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As the new year begins, retirees are getting a boost to their Social Security checks. But new data shows it’s not nearly enough to keep up with this year’s prices.
The 2024 cost-of-living adjustment (COLA) for Social Security, which kicks in this month, is an additional 3.2%. But according to new research from The Senior Citizens League, two-thirds of American retirees have seen their expenses rise by about 10% since December 2023 — more than three times the COLA.
Nathan Place is a national reporter at American Banker. A native of New York City, he has worked for more than a decade in both print and video journalism. He got his start in Beijing, where he … Read full bio
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Rising rates of chronic conditions and a surge in six-figure medical claims are pushing up employer healthcare costs, particularly among younger workers.
Direct-to-employer carve-outs can make drugs like GLP-1s more affordable for companies and more accessible for employees.
As costs for care balloon, benefit leaders and employees should be proactive about their retirement saving strategies.
Financial advisers often urge clients to delay Social Security to maximize benefits, but new research suggests early claiming may be a rational choice.
Popular retirement withdrawal strategies like the 4% rule assume a steady rate of spending for retirees. But new research from J.P. Morgan shows that premise is often disconnected from reality.
