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☆ 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.

☆ 5 tips for using TikTok as a small business owner without it taking up all of your time
▼ + stars: | 2023-01-18 | by ( Erin Greenawald | ) www.businessinsider.com time to read: +7 min

TikTok can be a great platform for small business owners to market their products or services. This article is part of "Marketing for Small Business," a series exploring the basics of marketing strategy for SBOs to earn new customers and grow their business. "I thought TikTok was all dancing and for Gen Z," Kim, who launched her business in December 2020, told Insider. Be a regular TikTok userKim said using TikTok regularly is a great way to come up with ideas and spot patterns and trends that you can apply to your own content. "You have to know who your audience on each platform is and talk to that audience," Kim said.

☆ China’s population drops for the first time in decades
▼ + stars: | 2023-01-17 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — China's population declined in 2022, the National Bureau of Statistics said Tuesday. Mainland China's population, excluding foreigners, fell by 850,000 people in 2022 to 1.41 billion, the statistics bureau said. The country reported 9.56 million births and 10.41 million deaths for 2022. In 2021, China's population grew by the slowest increase on record. The mainland China population, excluding foreigners, rose by 480,000 to 1.41 billion people at the end of 2021, according to the National Bureau of Statistics.

☆ 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.

☆ China's big cities are starting to look past Covid, while rural areas brace for infections
▼ + stars: | 2023-01-06 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +4 min

Subway passenger traffic in Shanghai is quickly returning to levels seen before the latest Covid wave, according to Wind data. Subway and road data show traffic in major cities is rebounding, he pointed out, indicating the worst of the latest Covid wave has passed. "The dramatic U-turn in China's Covid policy since mid-Nov implies deeper short-term economic contraction but faster reopening and recovery," Hu said in a report Wednesday. In the last several days, the southern city of Guangzhou and the tourist destination of Sanya said they'd passed the peak of the Covid wave. watch nowChongqing was the most congested city in mainland China during Thursday morning's rush hour, according to Baidu traffic data.

☆ Beware the ‘pig butchering’ crypto scam sweeping across America
▼ + stars: | 2022-12-26 | by ( Josh Campbell | ) edition.cnn.com time to read: +6 min

New York CNN —The FBI says America has a “pig butchering” problem. “We’re talking about a cryptocurrency investment scam that is sweeping the country.”The term pig butchering refers to an unsuspecting victim — the “pig” — being tricked by scammers into forking over money for a promised high rate of return. Once criminals “fatten up” their victims’ digital wallets, they steal the money, Rosen says. “Online criminals’ scams are only limited by their imagination, and they have an impeccable sense of timing,” says Fisher. “They will not make you pay in advance to collect your money.”There were approximately 60 fake sweepstakes victims in New Mexico alone last year whose collective losses totaled $1 million, he says.

☆ 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.

☆ U.S. senators want FAA to rewrite aircraft evacuation standards
▼ + stars: | 2022-12-08 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

WASHINGTON, Dec 8 (Reuters) - Two U.S. senators are proposing legislation to require the Federal Aviation Administration (FAA) to rewrite aircraft evacuation standards to do a better job of taking real life conditions into account. Senators Tammy Duckworth and Tammy Baldwin argue the FAA simulation tests do not include real-life conditions and are proposing the Emergency Vacating of Aircraft Cabin (EVAC) Act. They are using groups of able-bodied people," Duckworth, who is a double amputee, told Reuters, noting that FAA tests have just 60 passengers. The FAA released an aircraft cabin evacuation study in March said Thursday it is reviewing 26,000 public comments it received to determine "whether current seat size and spacing affect passenger evacuation. In September, a U.S. appeals court heard arguments from a flyer advocacy group urging it to order the FAA to set minimum seat dimensions on passenger airplanes.

