Relief checks 2023 summary news: 4 april
US Inflation Relief: Latest Updates
Headlines: Tuesday 4 April, 2023
- Social Security and Medicare Trustees warn of respective funds depleted by 2033 and 2031
- Experts differ in their opinion over whether mortgage rates will increase or fall vary widely
- Various states will continue to issueinflation relief checks and generous tax refunds in April
- Social Security April payment schedule: when can you expect your payment?
- No Supplemental Security Income checks will be sent in April;instead, the April payment was made on 31 March
- IRS offers a tax credit to filers with dependents in other countries
- Initial Unemployment Claims rose by 7,000 to 198,000 last week
Read more from AS USA:
Aside from personal reasons, which may motivate some seniors to retire closer to family or in the community where they have lived in worked for decades, the living standard available to older people should be evaluated when choosing where to settle. Wallet Hub, the financial news site, ranked states across three categories: Affordability, Quality of Life, and Health Care.
The overall highest-scoring states were Virginia, Florida, and Colorado. At the other end of the spectrum, Kentucky, New Jersey, and Mississippi scored the lowest.
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Last year, prices began to rise rapidly, and to support residents in combat inflation, various states began sending out relief checks. Although inflationary pressure in the market has weakened in recent months, the delivery of support will continue in April.
Find out where checks are being sent in our full coverage.
Can't meet the tax filing deadline?
Worried about missing the national tax filing deadline on Tuesday 18 April? File for an extension though mid-October, advises the IRS.
Those who apply for an extension should be aware that it only applies to the return and that any taxes owed must still be paid by the April deadline.
Find out more below...
Decline in home prices and mortgage rates attracts buyers, supply an issue
New Redfin data shows that more potential homebuyers are taking the first steps at purchasing a house with its Homebuyer Demand Index hitting the highest level since May last year. The number of people requesting tours and other buying services jumped as home prices and mortgage rates continue to fall.
The median home sale price across the nation decreased for a sixth straight week now at $360,500. Over half of the nation’s 50 most populous metro areas saw price declines.
Mortgage rates, while still over double historic lows before the Federal Reserve began aggressive monetary tightening, dropped for a third week in a row with the average 30-year fixed mortgage rate at 6.32% for the week ending 30 March.
However, sales haven’t picked up hindered mainly by a lack of supply confronting would-be buyers. Many homeowners are reluctant to sell having locked in rock-bottom mortgage rates.
What does the future hold for Social Security?
The Social Security Board of Trustees released the annual report on the financial status of the Trust Funds. Once again the trustees called on Congress to take action to avoid the funds being depleted which would force cuts to benefits that could happen within a decade.
Fed's preferred measure of inflation lower than expected
Personal Consumption Expenditures Price Index (PCE) for February came in lower than expected on Friday. The Commerce Department reported that core inflation, excluding food and energy, increased 0.3% for the month. It was 4.6% year-on-year.
While inflation at is still more than double policymakers’ target, the latest data is good news for those hoping that the Federal Reserve will end interest rate hikes sooner rather than later. The PCE by removing the cost of housing gives a fuller picture of costs for consumers, especially the core rate, making it the Fed's favored inflation gauge.
During the pandemic many workers were forced to work from home. A situation that many found suited them prompting a reconsideration of their abodes and a mass migration to upsize. Normally purchasing a condo is cheaper than a single-family house, which is the case in the majority of cities and in some the difference is more than double.
But a new study has foundcities where the opposite is true.
Cities where a $100K salary goes further
Crossing the six-figure salary mark is seen as an important milestone for American workers. However, depending on where you live, the rising cost of living mean that $100,000 doesn’t go as far as it used to. In fact, just over half of people who make more than that say they lived paycheck to paycheck at the end of last year, almost a 10% jump for the year before according to a recent survey.
Here's a look a some of the places where you can live more comfortably with your hard earned money.
OPEC supply cut forecast to push crude oil to $100 per barrel
A day before the OPEC ministerial monitoring meeting, the organization of leading oil-producing countries unexpectedly announced that they would cut production by 1.15 million barrel per day. Dan Pickering of Pickering Energy Partners told Reuters that he believes the price per barrel could rise by as much as $10 while Gas Buddy’s Patrick De Haan is forecasting perhaps as little as $3 pre barrel.
In a price forecast on Monday, Goldman Sachs predicts that crude could hit $100 per barrel by April 2024.
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The Social Security Administration (SSA) is preparing to send out another round of monthly checks for Social Security, Supplemental Security Income (SSI), and other benefit programs distributed by the agency.
Thanks to the 8.7 percent increase in the Cost-of-living adjustment (COLA) applied to benefits in 2023, the size of the average Social Security payment reached 1,830 in February 2023. This is up from an average payment size of $1,677 seen by beneficiaries in November 2022 before the 2023 COLA took effect.
Read our full coverage for the dates these checks can be expected.
Social Security and Medicare Trustees’ message to Congress
The Trustees recommend that lawmakers address the projected trust fund shortfalls in a timely way in order to phase in necessary changes gradually and give workers and beneficiaries time to adjust to them.
Implementing changes sooner rather than later would allow more generations to share in the needed revenue increases or reductions in scheduled benefits.
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The Social Security Board of Trustees released the annual report on the financial status of the Trust Funds, revealing when they will be depleted.
The Social Security Administration sends out monthly payments to nearly 71 million beneficiaries each month, but in April one group will not receive a check.
Tax credits that can increase tax refunds by thousands of dollars
Tax filing season can be a stressful time but, with a majority of filers expected to receive a refund, it can be a lucrative time if you take advantage of the various tax credits on offer.
Taxpayers with eligible children can claim the Child Tax Credit worth up to $2,000 per child. This year the credit is partially refundable. Which means that taxpayers who owe less in taxes than the refundable amount will have it added to their tax refund, and the non-refundable portion will reduce taxes owed dollar-for-dollar.
There is also the Child and Dependent Care Credit is designed to ease the burden of childcare for working people. If you have to pay to ensure a child or dependent is looked after while you are at work, you will most likely be able to claim the credit.
For the 2022 tax year parents and care-givers can claim the tax credit to cover employment-related expenses worth up to $3,000 per dependent, up to a maximum of $6,000.
The winter of 2022-23 has seen a number of natural disasters beset parts of the nation from coast to coast. The severe weather events have brought torrential rains and flooding to California, snowstorms to New York and tornadoes in the Deep South prompting the IRS to provide filing extensions to taxpayers in areas with disaster declarations by FEMA.
Welcome to AS USA's live blog on inflation relief and financial news
Throughout the day we'll bring you the latest news on measures to provide inflation relief, Social Security, 2023 tax season, interest rates, the housing market and more.
As the national tax filing date approaches, we will be providing you with information from the IRS on how to preventhiccups during processing and the distribution of your refund.
This week the Bureau of Labor Statistics will release the March Unemployment Report. This information will provide further insights into how rate hikes from the Federal Reserve are impacting the labor market.