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US financial news | Summary news 16 October

US financial news | Summary news 16 October

US finance news: live updates

Who will receive their Social Security check on October 18?

Every month, the Social Security Administration (SSA) issues about 70 million payments to program beneficiaries, most of whom are retired workers. Last week, the SSA announced that beneficiaries of the programs it oversees would see a 3.2 percent increase in their benefits next year. This boost, commonly known as the Cost-of-living adjustment (COLA), is made each year to limit the impact of inflation on the purchasing power of retired workers and other beneficiaries.

However, the sending of COLA-applied benefits is still a few months away.

This month, the SSA will continue to distribute Social Security payments, with the next batch of payments scheduled for Wednesday, 18 October.

Read more. 

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$500 monthly checks in Texas: Requirements to cash and how to request them

The United States has various economic assistance programs for individuals with limited resources. Relief is distributed at the federal, state, county, and local levels, with residents in some areas eligible for far more assistance than others.

Harris County in Texas has allocated $20.5 million towards the Uplif program, which will allow for the sending of $500 checks on a monthly basis to a small group of beneficiaries. In total, over 18 months, those enrolled in the program will receive $9,000. The program was approved by the county in June of this year.

Read more on the program in our full coverage. 

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The 10 US cities where rental prices have risen most in 2023

Across the country, renters are facing an unsustainable situation. In September, the average rental price rose half a percent, leading to a year-over-year increase in prices of 7.4 percent, according to the Bureau of Labor Statistics (BLS). Incomes are not increasing at the same rate, leaving many tenants to spend more on their rent.

Not all cities have seen rental prices surge at the same rates. According to the Bureau of Labor Statistics, over the last year, the cities that have seen the highest increases in rent are...

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Electric vehicle tax credit worth up to $7,500 in 2024: how to qualify

A tax credit that was enhanced in the Inflation Reduction Act is being made easier to access. The $7,500 electric vehicle tax credit used to only be accessed through tax returns but a major change means it can now be qualified upfront when the car is purchased.

This means the the full tax break can be qualified for even if they don’t owe federal taxes, making it basically a $7,500 discount on an electric vehicle.

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Medicare open enrollment: dates, deadline and what happens if you don’t choose your plan on time?

Medicare participants will have just over seven weeks to take advantage of open enrollment to sign up or change their coverage.

Here’s what to know…

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Will mortgage rates come down in 2024? This is what the experts say

Would-be homebuyers have watched mortgage rates climb up over the past two years, limiting what they can afford on their budgets.

Will relief be coming?

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What will the maximum full-age Social Security retirement benefit be in 2024?

On average, retired workers in the US will be able to claim just over $1,900 a month in 2024.

For American workers who wait until what SSA terms 'full retirement age' before seeking retiree benefits, the maximum monthly amount will be just about double that.

AS USA's Corina González has the lowdown.

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Social Security

Changes to the retirement earnings test exempt amount in 2024

Other changes will take place in January 2024 increase in the national average wage index. For example, the retirement earnings test exempt amount will also change in in the New Year - rising from $21,240/year ($1,770/month) to $22,320/year ($1,860/month). One dollar in benefits will be withheld for every $2 in earnings above the limit.

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States that gained and lost high-income families during the pandemic

People began moving from high-cost cities to more affordable areas during the pandemic.

With record-high inflation and increased cost of living, high income families are opting out of paying higher taxes and moving to different states. Florida and Texas are among the top two states with the largest influx of wealthy families.

California and New York experienced the largest negative net-migration of high-income residents. California and New York lost more than 45,000 and 31,000 high-earning filers, according to SmartAsset.

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Social Security: Supplemental Security Income (SSI) payment schedule for 2024

The Social Security Administration has released the cost of living adjustment for 2024, which is calculated based on inflation so as not to affect the purchasing power of beneficiaries.

The COLA for next year will be 3.2%. This percentage will apply to the millions of payments the SSA sends each month, including retired worker benefits and disability payments.

