{"id":2063962,"date":"2023-10-11T18:35:01","date_gmt":"2023-10-11T22:35:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/social-security-recipients-should-prepare-for-biden-admins-cost-of-living-update-its-not-great\/"},"modified":"2023-10-11T18:38:59","modified_gmt":"2023-10-11T22:38:59","slug":"social-security-recipients-should-prepare-for-biden-admins-cost-of-living-update-its-not-great","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/social-security-recipients-should-prepare-for-biden-admins-cost-of-living-update-its-not-great\/","title":{"rendered":"Social Security recipients, brace yourselves for the Biden administration&#8217;s disappointing cost of living update."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">28<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fsocial-security-recipients-should-prepare-for-biden-admins-cost-of-living-update-its-not-great%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2063962&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Prepare for Disappointing Cost-of-Living \u200cUpdate: Social\u200b Security Recipients Brace for \u2064Biden Administration&#8217;s\u200d Announcement<\/h2>\n<p>Looking ahead \u2063to retirement\u2064 next spring, Karla Abbott finds comfort in the cost-of-living increase\u2064 that millions of Social Security recipients get\u200d each year. But with consumer prices\u200d easing, the new boost will be far lower than this year\u2019s 8.7%.<\/p>\n<p>Analysts estimate the adjustment for 2024 will be around 3.2%.<\/p>\n<p>After \u200bworking 38 years\u200b as a nurse, \u2063the 61\u200b years-old\u200d Sioux Falls, \u2064South Dakota, resident says she\u2019s been saving\u2063 for retirement since she was \u206218. But she isn\u2019t \u200dcertain \u200cthat it will be enough, even with her Social Security benefits.<\/p>\n<p>Still, she said Social Security\u2019s annual cost-of-living increases provide some support as she and her\u2063 husband plan out their non-working \u200byears.<\/p>\n<p>\u201cThe increases will \u200cbe helpful, certainly to those of us who are still\u2063 doing the \u200dmath on \u2064retirement,\u201d she\u2062 said.<\/p>\n<blockquote>\n<h3>Stressed Finances and Uncertain Future<\/h3>\n<p>Every year the\u200d agency adjusts its benefits, based on inflation.\u2063 The 2024 \u2063 <a href=\"https:\/\/www.westernjournal.com\/social-security-administration-announces-biggest-benefit-increase-39-years-amid-skyrocketing-inflation\/\" target=\"_blank\" rel=\"noopener\">Social Security<\/a> cost of living increase \u2014 or COLA \u2014\u2063 is \u2064to \u2062be announced \u200con \u200cThursday.<\/p>\n<p>The program pays roughly $1.4\u200d trillion in benefits\u2063 to more\u2062 than 71 million people \u2062each year, including low-income individuals with\u2062 disabilities.<\/p>\n<p>Charles Blahous, a former <a href=\"https:\/\/www.westernjournal.com\/gop-senator-fact-checks-biden-treasury-secs-social-security-claim-face-lie\/\" target=\"_blank\" rel=\"noopener\">Social Security<\/a> trustee, \u200bsaid\u2063 the annual COLA announcement is a reminder about the program\u2019s stressed\u2063 finances.<\/p>\n<p>\u201cThis is an important system, and we need to restore its solvency, because if \u2064lawmakers can\u2019t do that, then Social Security and its\u2064 basic financing \u2062design \u2064would have to \u200cbe abandoned,\u201d he said.<\/p>\n<p>The\u2063 annual Social\u2063 Security and \u200d <a href=\"https:\/\/www.westernjournal.com\/medical-expert-canada-explains-elderly-will-suffer-medicare\/\" target=\"_blank\" rel=\"noopener\">Medicare<\/a> \u200c trustees report released in March said the program\u2019s trust fund will\u2064 be unable to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/social-security-recipients-should-prepare-for-biden-admins-cost-of-living-update-its-not-great\/\" title=\"Social Security recipients, brace yourselves for the Biden administration's disappointing cost of living update.\">pay\u200d full benefits beginning<\/a> in 2033. If the trust\u2063 fund is depleted, the government will be\u200b able to \u2064pay only 77% of scheduled benefits, the report said.<\/p>\n<p>The COLA \u200dis calculated according to the Bureau\u200c of Labor \u2064Statistics\u2019 Consumer\u2064 Price Index, but there are calls to use \u2062a different index \u2014 and for\u200d the agency \u200cto instead \u2063use the CPI-E, \u2062which is the \u200cindex that measures price changes based on \u200cthe \u2063spending patterns of the\u2064 elderly \u2014 like health\u200b care, food and medicine \u200dcosts.<\/p>\n<p>Mary Johnson, Social\u200b Security and <a href=\"https:\/\/www.westernjournal.com\/even-obama-econ-adviser-larry-summers-says-warrens-medicare-dangerous\/\" target=\"_blank\" rel=\"noopener\">Medicare<\/a> policy analyst\u2062 at\u2064 the Senior Citizens League, says her organization supports the Social Security Administration using whichever index \u200cis higher \u2064to best protect older people from \u2064inflation.