As Social Security benefits continue to fall short, the outlook for beneficiaries nationwide is concerning, with potential monthly benefit cuts of up to 20%. High inflation significantly impacts older Americans’ finances. According to the Senior Citizens League, Social Security benefits have lost 20% of their purchasing power since 2010. To counteract this loss, retirement benefits … Read more
Every year, seniors on Social Security get a cost-of-living adjustment, commonly known as COLA. These adjustments are an essential component of the program’s design because they need to maintain retirees’ buying power. Inflation drives up costs, and without corresponding increases in Social Security benefits, seniors on fixed incomes would find their purchasing power diminishing each … Read more
The Social Security Administration (SSA) has released the payment schedule for stimulus checks for July 2024. These payments are crucial for millions of Americans, encompassing retirees, survivors, individuals with disabilities, and Supplemental Security Income (SSI) recipients. With economic challenges still prevalent, these payments are essential for helping beneficiaries make ends meet, especially in states without … Read more
The news about the $628 Grocery Rebate in Canada has been capturing the attention of many Canadians. Although the information awaits confirmation from the Canada Revenue Agency (CRA), here’s a detailed overview of what we currently know about this rebate, including eligibility requirements, payment amounts, and how you can claim it. Overview If confirmed, the … Read more
Universal Credit has seen significant changes in 2024, with an emphasis on supporting claimants amid rising living costs. This article delves into the updates on Universal Credit, including important dates, eligibility criteria, payment amounts, and potential future increases. In April 2024, UK benefits experienced a 6.7% increase to help claimants cope with inflation. However, the … Read more
Seniors may experience a Social Security trend that hasn’t occurred in more than three decades. Each year, Social Security payments are adjusted based on the cost-of-living adjustment (COLA), which considers inflation impacts. Inflation affects seniors in various sectors, including housing, groceries, and healthcare. Notably, COLAs have been consistently high since 2022, reflecting the ongoing inflation … Read more
In 2024, the US Federal Government is set to distribute new stimulus checks of $550 and $2400 to low-income recipients. These checks aim to alleviate the financial strain caused by rising living costs due to inflation. Let’s cut into the details of these stimulus checks and what they mean for eligible Americans. Recipients The $550 … Read more
In recent news, the Federal Government of Canada announced a significant financial boost for low-income seniors. The Canada Revenue Agency (CRA) will provide an additional $1,200 to eligible seniors. This move aims to alleviate financial pressures on retirees, helping them manage rising living costs. Benefits The CRA offers various financial aids to seniors, including the … Read more
Millions of seniors depend on monthly Social Security benefits. While it’s not advisable to rely solely on Social Security for income, without it, many retirees would struggle to cover essential expenses such as housing, medication, and food. The Role of COLA A key feature of Social Security is the annual cost-of-living adjustment (COLA). COLA aims … Read more
The first round of retirement Social Security payments for July will be distributed on Wednesday to senior citizens, with some beneficiaries potentially receiving up to $4,873. This amount depends on the recipient’s retirement age and income level. Those born between the 1st and 10th of any month and who started claiming benefits after May 1997 … Read more