Social Security cost-of-living adjustment may be 9.6% in 2023

New government data points to signs that red-hot inflation is starting to cool. But Social Security beneficiaries may still be in for a record high cost-of-living adjustment in 2023. The Senior Citizens League, a nonpartisan senior group, now estimates Social Security benefits may increase 9.6%, based on Consumer Price Index data released Wednesday. That would … Read more

Social Security cost-of-living adjustment could be 10.5% in 2023

Kevin Dietsch | Getty Images Social Security beneficiaries will be in line to receive a record high cost-of-living adjustment in 2023 due to inflation. The question is exactly how high it may be. Based on new consumer price index data for June released Wednesday, The Senior Citizens League, a nonpartisan senior group, now estimates the … Read more

As prices rise nationwide, how to calculate your own inflation rate

Skynesher | E+ | Getty Images It’s likely no surprise to hear that prices have been across the US economy, whether at the grocery store or the gas pump. But just how much have your personal household costs increased, and how does that stack up against the average American’s? Calculating your personal inflation rate can … Read more

Here’s a simple way to see how inflation erodes your long-term savings

Sean Gladwell | Moment | Getty Images Inflation is at a 40-year high. That means consumers are losing buying power at a faster-than-usual pace. Just how quickly is inflation eating away at your savings? The so-called rule of 72 can help gauge its long-term impact. This rule of thumb is generally applied to investment returns. … Read more

Here’s what the Fed’s highest rate hike in 28 years means for you

The Federal Reserve raised its target federal funds rate by three-quarters of a point, the largest increase in nearly three decades, at the end of its two-day meeting Wednesday in an effort to quell runaway inflation. “The motivation for all of this is that prices are going up,” said Chester Spatt, a professor of finance … Read more

High inflation points to bigger Social Security COLA in 2023

Joe Raedle | Getty Images News | Getty Images Social Security beneficiaries could see another record cost-of-living adjustment in 2023, based on the latest government data showing persistent high inflation. But that increase may not be enough to pare the loss in buying power recipients have experienced over the years, according to a new analysis … Read more

Inflation could mean a big Social Security cost-of-living adjustment in 2023

Sporrer/Rupp | Image Source | Getty Images Social Security beneficiaries started 2022 with a 5.9% cost-of-living adjustment to their monthly checks, the highest increase in about 40 years. But as inflation climbs with each month, the buying power of those benefit increases has diminished. The Consumer Price Index for all Urban Consumers, or CPI-U, rose … Read more

The Inflation Measures That Business Leaders Should Follow

Inflation is rising however you measure it. Dr. Bill Conerly based on data from the Bureau of Labor Statistics Business leaders have two concerns about inflation: their own particular selling prices and costs, and the general trend for inflation. The general trend is important information in business strategy and also helps managers understand the direction … Read more

Here’s how you can prepare if there’s a 50 basis point Fed rate hike

Consumers are spending more to keep up with the surging cost of living and it may get worse before it gets better. “Even though wage growth has been the best in decades, it’s been outpaced by increased household costs,” said Greg McBride, chief financial analyst at Bankrate.com. “With inflation at a 40-year high, that has … Read more

Even as Inflation Bites, Corporate Profits Remain Flush | Business News

By STAN CHOE, AP Business Writer NEW YORK (AP) — What’s immune to high inflation? So far, the profits at big US companies. Businesses are facing higher gasoline and heating bills, just like consumers, in addition to higher expenses for labor and raw materials. But unlike many middle- and lower-income Americans, they’ve been making more … Read more

Businesswebsiteindex