Connect with us

CBS News

Social Security will announce the 2025 COLA within days. Here’s what to expect.

Avatar

Published

on


The roughly 70 million people who receive Social Security payments will soon learn how much they’ll receive in their 2025 benefit checks, with the program’s annual cost-of-living adjustment (COLA) to be announced within days. 

Each fall, the Social Security Administration sets its annual COLA based on the recent rate of inflation, part of an overhaul to the program that began in the 1970s that ensures senior citizens and other beneficiaries aren’t losing purchasing power in the face of rising prices. 

When will the 2025 Social Security COLA be announced?

Typically, the Social Security Administration announces its annual COLA on the same day the Labor Department releases its September inflation report, with the benefits announcement released shortly after the inflation data.

The September Consumer Price Index report is scheduled to be issued on Thursday, October 10. 

What will the COLA be for Social Security in 2025? 

The 2025 cost-of-living adjustment is forecast to come in at about 2.5%, according to the Senior Citizens League (TSCL), an advocacy group for older Americans. 

That will mark the smallest COLA since 2021, when seniors received a 1.3% adjustment due to the pandemic’s low rate of inflation. Because inflation surged in 2022 and 2023, Social Security provided unusually large COLAs for those years, at 5.9% and 8.7%, respectively.

Seniors received a 3.2% COLA for the current year. 

How would that impact Social Security benefits?

The average Social Security check for retirees stands at $1,907 in 2024, according to the Social Security Administration. 

If the agency announces a 2.5% COLA increase for 2025, as forecast, the typical benefit check would rise by about $48 a month, for a total of $1,955 per payment. 

What is the VA benefits COLA increase for 2025?

Earlier this month, Congress passed a new law that ties veterans’ benefits to Social Security’s cost-of-living  increase. Called the Veterans’ Compensation Cost-of-Living Adjustment Act of 2024, the law directs the VA to increase veterans’ benefits by the same inflation adjustment percentage as Social Security payments. 

“Boosting our veterans’ hard-earned benefits to keep pace with the cost of living is a necessary cost of war,” said Sen. Jon Tester, a Democrat from Montana who co-sponsored the bill, in a statement. 

The COLA increase for VA benefits will apply to disability payments, clothing allowances and dependency and indemnity compensation for surviving spouses and children, according to Military.com. 

Based on the Senior Citizens League’s forecast, those VA benefits would increase by 2.5% next year. 

What is the current rate of inflation?

Inflation has cooled considerably after hitting a 40-year high of 9.1% in June 2022. The Federal Reserve engineered a flurry of rate hikes that have helped to drive down inflation, which stood at 2.5% on an annual basis in August — its lowest in three years.

Inflation is expected to continue to cool, with economists forecasting that the rate of price increases slipped to 2.3% in September, according to financial data firm FactSet. 

The Social Security Administration sets its annual COLA based on inflation during the third quarter, or from July through September. 

The agency takes the average inflation rate over that period from what’s known as the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W, which tracks spending by working Americans. Because inflation has receded during the past several months, the 2025 COLA is expected to be lower than in prior years.



Read the original article

Leave your vote

CBS News

JPMorgan Chase denies Trump’s claim that CEO Jamie Dimon has endorsed him

Avatar

Published

on


JPMorgan Chase CEO Jamie Dimon has not endorsed Donald Trump, the financial giant said Friday after the former president claimed in a social media post that the executive, America’s most prominent banking industry leader, was supporting him.

“Jamie Dimon has not endorsed anyone. He has not endorsed a candidate,” Joe Evangelisti, a spokesperson for the New York-based bank told CBS News in a statement.

The denial came after the Republican presidential nominee posted a screenshot on his Truth Social account falsely stating, “New: Jamie Dimon, the CEO of JPMorgan Chase, has endorsed Trump for president.” 

Trump told NBC News he didn’t know about the post, which was still visible on his account as of 5:10 p.m. Eastern Time.

The Trump campaign did not immediately respond to a request for comment.


What to know about the false claims Trump is pushing about FEMA funds

04:10

Seemingly coming from a verified account on X earlier in the day, the post swiftly drew attention from various pro-Trump accounts before Trump weighed in.

Before Trump won the Republican nomination for president, Dimon had expressed support for former South Carolina Governor Nikki Haley during the party’s primaries.

Friday’s Truth Social post is not the first in which Trump incorrectly suggested winning support by a high-profile person. The former president in August posted AI-generated images claiming that Taylor Swift was backing him. The superstar endorsed his opponent, Kamala Harris a few weeks later. 



