### 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 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.
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.
In October, the Social Security Administration will announce significant changes to the Social Security program in 2024, including a 3% cost-of-living adjustment (COLA) and an increase in the income cap subject to Social Security taxes.
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.
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.
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.
The Social Security Administration is set to announce several important changes on October 12, including a new cost-of-living adjustment (COLA), a higher earnings test limit for seniors, and a potential increase in the wage cap for Social Security taxes.
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.
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.
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.
Medicare costs for older Americans are set to rise in 2024, with increases in the monthly Part B premium, annual Part B deductible, and the cost of hospital care, making it essential for seniors to plan accordingly and consider switching to more affordable plans during the open enrollment period.
Gen Z is cutting back on spending due to rising inflation, Florida has high rental prices and strict requirements for renters, homebuyers are making larger down payments, the United Auto Workers may initiate strikes without warning, there is no $16,728 annual bonus for Social Security recipients, Social Security beneficiaries will receive increased payments starting in January 2024, and the Social Security Administration is applying a 3.2% cost-of-living adjustment to benefits.
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.
Medicare premiums, deductibles, and costs for 2024 are expected to increase, including a $9.80 rise in the Part B premium and a $14 jump in the Part B deductible.
The Social Security Administration will provide a 3.2% cost-of-living adjustment (COLA) in 2024, resulting in an increase in the average Social Security benefit by $54.51 per month. However, the impact of the COLA varies across different groups of beneficiaries.
The Social Security Administration has announced that the cost-of-living adjustment (COLA) for 2024 will be 3.2%, significantly lower than the record-setting increase of 8.7% in 2023.
