of directors and that the company is exploring strategic moves. R1 RCM — Shares of the healthcare technology firm soared more than 11% after the company raised its revenue outlook for 2023. Costco Wholesale — Shares of the big-box retailer jumped more than 6% after it reported solid sales numbers for December. First Solar — Shares of First Solar rose more than 4% after Wells Fargo upgraded it to overweight, saying Europe's energy crisis and the Inflation Reduction Act in the U.S. will boost demand for solar energy. Bed Bath & Beyond — Shares plunged 20% after the retailer warned it was running out of cash and was considering bankruptcy.

☆ Delinquent student loans can reduce Social Security by $2,500 a year
▼ + stars: | 2023-01-05 | by ( Lorie Konish | ) www.cnbc.com time to read: +5 min

Getty ImagesIf you are delinquent on federal student loans and collect Social Security benefits, you may have your monthly checks reduced. Social Security benefits are typically subject to partial withholdings after prolonged federal student loan delinquencies. Today's Social Security beneficiaries who are behind on federal student loans are not subject to benefit withholdings, as those collections have been suspended as part of the federal student loan payment pause that has been in effect since March 2020, Minsky noted. "No one is having their Social Security checks garnished right now," Minsky said. How policy may influence debtsBiden has proposed broad student loan forgiveness of up to $10,000 for federal student loans, or up to $20,000 for Pell grant recipients.

☆ Don't assume the interest on your savings account is keeping up with Federal Reserve rate hikes. Here's why
▼ + stars: | 2023-01-03 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

As the Federal Reserve continues to hike interest rates, you may assume you're earning more on the money in your savings account. The interest rate on his Capital One account was 0.3%, far lower than the 3.3% annual percentage yield the firm is currently advertising for new savings accounts. McClanahan discovered the same situation when she checked her own Capital One account. While a call to Capital One's customer service revealed it was possible to access the higher interest rate by opening a new account, McClanahan decided it was better to move the money elsewhere. "I've been recommending Capital One for a long time, and they are now off my list," McClanahan said.

☆ These states are raising their minimum wages in 2023. Chart shows where workers can expect higher pay
▼ + stars: | 2023-01-01 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

Meanwhile, 23 states and Washington, D.C., according to the Economic Policy Institute, will implement higher minimum wages on Jan. 1. States that are not seeing minimum wage hikes in 2023 still tie their base pay to the $7.25 per hour federal rate. Workers who depend on the minimum wage are also much more likely to be people of color and living in poverty. Raising minimum wages can also help increase consumer demand and put money back into local economies, said Holly Sklar, CEO of Business for a Fair Minimum Wage, a national network of business organizations, owners and executives that support higher minimum wages. "Putting needed raises in minimum wage workers' pockets [is] really the most efficient way you can boost the economy," Sklar said.

☆ Building emergency savings is a top financial resolution for 2023, survey finds. Here’s how to get started
▼ + stars: | 2022-12-30 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

Jenkin, who co-wrote a book called "The 21-Day Budget Cleanse," recommends people take a detox-type approach to their household budgets. "Most people really haven't taken the time to see where they're overspending and size up what the difference is," Jenkin said. That's "troubling" now, as interest rates on those debts are poised to continue to climb, according to Matt Schulz, chief credit analyst at LendingTree. Look for higher rates on your cashAs interest rates climb, that's good news for the money you stand to earn on your cash. Online savings accounts and certificates of deposit, or CDs, are providing the highest interest rates in more than a decade.

☆ How government spending bill may help prevent abuse of federal tax incentive for land conservation
▼ + stars: | 2022-12-28 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

The $1.7 trillion federal spending bill includes a new change that will curb the abuse of tax incentives for land conservation. The $1.7 trillion federal spending bill includes a new change that will curb the abuse of tax incentives for land conservation. Federal conservation easements enable property owners to take a charitable deduction when they give up certain rights to develop land. The original bill was introduced in the House by Rep. Mike Thompson, D-Calif., and Mike Kelly, R-Pa., and in the Senate by Sens. "This is a great victory for conservation," said Lori Faeth, senior director of government relations at the Land Trust Alliance, a national land conservation organization that has advocated for the bill since it was first introduced.