<\/p>\n<p>Any change to \u200cthe calculation would require congressional approval.\u200d But \u200cwith decades of\u200c inaction on Social Security and with \u2063the House at a \u2063standstill after the ouster of <a href=\"https:\/\/www.westernjournal.com\/jim-jordan-loses-speaker-nomination-closely-contested-vote\/\" target=\"_blank\" rel=\"noopener\">Speaker Kevin McCarthy<\/a>, seniors and their advocates\u200d say\u200d they don\u2019t \u2062have confidence any sort of\u2064 change will be approved soon.<\/p>\n<p>\u201cI feel like there\u2019s a lot\u2062 of \u200ddistraction \u2062in Washington,\u201d Abbott said. \u201cDoes anyone even care about what is happening with Social Security? I\u2063 have no\u2062 clue why\u200c they can\u2019t come together on something so \u2062important.\u201d<\/p>\n<\/blockquote>\n<p>The cost of living increases have a big impact for people like Alfred Mason, an 83-year-old Louisiana resident. \u2064Mason said that \u201cany increase is welcomed, because it \u200csustains us \u2064for what we are\u200b going \u2064through.\u201d<\/p>\n<p>As inflation is still\u200d high,\u2064 he \u200csaid anything added \u2062to his income \u201cwould be \u2062greatly appreciated.\u201d<\/p>\n<p>Social Security is\u200d financed by payroll taxes\u200b collected from workers\u2062 and their employers. The\u200b maximum amount of earnings subject to \u2062Social Security payroll taxes \u200cfor 2023 is $160,200, up from $147,000 in 2022.<\/p>\n<p>There have been legislative proposals to shore up Social \u200dSecurity, but \u200bthey have not made it past committee hearings.<\/p>\n<p>Jo Ann\u2062 Jenkins, CEO of the\u200d AARP, said the organization \u201cis urging Congress to work in a bipartisan \u2064way to keep Social\u200c Security strong and\u2062 to\u200c provide American workers and retirees\u200b with a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/maui-fires-number-of-residents-unaccounted-for-drops-below-expectations\/\" title=\"Maui fires: Fewer missing residents than expected.\">long-term\u200d solution<\/a> that both current and future\u200c retirees can count on.\u201d<\/p>\n<p>\u201cAmericans work hard to \u2063earn their Social Security, and it\u2019s only \u2062fair for them to \u2062get the money they deserve.\u201d<\/p>\n<p>Johnson, the Senior Citizens League\u2019s analyst, said Congress \u201cdoes not \u2063have any record \u2064of successfully\u200c and\u2064 timely making changes to Social \u2063Security,\u201d and \u2063when there were reforms to the program in\u200c 1983 \u2014 \u201cwe were far less\u2063 divided.\u201d<\/p>\n<p>\u201cCertainly\u200b the situation today is so contentious, simply\u2064 getting \u2062there now is a huge effort.\u201d<\/p>\n<p style=\"font-style: italic\">The Western Journal has reviewed this Associated Press story and may have altered it prior to \u2063publication to ensure\u2062 that it meets our editorial standards.<\/p>\n<p>The post <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\/ap-social-security-cost-living-adjustment-coming-wont-big-years\/\">Social Security Recipients Should Prepare for Biden\u200c Admin&#8217;s\u200c Cost of Living Update &#8211; \u2064It&#8217;s Not Great<\/a> appeared first on <a rel=\"nofollow\" href=\"https:\/\/www.westernjournal.com\">The Western Journal<\/a>.<\/p>\n<p> <\/p>\n<h2> What are the concerns among retirees regarding the lower cost-of-living\u200d adjustment (COLA) \u2063for Social Security recipients in 2024?<\/h2>\n<p><span>  Such an important issue.\u201d<\/p>\n<blockquote>\n<h3>The Impact of a Lower COLA<\/h3>\n<p>The announcement of a lower cost-of-living adjustment (COLA) for Social Security recipients \u200din 2024 \u2064has sparked concerns among retirees. With the estimate being around 3.2%, compared to this\u2064 year&#8217;s 8.7%, many worry about their financial stability in retirement.<\/p>\n<p>Karla Abbott,\u2063 a 61-year-old nurse who \u200chas been saving for retirement since she was 18, expressed her uncertainty about whether her savings and Social Security benefits will be enough. While the annual COLA provides some support, Abbott acknowledges the need for careful financial planning during her non-working years.<\/p>\n<p>Social Security&#8217;s \u200dannual COLA\u200c adjustment is based on inflation, and the upcoming announcement\u200b serves as a reminder of the program&#8217;s\u2062 stressed finances.\u200b Charles Blahous, a former Social Security trustee, stressed the importance of restoring the program&#8217;s solvency \u200bto prevent its abandonment. The annual Social Security and\u2062 Medicare trustees report \u2062released in \u2063March highlighted the \u200btrust fund&#8217;s \u200bdepletion by 2033 and the potential reduction in benefits to 77% if no action \u2062is taken.