☆ Reaction to China loosening COVID restrictions
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +4 min

Here's what people are saying about the latest moves to ease China's COVID curbs;FRANK BENZIMRA, HEAD OF ASIA EQUITY STRATEGY, SOCIETE GENERALE, HONG KONG"MSCI China has rebounded nicely, valuations have risen and can very gradually normalise. "The next checkpoint will be Chinese New Year; I think markets are looking for further relaxation to facilitate return to their hometowns by Chinese New Year." MITUL KOTECHA, HEAD OF EMERGING MARKETS STRATEGY, TD SECURITIES, SINGAPORE"These are significant steps, and the reality is the current policy had become very difficult to administer given how widespread COVID is in the country. SAKTIANDI SUPAAT, REGIONAL HEAD OF FX RESEARCH & STRATEGY, MAYBANK, SINGAPORE"I think markets have, in some ways, priced in that element (of further easing). I mean, it's better for China to deregulate its COVID restrictions but even if it's a booster for the Chinese economy and commodity prices, that will work negatively for a Fed pause because it tightens monetary conditions."

☆ Reaction to China relaxing COVID restrictions in major policy shift
▼ + stars: | 2022-12-07 | by ( ) www.reuters.com time to read: +6 min

REDMOND WONG, GREATER CHINA MARKET STRATEGIST, SAXO MARKETS, HONG KONG"The 10 new measures are underwhelming, given the high expectations. GARY NG, ECONOMIST, NATIXIS, HONG KONG"The latest announcements show China is determined to speed up its reopening due to economic pressure. It is likely to see upswings cyclically in business sentiment from suppressed demand, especially in sectors heavily affected by the covid restrictions. "The next checkpoint will be Chinese New Year; I think markets are looking for further relaxation to facilitate return to their hometowns by Chinese New Year." SAKTIANDI SUPAAT, REGIONAL HEAD OF FX RESEARCH & STRATEGY, MAYBANK, SINGAPORE"I think markets have, in some ways, priced in that element (of further easing).

☆ 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.

HANOI, Dec 1 (Reuters) - Every Tuesday, 79-year-old Nguyen Thi Loc joins a group of grey-haired students to study English at a house in Hanoi, with the aim of socialising and keeping her brain sharp. The informal classes are free and are taught by Phung Thi Yen, who trained as an English teacher but currently works as an office worker. Loc has never studied a foreign language before, but with her newly acquired skills she chants in chorus with her classmates: "Never too old to learn English". English is Vietnam's most commonly taught foreign language after having become a mandatory subject at school in the 1990s. "Even though we are old, we still should try to study, because studying helps the brain," she said.

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.

☆ 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.

☆ U.S. FAA should bar airlines from reducing leg room -6 Democratic senators
▼ + stars: | 2022-11-01 | by ( David Shepardson | ) www.reuters.com time to read: +3 min

REUTERS/Mary F. CalvertWASHINGTON, Nov 1 (Reuters) - Six Democratic U.S senators urged the Federal Aviation Administration on Tuesday to bar airlines from further shrinking the size and leg room of airplane seats. Last month, a U.S. appeals court heard arguments from a flyer advocacy group urging it to order the FAA to set minimum seat dimensions on passenger airplanes. There are no current minimum seat dimensions. Current rules say airlines must be able to evacuate passengers within 90 seconds but do not set seat size requirements. In July 2018 the FAA said it would not regulate seat size.

☆ Raphael Warnock said Herschel Walker is 'not fit' to represent Georgia in the Senate: 'You actually have to know stuff to do this job'
▼ + stars: | 2022-10-29 | by ( John L. Dorman | ) www.businessinsider.com time to read: +3 min

Raphael Warnock during a Friday Democratic rally questioned Herschel Walker's fitness for office. "You actually have to know stuff to do this job," the senator said to applause from the audience. Warnock and Walker remain locked in one of the most competitive Senate races in the country. Warnock then zinged Walker for what he's repeatedly said is his opponent's lack of fitness to serve in the Senate. "You actually have to know stuff to do this job," the senator said to applause from the audience.

