All articles tagged with #senior citizens
The author anticipates that the Treasury may face a financial shock this month due to lower-than-expected tax payments, especially affecting seniors, and questions whether the Treasury is prepared for this situation.
Senior citizens on Moloka’i, including an 80-year-old, banded together to rescue seven puppies trapped under a deck in an abandoned property, showcasing a remarkable community effort to save and rehome the vulnerable animals.
The Social Security Administration is implementing a new online authentication process that will require seniors to verify their identity online or visit field offices for routine tasks, raising concerns about accessibility for older and rural populations, despite agency claims that visits to field offices will not increase. The policy aims to combat fraud but may complicate access for some beneficiaries, with critics arguing there is no evidence that phone-based identity verification leads to fraud.
Care Esports hosted a senior citizens esports tournament in Japan featuring Tekken 8, showcasing players aged 60 to 93 who quickly picked up the game and competed fiercely, proving gaming is accessible and enjoyable for all ages.
The Social Security Administration announced that most recipients will no longer pay federal income taxes on their benefits due to a recent bill, but the message is confusing and may mislead recipients about the policy change.
Uber has introduced new features including Senior Mode and Simple Mode to make transportation more accessible for older adults, allowing family members to organize rides and providing easier-to-use options, in efforts to enhance independence and connectivity for seniors worldwide.
The latest projection for the 2025 Social Security Cost of Living Adjustment (COLA) has risen slightly to 2.64%, but this increase is still insufficient for many recipients facing high grocery prices. Despite easing inflation, the cost of essential items like food has surged, creating significant financial strain and food insecurity among retirees.
The Senior Citizen’s League projects the 2025 Social Security cost-of-living adjustment (COLA) to be 2.63%, the lowest since 2021. This estimate, based on the Consumer Price Index for Urban Wage Earners (CPI-W), reflects ongoing concerns that the CPI-W does not accurately represent seniors' spending habits, particularly with rising costs in food and housing. The official COLA will be announced in October.
The Social Security Administration is expected to announce the smallest cost-of-living adjustment (COLA) since 2021 due to a decreasing inflation rate, with an estimated increase of 2.63% for 2025. This modest rise, around $50, will bring the average benefit to $1,907. Despite lower inflation, poverty and food insecurity among older Americans are rising, exacerbated by higher healthcare costs that are not fully accounted for in the COLA calculations. The official COLA will be announced in October, based on the average inflation rate from July through September.
The Senior Citizens League has updated its 2025 Social Security cost-of-living adjustment (COLA) estimate to 2.66%, up from earlier projections of 1.75% and 2.6%. While this is an improvement, it may still be disappointing compared to recent years' higher COLAs. Seniors are advised to not overly rely on Social Security increases and consider additional income sources or savings to better manage their retirement finances. The official COLA will be announced in October based on third-quarter inflation data.
The Senior Citizens League has slightly increased its 2025 Social Security cost-of-living adjustment (COLA) estimate to 2.66%, up from an earlier projection of 1.75%. While this is an improvement, it may still be disappointing compared to recent years' higher COLAs. The official COLA will be announced in October based on third-quarter inflation data. Seniors are advised to diversify their income sources to reduce reliance on Social Security.
After a historic 8.7% cost-of-living adjustment (COLA) for Social Security benefits in 2023, retirees faced financial hardship, with 58% expecting significant spending cuts due to rising prices. Despite hopes for a larger benefit increase in 2025, projections show Social Security's COLA shrinking to 2.6%, falling behind inflation. The discrepancy in COLA calculations based on the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) may be a factor. Retired workers are advised to budget meticulously, consider additional income sources, and prepare for potential financial challenges.
The latest estimates project a 2.6% increase in the cost-of-living adjustment (COLA) for Social Security beneficiaries in 2025, reflecting the rise in inflation. However, this may not be good news for recipients as the current inflated prices are eroding the impact of any future increase. Analysts highlight the issue of the time value of money, emphasizing that money received in the future is worth less due to inflation. The final COLA amount for 2025 will be determined based on the average inflation rate during the third quarter, with ongoing fluctuations in estimates due to changing CPI data.
The estimate for Social Security's cost-of-living adjustment for 2025 has increased to 2.4% due to a rise in inflation, but seniors still feel financially strained as expenses for essential items like shelter, medical care, and transportation continue to outpace the overall inflation rate. The 2024 COLA increase did not fully offset rising expenses for seniors, and more Social Security recipients are now paying taxes on their benefits due to income thresholds not being adjusted for inflation since 1984.
Phone companies like AT&T are seeking to eliminate traditional landline services, citing old technology and low demand, but consumer advocates argue that this move would leave vulnerable populations, such as senior citizens and those in rural areas, without a basic utility. Concerns include the potential loss of reliable communication during emergencies, increased costs for alternative services, and the impact on essential systems like home-alarm systems and business equipment. The California Public Utilities Commission is considering AT&T's request to waive its obligation to provide copper-wire landline service, sparking public hearings and opposition from consumers.