☆ Carrying holiday debt may be especially troubling these days. These 5 tips can help you knock down those balances faster
▼ + stars: | 2022-12-28 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

High inflation and rising interest rates mean holiday shoppers who turned to credit cards and other methods of borrowing are left with bigger balances this year. Slightly more than a third, or 35%, of shoppers took on debt this holiday season, down from 36% last year, according to a new survey from LendingTree. But the average debt borrowers took on climbed to $1,549 in 2022, a 24% increase from last year's average of $1,249. Most people — 63% — who took on debt were not planning to do so, up from 54% last year. Even in the best economic conditions, most people have a tiny financial margin for error, according to Schulz.

☆ New government funding package includes 'historic step forward' for pregnant workers, new mothers
▼ + stars: | 2022-12-23 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Advocates, legislators, and pregnant workers rally on Capitol Hill in support of The Pregnant Workers Fairness Act on Dec. 1 in Washington, D.C. That includes the Pregnant Workers Fairness Act, which will require employers to make temporary and reasonable accommodations for pregnant workers. "This legislation would provide common sense protections for pregnant workers, like extra bathroom breaks or a stool for workers who stand, so they can continue working while not putting extra strain on their pregnancies," Casey said. The Senate amendment to add the bill to the spending package passed on Thursday with a 73-to-24 vote. "It is a monumental and historic step forward for pregnant and post-partum workers," she said.

☆ Congress’ lame duck session leaves 'unfinished business' on issues that address Americans' everyday financial needs
▼ + stars: | 2022-12-23 | by ( Lorie Konish | ) www.cnbc.com time to read: +5 min

Sarah Silbiger | Bloomberg | Getty ImagesChild tax credit enhancementA year ago last December, millions of families received their last monthly child tax credit checks. Legislation to help parents cope with the effects of the Covid-19 pandemic made the child tax credit more generous for the 2021 calendar year. The maximum child tax credit sums went up from $2,000 per child to $3,600 per child under age 6 and $3,000 per child ages 6 through 17. On the bright side, the same compromise to re-up the child tax credit alongside corporate tax breaks may come up again in 2023, he said. Some lawmakers have insisted the child tax credit gets included in any new tax legislation.

☆ Emergency savings provisions in Secure 2.0 may help shore up short- and long-term financial security, experts say
▼ + stars: | 2022-12-22 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

When faced with such bills, workers may be tempted to tap their retirement savings accounts. Now, new provisions in retirement legislation called Secure 2.0 moving forward on Capitol Hill would make it easier for workers to set aside emergency funds. The first change would make it so retirement plan sponsors could automatically enroll employees to set aside up to $2,500 of post-tax money in a separate emergency savings alongside their retirement accounts. Workers could defer money to the emergency savings accounts automatically through their payroll deduction. Notably, a plan for separate standalone emergency savings accounts outside of retirement plans did not make it into the legislation.

☆ The 'Secure 2.0' retirement legislation leaves a 'huge problem untouched,' labor economist warns. How these changes could help
▼ + stars: | 2022-12-21 | by ( Lorie Konish | ) www.cnbc.com time to read: +5 min

Sporrer/Rupp | Image Source | Getty ImagesParticipation in workplace retirement plans may soon be expanded, thanks to new efforts from lawmakers on Capitol Hill. Secure 2.0 would require certain employers with retirement plans to automatically enroll eligible workers in those plans. Create a universal retirement planFor starters, we should abandon the hope that employers will cover everyone with retirement plans, according to Ghilarducci. "A universal access plan is one in which everyone, regardless of what their employer does, is in a retirement plan," Ghilarducci said. The idea is included in the Retirement Savings for Americans Act, which would establish portable tax-advantaged retirement savings accounts for workers.

☆ 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.

☆ As a record 8.7% Social Security cost-of-living increase starts in 2023, here's what beneficiaries should look for in annual statements
▼ + stars: | 2022-12-11 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Kathrin Ziegler | Digitalvision | Getty ImagesMonthly Part B premium payments are often deducted directly from Social Security checks. Due to the lower 2023 premiums, beneficiaries are poised to see more of the 8.7% increase in their monthly Social Security checks. "Of course, the economy is inflated at a frightful rate, but this represents the value of cost-of-living adjusted benefits from Social Security," Freitag said. What to look for in your Social Security statementJustin Paget | Digitalvision | Getty ImagesIf you're wondering how much more you stand to see in your checks, the personalized letter from the Social Security Administration will give you a breakdown of what to expect. Of note, you do not necessarily have to be receiving Social Security checks now to benefit from the record 2023 increase, Blair noted.