The latter include Social Security Disability Insurance and payments from the Supplemental Security Income program.

Here are the dates for receiving SSI benefits in 2024.

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Which top colleges in the US are eliminating student loans?

The issue of student loan forgiveness continues to be a contentious one, with the debt relief efforts of President Joe Biden government’s being thwarted at every turn.

To help lessen the financial burden caused by expensive college education on students and their families, some universities have begun to implement no-loan policies. They have removed federal loans from the financial aid programs that they offer, and instead are providing alternatives such as scholarships and grants.

Here are some top universities which are trying to ease the financial burden of college students.

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Rite Aid files for bankruptcy in face of debt burden, opioid lawsuits and falling sales

On Sunday, one of America’s largest pharmacy retailers, Rite Aid, filed for Chapter 11 bankruptcy in the face of falling sales, elevated debt burden and over a thousand federal, state and local lawsuits stemming from its alleged role in fueling the opioid epidemic. The move will halt the lawsuits and, according to the drugstore chain, allow it to resolve litigation claims in an “equitable manner.”

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How to know if you are a victim of identity theft and what to do about it

Identity theft has been around for decades, and the problem is not going away any time soon. According to the Federal Trade Commission, the number of reports of identity theft in the first half of this year has already matched that of the whole of 2019.

Being a victim of this crime can cause big financial losses and create other problems related to credit or bank accounts. Determining that you have been a victim of identity theft is crucial for taking swift action to prevent further harm to your personal and financial information.

Here are some signs that could indicate that you have been a victim of identity theft.

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Will military retirement pay increase in 2024? Here’s how much vets’ monthly checks will grow

Military service retirees and disabled veterans will receive increased monthly checks next year due to the annual cost of living adjustment, but the increase will be less than half the 2023 rate of 8.7%.

The Social Security Administration announced that the yearly increase in benefits for 2024 would be 3.2%. Government retirement and disability programs that provide benefits to veterans are required by law to implement increases at the same rate.

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Gas prices expected to fall despite uncertainty in oil markets

The price of a gallon of gas in the US maintained their downward trend at the start of the week, with Americans paying an average of $3.60 per gallon of regular on Monday, per AAA. Data from Gas Buddy put the national average five cents below that and the price of gas is expected to keep heading lower over the coming week.

Gas prices continued to move lower despite the uncertainty in the oil market caused by the Israel-Hamas war.

A month ago, US motorists were paying an average of nearly $3.89 per gallon of regular gas according to AAA data.

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When will the COLA increase take effect?

Recipients of Social Security retirement, disability and survivors' benefits will start receiving their higher monthly checks in January 2024.

Beneficiaries of the Supplemental Security Income (SSI) scheme, however, will get their first increased payments a smidge earlier. 

The first SSI checks of 2024 will actually go out on Friday 29 December 2023. That's because the usual SSI payment date - the first of the month - falls on a holiday in January. 29 December is the nearest working day that the SSA could bring payment forward to. 

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The complete Social Security payment schedule for 2024

For the full lowdown on Social Security and SSI payment dates in 2024, let me recommend this piece by AS USA's Corina González and Oli Povey.

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Increased SNAP benefits: when do they start and how much will payments rise by?

Social Security checks are not the only benefits that will be higher in 2024. Recipients of the SNAP food-stamps scheme, which is run by the US Department of Agriculture (USDA), are also getting a 3.2% cost-of-living adjustment.

Unlike the Social Security Administration, though, the USDA is implementing that increase right away.

AS USA's Maite Knorr-Evans has the full story.

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September CPI: Will the Fed increase rates again in October after the latest report?

The latest Consumer Price Index (CPI) report, which was released on Thursday, found that year-over-year core inflation was 4.1% in the US in September, down from 4.3% in August.

As Federal Reserve bosses prepare to meet at the end of October to decide whether they will raise interest rates, experts are predicting that the Fed will leave things the way they are.

AS USA's Greg Heilman has more on this week's CPI report.

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