[Fox Business] Higher March inflation boosts Social Security COLA forecast for 2025
A spike in inflation in March means seniors who draw Social Security benefits could see a high cost of living adjustment (COLA) in 2025, the Senior Citizens League (TSCL) said in a recent report.
March inflation grew at a faster rate than anticipated. Consumer prices rose 3.5%, more than the 3.2% growth in February and above the 3.4% growth economists had expected, according to the Consumer Price Index (CPI) released by the Bureau of Labor Statistics (BLS). As a result, TSCL adjusted its 2025 COLA estimate for Social Security benefits to increase by 2.6%, up from its previous forecast of 1.75%. COLA is ultimately calculated based on inflation during the third quarter.
However, the increased adjustment would still fall short of what seniors surveyed by TSCL said they needed to cover their living costs in the current high-cost environment. Nearly three out of four respondents (71%) said their household costs exceeded the 3.2% COLA they received for 2023.
“If the COLA increases by 2.6%, that will be an approximately $45 increase,” TSCL Executive Director Shannon Benton said. “What can you buy for that? Not much. From long-term dwindling purchasing power to heightened financial uncertainty, the trouble of seniors not being able to make ends meet remains a pressing concern of The Senior Citizens League, and it should be a pressing concern of Congress as well.”
If you want to reduce your monthly expenses, you could consider paying off high-interest debt with a personal loan at a lower interest rate. Visit Credible to speak with a personal loan expert and see if this option is right for you.
AMERICANS TAP INTO SAVINGS AS THEY STRUGGLE WITH INFLATION: SURVEY
Seniors with student loan debt risk having their Social Security benefits withheld if they can’t pay their debt obligations. According to a 2023 report by the think tank New America, roughly 3.5 million Americans 60 and older hold over $125 billion in student loans. Approximately 40% of borrowers aged 65 and older who have federal loans have defaulted.
Social Security beneficiaries risk losing up to 15% of their monthly benefits to pay off their outstanding loans under the Treasury Offset Program (TOP). TOP collects past-due (delinquent) debts (for example, child support payments) that people owe to state and federal agencies.
Sens. Elizabeth Warren, D-Mass., and Ron Wyden, D-Ore., are among several lawmakers pushing for this practice to change.
“When borrowers are in collections, on average, their Social Security benefits are estimated to be reduced by $2,500 annually,” the lawmakers recently wrote in a letter to President Joe Biden. “This can be a devastating blow to those who rely on Social Security as their primary source of income.”
If you’re struggling with private student loan debt, you could consider refinancing to a lower interest rate. Visit Credible to speak with a student loan expert and get your questions answered.
MANY STUDENT LOAN BORROWERS MISSING OPPORTUNITY TO FIND DEBT RELIEF IN SAVE PLAN: SURVEY
Taxes are another threat to Social Security benefits, as they are adjusted for COLA. Twenty-three percent of survey participants who received Social Security for three years or more said they paid tax for the first time during the 2023 tax season. This percentage will likely increase this tax season because of the 8.7% COLA increase in 2023.
Social Security benefits are taxed when incomes exceed $25,000. Since the tax became effective in 1984, this fixed threshold has never been adjusted for inflation. Up to 85% of Social Security benefits can be taxable when income exceeds certain thresholds.
If you are retired or are preparing to retire, paying down debt with a personal loan can help you reduce your interest rate and monthly expenses. You can visit Credible to compare multiple personal loan lenders in one place and choose the one with the best interest rate for you.
1 IN 3 AMERICANS MAXING OUT CREDIT CARDS BECAUSE OF INFLATION: SURVEY
Have a finance-related question, but don’t know who to ask? Email The Credible Money Expert at [email protected] and your question might be answered by Credible in our Money Expert column.
[Fox Business] Caitlin Clark’s Nike Fever jersey won’t ship to fans until August — 3 months after season starts
Indiana Fever fans hoping they’d be able to rock their new Caitlin Clark jerseys this year might be waiting some time to do so.
Clark will make her debut as the Fever’s No. 1 overall pick next month, but if you didn’t get a Nike jersey from the initial batch on apparel sites, it could be months before you get your hands on one.
Fanatics has already sold out of its first batch of jerseys with her No. 22, and a disclaimer on its site said they will be available to ship again in August.
CLICK HERE FOR MORE SPORTS COVERAGE ON FOXBUSINESS.COM
“We are currently sold out of our initial batch of this jersey — if you choose to place a pre-order today, our restock will be available to ship in August due to Nike’s manufacturing times,” the disclaimer states. “Please trust that we are working hard to service your order.”
It’s not just Fanatics either.
Dick’s Sporting Goods let its customers know it wouldn’t be able to ship until October.
COLUMNIST RIPS CONVERSATION AROUND WNBA SALARIES: ‘ANOTHER FORM OF MISOGYNY’
With the Fever’s regular season ending Sept. 19, some fans may not be able to wear Clark’s new jersey to games until next season.
