### Summary
Former New Jersey Gov. Chris Christie is advocating for changes to Social Security and Medicare benefits for young people, stating that without these changes, the programs could run out of money for everyone in about a decade.
### Facts
- 💰 Changes are necessary for Social Security and Medicare as the country faces a rising national debt.
- 💔 According to Christie, both programs will be bankrupt within the next decade.
- 💸 If Social Security fund becomes insolvent in 2033, benefits for the average retired couple could drop by more than $17,000 per year.
- 📅 Christie proposed raising the benefit eligibility age for Americans currently under 50 years old.
- 💰 Christie also suggested implementing means testing for benefits based on income threshold.
- 📊 Entitlement cuts were part of a larger federal budget debate in March, but Republicans eventually agreed not to touch Social Security and Medicare.
- 💭 Christie believes the conversation about these changes is necessary but has been avoided by other candidates.
- 📉 Christie is currently polling fifth among GOP primary candidates with about 3 percent support.
Source: The Hill
The Social Security Administration (SSA) announces the annual cost-of-living adjustment (COLA) for Social Security and SSI payments in October, with predictions suggesting a potential 3% increase for 2024 based on the consumer price index data.
The forecast for next year's Social Security increase has risen to 3.2% from 3% due to a rise in inflation, but the increase is still significantly lower than the 8.7% COLA in 2023, causing concerns for seniors who have struggled to keep pace with inflation and have seen their share of poverty increase.
The annual cost-of-living adjustment for Social Security benefits in 2024 is expected to be 3.2%, which may not keep up with rising expenses for seniors in the US, including housing, medical, and food costs.
The Senior Citizens League increased its projection for 2024's Social Security COLA to 3.2% from 3% due to higher-than-expected inflation last month.
Due to inflation, Social Security checks will increase by 3.2% starting in January 2024.
The Social Security cost-of-living adjustment (COLA) for next year is projected to be around 3% based on current inflation trends, but it could potentially reach 3.1% if inflation continues to increase at the same rate.
Inflation may affect Social Security benefits and income-tax provisions in 2024, with Social Security increases expected to be around 3-3.5%, tax brackets and deductions adjusting for inflation, and tax collections potentially remaining high; meanwhile, the IRS has implemented a new policy that ends unannounced visits by revenue officers.
Starting October 2023, several key personal finance changes will be implemented, including new tax collection rules, freezing of mutual fund and demat accounts without nomination declarations, suspension of small savings schemes without PAN and Aadhaar submission, and the use of birth certificates as a single document for Aadhaar and government jobs.
Social Security recipients can expect a 3.2% increase in their checks starting in 2024 due to inflation, with various average payment amounts depending on recipient groups.
Social Security recipients will soon find out the cost-of-living-adjustment increase for 2024, with the latest estimates suggesting a 3.2% rise, significantly lower than last year's 8.7% boost.
The Social Security Administration is expected to announce a 3.2% increase in the annual cost-of-living adjustment (COLA) for 2024, providing additional financial assistance to the approximately 67 million Social Security beneficiaries with an average monthly benefit of $1,790.
The Social Security Administration is expected to announce a 3.2% increase in Social Security benefits and various other changes for 2024, including an increase in the retirement earnings test exempt amounts and the maximum taxable earnings limit, on October 12, 2023.
Retirees will soon find out their Social Security benefits for 2024, with predictions suggesting a likely increase of around 3.2%, although the final amount may be affected by Medicare Part B premiums, which are projected to rise by approximately 9% next year.
Social Security recipients will see a smaller annual cost-of-living adjustment of 3.2% for 2024 due to moderated inflation, leading to monthly payments rising by $59 to an average of $1,907, which remains well above the average adjustment over the past two decades.
The Federal Reserve's efforts to cool inflation will result in a smaller increase in Social Security benefits for 2024 compared to the previous year's spike, with a 3.2% COLA increase.
Social Security beneficiaries will only receive a 3.2% cost-of-living-adjustment to their monthly checks starting in January 2024, which will likely be eclipsed by the rising prices of goods and services that they will have to pay, further exacerbating the challenges faced by seniors due to inflation.
The Social Security Administration has announced that the cost-of-living adjustment for 2024 will be 3.2%, a smaller increase than this year's 8.7%, potentially impacting seniors and beneficiaries who are already struggling to keep up with rising expenses due to inflation.
Millions of seniors will receive a 3.2% increase in their monthly social security checks in December 2024, but for many, it will still not be enough to cover their expenses, leading some retirees to seek additional employment.
The average Social Security payment will increase by $58.89 per month in 2024, resulting in a total of $1,899.16 per month for retired workers.
The Social Security Administration announced a 3.2% increase in benefits for retirees in 2024, costing the government billions of dollars, in order to offset inflation and help beneficiaries cover expenses.
Joe Biden has proposed changing the way Social Security cost-of-living adjustments (COLAs) are calculated by replacing the current inflation metric with one that focuses on the spending patterns of the elderly, which would have resulted in a 4% increase in the 2024 COLA instead of the 3.2% increase.
Social Security recipients will see a 3.2% increase in their benefits next year, resulting in a smaller boost than the past two years due to moderated inflation, according to the Social Security Administration. The increase in benefits is important for the economy, as Social Security payments significantly contribute to consumer spending and overall GDP. However, recipients still struggle to keep up with rising expenses, particularly in healthcare, which tends to rise faster than inflation rates. The impact of the cost-of-living adjustment is essential for maintaining the value of Social Security benefits over time, especially as seniors become more reliant on them.
