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.
Six apartment deals, one "big account," and $2.7M in undocumented insider loans. Now the lawsuit lands
The Illinois order refers to Brandon Ellington’s investment program as a “Ponzi-like scheme.”
But the Amazon executive chair seems to want it both ways, arguing that taxing the ultra-wealthy won't help struggling Americans.
Northern Trust planning leader sees the bill extending qualified charitable distributions to employer plans as a potential positive step — but advisors shouldn't overlook bigger holes in the strategy.
Markets will always create reasons for investors to worry. The advisor’s role is not to predict uncertainty, but to help clients understand why volatility should not derail a well-built financial plan.
As technical expertise becomes increasingly commoditized, advisors who can integrate strategy, relationships, and specialized expertise into a cohesive client experience will define the next era of wealth management
Growth may get the headlines, but in my experience, longevity is earned through structure, culture, and discipline
