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☆ Social Security recipients get 8.7% cost-of-living increase, the highest in more than 40 years
▼ + stars: | 2022-10-13 | by ( Tami Luhby | ) edition.cnn.com time to read: 1 min

New York CNN Business —Social Security recipients will receive an annual cost-of-living adjustment of 8.7% next year, the largest increase since 1981, the Social Security Administration announced Thursday. The spike will boost retirees’ monthly payments by $146 to an estimated average of $1,827 for 2023. The hefty increase, which follows a 5.9% adjustment for this year, is aimed at helping Social Security’s roughly 70 million recipients contend with the high inflation that’s been plaguing the US since last year. It’s too early to say,” said Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League, an advocacy group. “It depends on what inflation is going to do from October onwards.”This story is breaking and will be updated.

☆ 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."

The annual adjustment is forecast to be the largest one-time increase since 1981, and the largest experienced by beneficiaries alive today. The nonprofit Senior Citizens League predicts an adjustment coming in at 8.7%, implying that Social Security recipients could see an increase of about $144 starting Jan. 1, 2023. The Federal Reserve has acknowledged the pain inflation inflicts upon on individuals who receive Social Security benefits. Thanks to an unusual quirk, Social Security beneficiaries can expect to realize the full COLA increase. "The lifeboat is leaking and taking on water, leaving older Americans at risk of financial drowning," Johnson wrote.

☆ Senior citizens are using VR to socialize and explore
▼ + stars: | 2022-10-12 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailSenior citizens are using VR to socialize and exploreTom Rogers, Engine Gaming & Media executive chairman, joins 'TechCheck' to discuss Meta's new high-end VR headset, and how VR technology can improve the quality of life for seniors.

Walmart Healthcare Research Institute, the largest U.S. retailer's new healthcare research service, will find participants for clinical trials, and Walmart also host MyHealthJourney, a patient portal that helps people find upcoming research trials and track their care. Walmart's expansion into clinical trial recruitment could bring it new streams of revenue from drug companies. Walmart is currently working with Laina Enterprises, a virtual clinical trial management platform, the retailer said in a press release. Rival Walgreens said in June it had launched clinical trial services to increase diversity in test subjects. Walmart opened Walmart Health locations in Dallas, Georgia in 2019 and now has 24 locations including in Arkansas, Florida and Illinois.

☆ 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.

☆ As Biden vows to 'protect' Social Security, here's what we know about the future of benefits
▼ + stars: | 2022-09-29 | by ( Lorie Konish | ) www.cnbc.com time to read: +6 min

"I want to save Social Security, Medicare and Veterans benefits." A spokeswoman for Scott pointed to a recent interview where he said his plan would help make sure people get their Social Security benefits. Specific plans from both parties are needed to secure the future of both Social Security and Medicare, she said. Due to high inflation, estimates show the Social Security cost-of-living adjustment is poised to be the highest in decades, according to The Senior Citizens League. One more month of consumer price index data will come in before the official bump for next year is announced by the Social Security Administration.

☆ Fed Chair Powell warned of ‘pain’ to come. Seniors on fixed incomes are already feeling it
▼ + stars: | 2022-09-26 | by ( Martha C. White | ) edition.cnn.com time to read: +8 min

“Social Security comes up short by at least $1,000 [a month] in many locations. John Harriger, a resident of Chilhowie, Virginia, suffered a disabling back injury in 1994 and relies solely on Social Security for income. “I get about $1,800 a month [from Social Security] but… when gas and groceries started going up, I couldn’t make it any more. Sites, who relies wholly on Social Security for her income, said she worries what will happen when the mortgage on her home near Asheville, North Carolina, resets. This has a pass-through effect on the financial security of older Americans.

Social Security recipients struggling with higher inflation are likely to get a major boost in their monthly benefits starting next year. The Social Security Administration's annual cost of living adjustment (COLA) formula is based on inflation readings for July, August and September. "A COLA of 8.7% is extremely rare and would be the highest ever received by most Social Security beneficiaries alive today," Johnson said in a statement. "Across the board, retired and disabled Social Security recipients spend a bigger portion of their incomes on healthcare costs, housing, and food and less on gasoline," she said. The ultimate net benefit to Social Security recipients will also be contingent on how much Medicare Part B premiums increase.

