This week’s report on consumer prices points to a large cost-of-living adjustment to Social Security benefits next year.
Based on the August consumer price index reported Tuesday, Mary Johnson, Social Security analyst for the Senior Citizens League, projects Social Security benefits could increase by 8.7% next year.
A couple of months ago, Johnson was projecting a double-digit COLA of 10.5% for 2023, but inflationary pressures have subsided since then.
“A COLA of 8.7% is extremely rare and would be the highest ever received by most Social Security beneficiaries alive today,” Johnson said in a statement.
She calculated that an 8.7% COLA would boost the average retiree benefit of $1,656 by $144.10.
The Social Security Administration is expected to announce the official cost-of-living adjustment for next year on Oct. 13, after the government releases the September consumer price increase. The COLA is based on the increase in the average CPI for the third quarter — July, August and September — over the previous year’s third quarter.
This year, Social Security benefits rose by 5.9% for more than 65 million recipients.
Wealth managers highlight strategies for clients trying to retire before 65 without running out of money.
Shares of the online brokerage jumped as it reported a surge in trading, counting crypto transactions, though analysts remained largely unmoved.
President meets with ‘highly overrated globalist’ at the White House.
A new proposal could end the ban on promoting client reviews in states like California and Connecticut, giving state-registered advisors a level playing field with their SEC-registered peers.
Morningstar research data show improved retirement trajectories for self-directors and allocators placed in managed accounts.
Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.
Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
