### Summary
Japan's efforts to stimulate consumer spending through pay raises are hindered by the fact that pensioners do not benefit much from these increases, posing a challenge in encouraging older people to spend and boost the economy.
### Facts
- 💰 Pay raises in Japan do not have a significant impact on pensioners' income.
- 👴 Many retirees in Japan are cautious about spending due to concerns about their future financial security.
- 🎁 Older people are willing to spend on smaller items like gifts for their grandchildren but avoid making significant purchases.
### 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
About 75% of Americans aged 50 and older worry that Social Security will run out of funding in their lifetimes, compared to 66% in 2014, according to a survey by Nationwide Retirement Institute, as concerns grow with the depletion dates of the program's funds approaching.
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 Senior Citizens League estimates a 3.2% Social Security cost-of-living adjustment in 2024, potentially raising the average monthly retirement benefit by about $57.30, but the official calculation will be revealed in October and may be influenced by factors such as inflation and Medicare Part B premiums.
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.
Social Security beneficiaries face the possibility of a 20% across-the-board benefit cut within the next decade due to a looming funding shortfall, prompting calls for Congress to take action.
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.
About 45% of single retirees and 21% of retired married couples rely on Social Security for more than 90% of their income, making it essential to prioritize covering essential living expenses such as housing, utilities, groceries, and healthcare.
Rising income inequality, particularly the fast growth of incomes at the top compared to slow growth elsewhere, has accelerated the depletion of Social Security's trust fund, according to Stephen Goss, the Social Security Administration's chief actuary.
The increase in cash stashed in high-yield savings accounts and other interest-earning products could result in retirees being pushed into higher tax brackets, increased taxation of Social Security, and surcharges on Medicare premiums.
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.
Lawmakers are calling on the Social Security Administration to address the issue of overpayments, which has left elderly, poor, and disabled recipients struggling to repay billions of dollars that they weren't entitled to receive.
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.
The monthly premium for Medicare Part B will increase to $174.70 in 2024 due to projected increases in healthcare spending, resulting in a monthly bump of less than $50 for retirees in their Social Security benefits.
