2024 COLA increase announcement news summary, Saturday 14 October 2023: new Social Security benefits, payment dates...
US finance news: live updates
Headlines: Saturday 14 October 2023
- Social Security Administration (SSA) announces 3.2% 2024 COLA
- CPI data shows core inflation is dropping in America. How will the Fed react?
- Gas prices are falling in the US. How low will they go?
- Some US states are paying out stimulus checks and tax rebates this month
Check out some of our related news articles:
Inflation is changing Gen Z's spending habits
Gen Z is learning to cut back. Nearly three in four Gen Zers have curbed their spending in response to inflation, according to a new survey from Bank of America.
Young adults are cooking at home rather than dining out, spending less on clothes, and limiting grocery purchases to essentials.
In a sense, Generation Z is confronting rising prices for the first time. The generation was born between 1997 and 2012, by a standard definition, and came of age in an era of negligible inflation, with prices rising 1% to 3% in a typical year.
Florida is one of the popular places to live in the United States thanks to its climate and other factors that make residents’ lives more comfortable.
There is no state income tax, so residents only have to worry about paying and filing their federal taxes. However, Florida’s popularity has resulted in the state’s having one of the highest average rental prices.
Aside from the price, owners are also strict with the requirements they demand of renters.
Here are the basic requirements so that you can be prepared and have on hand the required documentation in case you are looking to rent.
Homebuyers putting more money down despite tough housing conditions
Despite tough buying conditions, homebuyers are putting down bigger down payments, per Yahoo Finance.
The US median down payment increased 11.3% year over year in the third quarter to $30,434, marking the highest total since Realtor.com started tracking the data in 2013. The average down payment percentage reached 14.71% of the purchase price in the same period, also the highest in the last decade.
The trend suggests that homebuyers in today’s market have the incentive and means to contribute large payments. They are leveraging their wealth to beat out competitors without the same access.
UAW says new strikes will come without notice
United Auto Workers President Shawn Fain said that the union will not expand its strike against the Detroit Three automakers at the moment, but said its members would now walk out of additional facilities without warning rather than wait until Fridays to announce new plans.
“We’re entering a new phase of this fight and it demands a new approach,” said Fain in a livestreamed address on social media. He shifted tactics with little notice on Wednesday when he ordered a walkout at Ford Motor's Kentucky Truck heavy-duty pickup and large SUV factory - the automaker's largest, most lucrative single operation globally.
"We're not waiting until Fridays anymore," he said. "Now there's only one rule - pony up."
Despite rumours to the contrary, there is no such thing as an “annual bonus” of $16,728 for Social Security recipients.
A cost-of-living increase is also being applied to the US Department of Agriculture's SNAP food-stamps scheme.
Unlike Social Security benefits, however, this hike is being implemented as of this very month.
When will the increased Social Security payments start?
Most Social Security beneficiaries will receive their first increased payment in January 2024.
However, the SSA notes that January checks for the Supplemental Security Income (SSI) scheme will be paid out on Friday 29 December 2023.
This is because SSI payments, which usually go out on the first of the month, are brought forward to the nearest working day if that month begins on a weekend or holiday.
If you're a Social Security beneficiary, you may be interested in this piece by my colleagues Daniela Barrera and Gidget Alikpala, who outline how to calculate what your new monthly check will be.
Take a look at my colleague Oli Povey's report on the COLA increase announcement.
How much more will Social Security beneficiaries get a month?
In a statement on Thursday, the Social Security Administration (SSA) revealed that nearly 70 million Americans are to receive increased Social Security payments in 2024.
Per the SSA, recipients of retirement checks - who account for the vast majority of Social Security beneficiaries - will get over $50 a month more on average.
“Social Security and SSI benefits will increase in 2024, and this will help millions of people keep up with expenses,” said Kilolo Kijakazi, the SSA's acting commissioner.
US finance news live blog: welcome
Good morning and welcome to AS USA's live US finance blog for Saturday 14 October 2023.
We'll be focusing on the reaction to Thursday's major announcement by the Social Security Administration, which confirmed that it is to apply a 3.2% cost-of-living adjustment (COLA) to Social Security benefits.