<\/p>\n<p>One aspect of the COLA calculation that has come under scrutiny\u200c is the use of the \u2064Consumer Price Index (CPI) to measure price \u2062changes. Some advocate \u200bfor using the CPI-E, which focuses on the spending patterns of the elderly, including healthcare and food costs. Mary Johnson, a Social Security and Medicare policy analyst, supports using the higher \u2064index to better protect retirees from inflation.<\/p>\n<p>However, any changes \u2062to the \u2063COLA calculation would require congressional approval. Given the inaction on Social Security reform and the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/actress-sarah-paulson-talks-finding-the-humanity-in-clinton-whistleblower-linda-tripp\/\" title=\"Actress Sarah Paulson Talks \u2018Finding The Humanity\u2019 In Clinton Whistleblower Linda Tripp\">current political landscape<\/a>, seniors and their advocates are skeptical \u200cthat any significant changes will be approved\u2063 soon.<\/p>\n<p>Abbott voiced her frustration with the lack \u200bof attention given to Social Security\u200d issues in \u200dWashington. She questioned whether policymakers truly care about\u2064 the well-being of retirees \u2064and emphasized the need\u2063 for action on\u2063 this critical matter.<\/p>\n<\/blockquote>\n<p>As the Biden administration prepares to announce the cost-of-living adjustment for Social Security recipients, anticipation mixed with concern fills the minds of millions of retirees. With \u200bconsumer prices easing, experts estimate that\u2063 the adjustment for\u200b 2024 will be around 3.2%,\u200b a significant drop from this year&#8217;s 8.7% \u200bincrease.<\/p>\n<p>For individuals like Karla Abbott in Sioux \u2063Falls, South Dakota, who have spent decades\u2064 working and saving for retirement, the upcoming announcement raises questions about financial security in their later years. Despite her diligent \u200csavings and Social Security benefits, Abbott acknowledges that the annual cost-of-living increases play a crucial role in her retirement planning.<\/p>\n<p>Every year, the Social Security Administration adjusts \u200bbenefits based on inflation. However, this adjustment\u200c serves as a\u200c reminder of the program&#8217;s stressed finances. Charles Blahous, a former Social Security trustee, emphasizes \u200dthe urgent need to restore the program&#8217;s solvency to avoid its abandonment. \u200cThe \u2064annual Social Security and Medicare trustees report released earlier this year warned that the trust fund would be unable to pay full benefits starting in 2033, potentially leaving retirees \u2062with only 77% of their scheduled benefits.<\/p>\n<p>The method for calculating the cost-of-living adjustment has also come under scrutiny. \u2063Currently, the adjustment uses the Consumer Price Index\u200c (CPI) to measure price changes. Some advocates\u2064 argue that \u200dthe CPI-E, which \u200cconsiders the spending patterns of the elderly and includes \u2062expenses like healthcare and food, should be used\u200b instead.\u2064 Mary Johnson, a policy analyst at the Senior Citizens League, supports this change as a means to protect older \u200dindividuals from inflation.<\/p>\n<p>However, any modification to\u2064 the calculation method\u2063 would require approval from Congress. Given the long-standing inaction on Social Security reform and the current political climate, the likelihood of significant changes being approved in the near future remains uncertain.<\/p>\n<p>Abbott, like many other retirees, expresses frustration\u200d and concern over the lack of\u2063 attention\u200d given to Social Security issues in Washington. She questions<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Looking to retire next spring, Karla Abbott takes solace in the annual cost-of-living increase for Social Security recipients. However, due to declining consumer prices, the upcoming boost will be significantly lower than this year&#8217;s 8.7%. Analysts predict a 3.2% adjustment for 2024. After 38 years of work, Karla eagerly awaits her retirement.<\/p>\n","protected":false},"author":136,"featured_media":2063963,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[548],"tags":[],"class_list":["post-2063962","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-conservative-news-daily"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2063962","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/136"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2063962"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2063962\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2063963"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2063962"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2063962"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2063962"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}