IllinoisIn Illinois, two candidates are looking to make history as the state's first Latina congresswoman: Democratic state Rep. Delia Ramirez in the state's 3rd Congressional District, and Republican newcomer Catalina Lauf in the 11th Congressional District. OregonIn Oregon, two candidates are looking to become the state’s first Latina congresswoman: Democratic state Rep. Andrea Salinas and Republican Lori Chavez-DeRemer, the former mayor of Happy Valley. Flores is on the ballot again in November to defend her newly won seat representing Texas’ 34th Congressional District. Among them are Jenny Garcia Sharon in the 37th Congressional District and Carmen Maria Montiel in the 18th District. Justin Sullivan / Getty Images fileSen. Catherine Cortez Masto, a Democrat, made history as the first Latina elected to the U.S. Senate and the first woman elected to the Senate from Nevada.

☆ Crist to DeSantis: Will you run for president? Florida governor refuses to say in caustic debate
▼ + stars: | 2022-10-25 | by ( Marc Caputo | Marc Caputo Is A Senior National Political Reporter For Nbc News. | ) www.nbcnews.com time to read: +9 min

“You’re running for governor,” Crist said, looking at DeSantis as the governor looked forward. “It’s not a tough question,” Crist said, filling the dead air. When Crist blamed DeSantis for rising utility bills and the skyrocketing cost of hurricane insurance, DeSantis faulted Crist for supporting Biden’s policies amid rising inflation. Time and again Monday night, Crist returned to the issue of DeSantis’ looming decision about whether he would run for president in 2024. It wasn’t the only question DeSantis wouldn’t answer.

WASHINGTON — President Joe Biden will get the updated Covid-19 shot Tuesday after he delivers remarks about the pandemic and the administration’s efforts to get people in the U.S. boosted, a White House official said. It has been more than three months since Biden contracted the coronavirus, which is how long health experts recommend waiting before getting another shot. The White House is focused on reaching those at the highest risk of infection, including senior citizens. Top Biden administration officials have warned in recent weeks about a possible winter surge, particularly as more people head indoors. The White House Covid -19 coordinator, Dr. Ashish Jha, has stressed that timing is also a key factor, pushing people to ideally get their boosters before Halloween to have the best protection possible by the holidays.

☆ White House Covid czar calls on seniors to get omicron booster now
▼ + stars: | 2022-10-17 | by ( Spencer Kimball | ) www.cnbc.com time to read: +4 min

Dr. Ashish Jha, head of the White House Covid taskforce, said everyone older than 50 and senior citizens in particular need to get an omicron booster as soon as possible. The elderly have faced the high risk of falling seriously ill with Covid since the beginning of the pandemic. Younger people should also get a booster this fall even though they're at lower risk of getting seriously ill from the virus, Jha said. The FDA and CDC rapidly authorized the omicron shots for children as young as 5 years old last week. But the CDC, in a study published last April, said the risk of myocarditis is higher after a Covid infection.

The trip includes stops in California on Friday and Oregon on Saturday as Biden positions his party as a champion of consumers and lower healthcare costs at a time that inflation ranks among voters' top concerns. Most forecasts show Democrats with a slight advantage in the Senate and Republicans with a larger advantage in the House. Biden alleged that Republicans will repeal the prescription drug price caps and take away Medicare's ability to negotiate drug prices if they take control. Biden was introduced by Representative Katie Porter, who has grilled bank and drug company executives on their profits in widely viewed Congressional hearings. Healthcare costs were partly to blame in the most recent month, along with food and rent.

They heat their home mainly with fuel oil, which costs them $4.57 a gallon, up from around $3.10 last year. Duke Energy customers in Indiana were recently hit with a 7% hike after a temporary 16% increase just this summer. Fuel oil customers often must pay for deliveries up front, and many suppliers have been less willing to offer payment plans because of market volatility, experts said. “I don’t have savings, period.”Brickey and Parks applied for LIHEAP assistance through District Three, a government cooperative geared toward senior citizens in southwest Virginia. They had three months of electricity paid for this past summer, along with $800 worth of fuel oil assistance last winter.

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