☆ Remote work is killing Florida as a retirement paradise
▼ + stars: | 2022-09-11 | by ( Gadel Valle | ) www.businessinsider.com time to read: +14 min

Housing prices, combined with the rise of remote work, threaten to end the middle-class dream of spending your final days in Florida. "It does put the retirement industry at risk because it's going to become more and more difficult" to retire in Florida, he told me. The political influence of Florida retirees is so significant that national publications send reporters to The Villages before elections to check its political pulse. The dream of a Florida retirement is dying as housing prices make it too expensive for most. And for people who are retiring now, the Florida retirement dream is starting to look a lot less sunny.

☆ Lower US job gain in August could help the Fed's inflation fight
▼ + stars: | 2022-09-02 | by ( Christopher S. Rugaber | Associated Press | ) www.nbcnews.com time to read: +7 min

WASHINGTON (AP) — America’s employers added a healthy number of jobs last month, yet slowed their hiring enough to potentially help the Federal Reserve in its fight to reduce raging inflation. Inflation did fall to an 8.5% annual rate in July from 9.1% in June, mostly as gas prices steadily dropped. Wage growth weakened a bit last month, too, which could also serve the Fed’s inflation fight. Powell warned that the Fed’s inflation fight would likely cause pain for Americans in the form of a weaker economy and job losses. Friday’s jobs figures and a report earlier this week that showed the number of job openings rose in July suggest that the Fed’s rate hikes so far haven’t restored much balance.

☆ Frustrated pharmacists are opting out of the insurance system, saving some customers hundreds of dollars a month
▼ + stars: | 2022-08-19 | by ( Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Headshot_Small.Png | Adiel Kaplan | ) www.nbcnews.com time to read: +14 min

Hux has owned Pickerington Pharmacy, which takes nearly every kind of insurance, since 2016. For some drugs, especially name-brand medications without generic alternatives, the insurance pharmacy, Pickerington, will most likely be the better bet. For other drugs, particularly those that have recently gone generic, it will be the all-cash pharmacy, Freedom. Or is it the noninsurance world?”For Kitchen, a retired registered nurse with arthritis and fibromyalgia, it was the noninsurance world of Freedom Pharmacy. By cutting out the middlemen, Freedom Pharmacy is far cheaper to operate.

☆ Has the Phoenix Valley real estate market hit its pandemic ceiling? 7 industry experts debate if Phoenix's lofty home valuations are justified — or if there's a housing correction on the horizon for t
▼ + stars: | 2022-07-07 | by ( Lisa Kailai Han | ) www.businessinsider.com time to read: +15 min

Besides an overwhelming investor appetite, the surge in the Sunbelt's real estate prices can also be attributed to an influx of enthusiastic remote workers with deep pockets. "The Phoenix market was largely a COVID-19 pandemic market until about last summer," independent real estate market analyst John Wake told Insider, explaining that it was mainly owner-occupants driving the market. "In 2007, before the great recession, over 50% of our workforce was in real estate, construction, retail, and hospitality. Besides its investments into the biosciences and healthcare industry, Phoenix also has a stake in another global sector — semiconductor chip manufacturing. Eventually, Rounds forecasts a price correction of at least 25% for the Phoenix housing market.

☆ Best life insurance policies for seniors in 2023
▼ + stars: | 2022-03-11 | by ( Holly Johnson | ) edition.cnn.com time to read: +7 min

Term life insurance for seniorsWhile some types of life insurance are permanent, term life insurance for seniors lasts only for a specific term or time frame, usually 10 to 30 years. Keep in mind that term life insurance for seniors typically requires a medical exam, although the coverage amounts you can qualify for with term policies can be higher than no exam life insurance alternatives. Whole life insurance for seniorsSeniors can get guaranteed issue whole life insurance policies, but it'll cost more and coverage will be lower. No exam life insuranceNo exam life insurance for seniors is the same as guaranteed issue coverage. iStockGuaranteed universal life insurance is a popular option for older people whose existing term life insurance policies have expired or are about to expire.

☆ These 19 part-time jobs make the most money — from graphic designer to translator
▼ + stars: | 2022-01-03 | by ( Katherine J. Igoe | The Muse | ) www.businessinsider.com time to read: +25 min

Part-time jobs are a popular way to make extra cash with a low commitment. Part-time jobs have expanded since the pandemic hit, according to the Bureau of Labor Statistics. Graphic designerAverage hourly rate: $25.66A graphic designer supports a business by creating illustrations, graphics, and other visual concepts and content. Find plumber jobs on The MuseEven though they're increasing in popularity, part-time jobs can sometimes be hard to find. It's estimated that up to 85% of all jobs are obtained through networking, and part-time work is no exception.

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