Tag: Cost of Living adjustment

Social Security Increase Might Not Be Enough to Cover Rising Costs: Survey

April 12, 2023
Business & MarketsCost of Living adjustmenteconomic policieseconomySocial SecurityUS
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A recent survey found most of the older generations think that the cost-of-living adjustments (COLA) made to their Social Security benefits won’t keep pace with inflation and rising costs. At the start of this year, Social Security beneficiaries received an 8.7 percent increase in their monthly checks, the largest one since an 11.2 percent increase…

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Social Security Expert Says Americans Should ‘Consider Delaying’ Retirement

February 11, 2023
colaCost of Living adjustmenteconomypaymentsSocial SecurityUS
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Because of relatively high inflation, older Americans should hold off on retiring if they can, a policy expert warned this week. After an 8.7 percent Social Security cost of living adjustment (COLA) was implemented starting this year, some have said that it may not be enough to combat the effects of inflation. “For one in…

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IRS Changes for 2023 Will See Lower Taxes for Some Americans

January 3, 2023
Business & MarketsCost of Living adjustmenteconomic policieseconomyExecutive BranchinflationIRSpersonal financePolicies & ImpactsPoliticstax deductionsUSUS News
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New changes to the Internal Revenue Service’s policies for 2023 will see lower taxes for some Americans, as the revised rules come into effect. Rising costs have prompted the tax service to implement several changes affecting millions of citizens, as more deal with higher prices. Cost of living adjustments, including retirement savings, taxes, Social Security payments, and…

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What Does the Increased Social Security Benefit Really Mean?

November 13, 2022
BrightbudgetingBusiness & MarketsCost of Living adjustmentinflationMedicarepersonal financeretirementSocial Security benefit
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In 2023, the cost-of-living adjustment (COLA) for Social Security is increasing. As a result, more than 65 million Social Security beneficiaries will receive an 8.7 percent increase in their benefits. That equals roughly $146 for the average Social Security recipient. But that’s not all that’s going up. Someone has to pay for this increase. How…

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Inflation May Push Social Security COLA up Around 10% in 2023

September 8, 2022
BrightbudgetingCost of Living adjustmentFixed IncomeFuture Planninginflationpersonal financeretirementseniorSenior Citizens LeagueSocial Security
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By Georgina Tzanetos From Bankrate.com With inflation near a 40-year high, Social Security could get a historic boost next year to help seniors keep up. The most recent estimate for a 2023 cost of living adjustment (COLA) is 9.6 percent, says Mary Johnson, Social Security and Medicare policy analyst for senior advocacy group the Senior Citizens League…

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Union Members Reject Tentative Agreement With John Deere After Months of Negotiations

October 11, 2021
Business & EconomyCompaniesCost of Living adjustmentDeereEconomieseconomyhealth insuranceretirementstrikeUSUS News
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Members of the United Auto Workers (UAW) overwhelmingly rejected a new tentative agreement with Deere & Co. on Sunday. The tentative agreement was a six-year contract that would have covered more than 10,000 workers at 14 facilities across the United States, including more than 7,000 workers in Iowa, and was the result of efforts made by UAW negotiators….

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