Read the original article

Leave your vote

Continue Reading

CBS News

CDC launches new way to measure trends of COVID, flu and more for 2024

Avatar

Published

on


The Centers for Disease Control and Prevention has launched a new way for Americans to look up how high or low levels of viruses like COVID-19 and flu are in their local area for 2024.

This year’s new “community snapshot” is the CDC’s latest attempt to repackage its data in one place for Americans deciding when to take extra precautions recommended in its guidelines, like masking or testing, going into the fall and winter.

It centers around a sweeping new weekly metric called “acute respiratory illness.” The metric’s debut fulfills a goal laid out by agency officials months ago, aiming to measure the risk of COVID-19 alongside other germs that spread through the air on a single scale from “minimal” to “very high.”

“The biggest thing we’re trying to do here is not just to have a dashboard. It’s not just putting a bunch of information in front of people and kind of expecting them to navigate all of that,” the CDC’s Captain Matthew Ritchey told CBS News.

Ritchey, who co-leads the team that coordinates data fed into the snapshots, said the CDC gathers experts from across the agency every Thursday to walk through the week’s data coming from hospitals and emergency rooms, wastewater sampling and testing laboratories.

“All those groups come together, talking through their different data systems and their expertise to say, ‘this is what’s catching my eye.’ And then that’s what we want to tee up for the public,” he said.

Ritchey cited early signs of respiratory syncytial virus, or RSV, starting to increase this season as expected in Florida, which is called out at the top of this week’s report.

Behind the CDC’s new “respiratory illness” metric

Based on emergency room data, the “acute respiratory illness” metric, grades overall infections in each state or county from “minimal” to “very high.”

That is defined broadly to capture infections from COVID-19 and influenza, as well as a range of other diseases that spread through the air like whooping cough or pneumonia.

A previous definition the agency had relied on called “influenza-like illness” had been too narrow, Ritchey said, with requirements like fever which excluded many patients.

A separate set of standalone levels is still being calculated each week for COVID-19, influenza and RSV. 

The formula behind those levels is based on historical peaks and valleys in emergency room trends, which were analyzed from each state.

“We’ve looked over the last couple of years and understand the low points of the year, based on our lab testing, and at that point we say, that’s the baseline or ‘minimal’ category,” said Ritchey.

How to see what COVID variants are dominant

Not all of the CDC’s data made the cutoff to be included on the first layer of the agency’s new snapshot. 

For example, while the front page for the general public does mention current SARS-CoV-2 variants like XEC, details about its prevalence remain on a separate webpage deeper into the CDC’s website.

“That whole jumble of lots of acronyms or letters and things like that just don’t overly resonate with them,” he said. 

For flu, the CDC is still publishing more detailed weekly updates designed for experts, through the agency’s “FluView” reports

Those include a weekly breakdown of the “type” – influenza A or B – and “subtype” – like H3N2 or H1N1 – that is being reported to the agency from testing laboratories.

Health authorities closely watch trends in flu subtyping as well, since they can help explain changes in the severity of the virus as well as vaccine effectiveness

Future changes to come 

The snapshot remains a work in progress as the CDC gathers feedback from the public as well as local health departments.

“We have a continuum of users, from the public health practitioner to my parents, providing feedback on how they’re using it. More often, the feedback we get is, ‘hey, I use this to help inform how I work, or talk with my elderly parents,'” he said.

One big change coming later this season is the resumption of nationwide hospitalization data, after a pandemic-era requirement for hospitals to report the figures to the federal government lapsed. 

A new rule by the Centers for Medicare and Medicaid Services to start collecting the data again for COVID-19, influenza and RSV is due to take effect in November.

“As that data starts to come in again and gets to a robust enough level, the plan is that it would be incorporated on the site as well,” he said.

Another long term goal is to add information specific to other respiratory illness culprits beyond COVID-19, influenza and RSV.

“We want to be able to talk about maybe some of the other things that are not the big three as well, like mycoplasma and some of those other things too, that we know peak during certain parts of the season,” he said. 



Read the original article

Leave your vote

Continue Reading

CBS News

Obama campaigning for Harris, Musk will join Trump

Avatar

Published

on


Obama campaigning for Harris, Musk will join Trump – CBS News


Watch CBS News



Former President Barack Obama will spend October campaigning for Vice President Kamala Harris as entrepreneur Elon Musk joins former President Donald Trump in his campaign. NOTUS political reporter Evan McMorris-Santoro and Axios national politics reporter Sophia Cai join CBS News with more.

Be the first to know

Get browser notifications for breaking news, live events, and exclusive reporting.




Read the original article

Leave your vote

Continue Reading

Copyright © 2024 Breaking MN

Log In

Forgot password?

Forgot password?

Enter your account data and we will send you a link to reset your password.

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Add to Collection

No Collections

Here you'll find all collections you've created before.