☆ Congress may revisit the expanded child tax credit in the lame duck session. But terms may not be as generous as in 2021
▼ + stars: | 2022-12-09 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

House and Senate champions and impacted families appear at a Dec. 7 Washington, D.C., event for expanding the child tax credit during the lame duck session. Millions of children were lifted out of poverty in 2021, thanks to a more generous child tax credit that included monthly checks sent out to more families. Now, the lame duck session of Congress offers a last chance this year to renew the expanded child tax credit that lapsed in December 2021. As the end of year approaches, many Democrats on Capitol Hill have raised their voices in support of reinstating the more generous child tax credit. The child tax credit was increased in 2021 from $2,000 per child to up to $3,600 per child under 6 and up to $3,000 for children ages 6 through 17.

☆ 50% of women say they are behind on retirement savings. Here's why they face challenges
▼ + stars: | 2022-12-07 | by ( Lorie Konish | ) www.cnbc.com time to read: +1 min

Women are more likely, at 50%, to say they're behind, versus just 35% of men, a new report from Goldman Sachs finds. Nearly half of women — 47% — said they are on track or ahead of schedule when it comes to their retirement savings. Women also are more likely than men to retire earlier than they planned, the report found, with 61% of women versus 50% of men. The top reasons women retired earlier was due to health reasons, family care needs or job loss. In comparison, 30% of retired men have income that reaches that level.

☆ Free Speech for All—Except the Little Guy
▼ + stars: | 2022-12-06 | by ( Christopher Mills | ) www.wsj.com time to read: +1 min

The Supreme Court hears arguments Monday in 303 Creative v. Elenis, in which Colorado claims it can compel Lorie Smith , a wedding website designer, to create custom content for same-sex weddings over her religious objections. The First Amendment broadly prohibits the government from compelling people to speak. Circuit Court of Appeals acknowledged that forcing Ms. Smith to speak a state-imposed message infringed on her First Amendment rights. But it justified that infringement on grounds that her custom designs are “by definition, unavailable elsewhere,” making Ms. Smith “similar to a monopoly.”That’s far-fetched. As one of thousands of designers, Ms. Smith couldn’t have fewer rights.

☆ Social media financial content is a 'Wild West.' Here are the red flags to watch out for before investing your money
▼ + stars: | 2022-12-06 | by ( Lorie Konish | ) www.cnbc.com time to read: +2 min

Platforms should implement checks and balances for their content, Yang said. But there are red flags that people should watch for in the content they consume before they put their money at risk. By taking a balanced approach to your investments, that will give you the biggest chance to create long-term wealth, Barnes said. But it is possible to spot these schemes by doing some research on your own and comparing an investment's promises to normal returns, Yang said. The S&P 500 Index 's returns over the past 40 or 50 years would be a good benchmark, he said.

☆ Supreme Court leans toward web designer in gay rights case
▼ + stars: | 2022-12-06 | by ( Reuters Editorial | ) www.reuters.com time to read: 1 min

PoliticsSupreme Court leans toward web designer in gay rights casePostedThe high court's conservative majority appeared ready to rule that Denver business owner Lorie Smith can refuse services for same-sex couples getting married.

☆ Supreme Court case on same-sex marriage could allow LGBTQ discrimination
▼ + stars: | 2022-12-05 | by ( Caroline Mala Corbin | Caroline Mala Corbin Is A Professor Of Law | Dean S Distinguished Scholar At The University Of Miami School Of Law. She Is A First Amendment Expert Who Has | ) www.nbcnews.com time to read: +9 min

Does a website design company have a First Amendment right to discriminate against same-sex couples? But the Supreme Court reached no conclusion on the free speech claim and instead ruled in favor of the bakery on narrow religious grounds. The challenge here is how to classify 303 Creative’s making or refusing to make a website for same-sex couples. If so, it does not trigger, never mind violate, the free speech clause. It would extend to companies that oppose it for nonreligious reasons but can argue that providing their speech-based services to same-sex couples compelled them to express a message of support for that marriage.

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