The increase in benefit checks starting next year represents a smaller bump than in the past two years because inflation has eased from its highest rate in four decades.
percent increase in benefit checks starting next year, a smaller bump than in the past two years because inflation has eased from its highest rate in four decades.This increase comes as many older Americans struggle to adjust to higher costs for essentials including groceries and gasoline. The cost-of-living adjustment is intended to offset higher prices, but it also will increase spending on a Social Security program already facing severe funding challenges.
“How is that a reasonable formula for seniors? ... Older Americans spend more than other groups on expenses like housing, long-term care, and medical services,” Max Richtman, the president and CEO of the National Committee to Preserve Social Security and Medicare, said in a statement. Some Democrats have pushed for instead using a price index that more directly measures seniors’ costs, and would lead to more generous benefit increases.
Inflation will also change Social Security taxes. Currently, Social Security only levies taxes on the first $160,200 in earnings. The adjustments will raise that threshold to $168,600, according to the Social Security Administration. Anqi Chen, the assistant director of savings research at the Center for Retirement Research at Boston College, previously said that the automatic adjustment is particularly important because much of the other sources of seniors’ retirement income does not adjust for inflation. About half of the retirement income of middle-class retirees comes from Social Security, Chen said, but much of the rest comes from 401 and IRA disbursements — which depend on investment returns.
日本 最新ニュース, 日本 見出し
Similar News:他のニュース ソースから収集した、これに似たニュース記事を読むこともできます。
The next Social Security payment bump is about to become clearMore than 70 million recipients of Social Security retirement and disability benefits will soon know their cost of living adjustment.
続きを読む »
Social Security Cost of Living Adjustment to Be 3.2%Looking ahead to retirement next spring, Karla Abbott finds comfort in the cost-of-living increase that millions of Social Security recipients get each year.
続きを読む »
Congress to hold hearing following Action News Jax investigation into Social Security overpaymentsAction News Jax has learned that Congress will be holding a hearing to look into the Social Security Administration demanding people pay back money they were overpaid.
続きを読む »
Social Security Benefits Expected to Rise 3.2% in 2024The government on Thursday announces how much checks rise next year for the roughly 67 million Social Security recipients.
続きを読む »
Social Security: Why are politicians asking the wrong questions?The Social Security debate has largely devolved into an exchange of sound bites
続きを読む »
COLA Social Security Benefits Expected to Rise 3.2% in 2024The government on Thursday announces how much checks rise next year for the roughly 67 million Social Security recipients.
続きを読む »