### 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 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.
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.
The return of cost-of-living adjustments (COLA) to union contracts, which ensure wages keep up with inflation, is being discussed as workers face shrinking spending power due to inflation-driven price increases, with the United Auto Workers union demanding a COLA provision in their contract negotiations.
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 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.
Social Security beneficiaries in 2024 can expect changes that include an increase in the income threshold required to qualify, a cost-of-living adjustment, higher Social Security tax on income, an increase in the maximum Social Security benefit, and higher income limits for early claimers.
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.