Clark’s popularity prompted fans to buy season tickets for Fever games well before she was taken first overall because it was clear she’d be the top pick. She broke the NCAA’s all-time scoring record, among many others, and has quickly become a face of women’s basketball despite not yet playing in the pros.
Nike, the manufacturer of the WNBA’s jerseys, did not prepare for the demand. There is no explanation why the jerseys will take months to produce.
Nike and Fanatics have both been receiving backlash over MLB’s jerseys to start the season. They’ve appeared see-through and shown visible sweat.
Nike told The Athletic earlier this month it has “isolated the issue and (is) exploring a solution to minimize it.”
Fanatics CEO Michael Rubin also addressed the MLB uniforms in March, saying, “We’ve purely been doing exactly as we’re told. We’ve been told we’ve done everything exactly right — and we’re getting the s— kicked out of ourselves every day right now.”
Clark’s season will begin May 14 against the Phoenix Sun on the road.
Follow Fox News Digital’s sports coverage on X, and subscribe to the Fox News Sports Huddle newsletter.
[Fox Business] ‘Unhealthy dose’ of pesticides found in popular produce, new report reveals
About 20% of all fruits and vegetables examined by Consumer Reports in a new report revealed an “unhealthy dose of dangerous pesticides.”
Consumer Reports published the report — its “most comprehensive review” of pesticides in food to date — after analyzing 59 common fruits and vegetables, which included fresh, canned, dried and frozen products.
“Our new results continue to raise red flags. Pesticides posed significant risks in 20 percent of the foods we examined,” Consumer Reports said.
Bell peppers, blueberries, potatoes and strawberries were included in the report, as well as green beans, which “had residues of a pesticide that hasn’t been allowed to be used on the vegetable in the U.S. for over a decade,” according to the report.
“Imported produce, especially some from Mexico, was particularly likely to carry risky levels of pesticide residues,” the organization said.
CHLORMEQUAT: WHAT IS THE CHEMICAL FOUND IN CHEERIOS, QUAKER OATS?
Consumer Reports analyzed seven years of data from the Department of Agriculture, which every year tests a selection of conventional and organic produce grown in or imported to the U.S. for pesticide residues.
Certain chemicals are used by farmers to control bugs, fungi and weeds. However, some of these chemicals carry “unacceptable health risks.”
Consumer Reports said that certain “notorious pesticides, such as DDT, have been banned in the U.S.” but claimed that government regulators have been slow to ban others. Additionally, the outlet argued that when a dangerous chemical is removed from the market, chemical companies and growers, in some cases, start relying on “other options that may be as dangerous.”
Consumer Reports said that it has been tracking the use of pesticides on produce for decades and has “seen this pattern repeat itself over and over.”
GET FOX BUSINESS ON THE GO BY CLICKING HERE
On the other hand, it said pesticides “presented little to worry about in nearly two-thirds of the foods,” which included nearly everything that was organic.
According to Consumer Reports’ analysis, “the largest risks are caused by just a few pesticides, concentrated in a handful of foods, grown on a small fraction of U.S. farmland.”
According to its analysis, about 16 of the 25 fruits and about 21 of the 34 vegetables tested showed low levels of pesticide risk. This means that kids and those who are pregnant can safely consume more than three servings a day of those foods, Consumer Reports food safety experts said.
Ten foods were of moderate risk. This means up to three servings a day were safe to consume.
A dozen foods “presented bigger concerns.” This means kids and pregnant women should consume less than a serving a day of high-risk fruits and vegetables. They should also consume less than half a serving per day of very high-risk ones, Consumer Reports said.
“Everyone else should limit consumption of those foods, too,” it said.
Consumer Reports created a list of six conventionally grown fruits and vegetables where pesticides pose a serious problem and possible substitutions for them.
Substitutions: organic blueberries did well and fresh domestic strawberries fared okay.
Substitutions: organic bell peppers are the best choice or to consume this food “sparingly.”
Hot peppers also posed a “high risk,” Consumer Reports said.
Substitutions: sweet potatoes pose a low risk.
Substitutions: snap peas pose a low risk. Organic green beans grown domestically are also a good substitute.
Substitutions: organic kale and mustard greens as well as broccoli all pose a very low risk.
Fresh spinach, which is also a better choice, poses a moderate risk.
Substitutions: organic watermelon. Cantaloupe also poses a very low risk.
[NewYorkPost] Why the Rangers are not the Stanley Cup betting favorites
While odds will vary from sportsbook to sportsbook, there is no mainstream bookmaker that has the Rangers as a clear favorite. Read More
[WBALTV] Meta’s newest AI model beats some peers. But its AI agents are confusing Facebook users
Meta CEO Mark Zuckerberg calls the newly unveiled systems "the most intelligent AI assistant that you can freely use." Read More
[NewYorkPost] Google Maps and Search updates find more economic ways to get around
When determining what's the best route to your destination, there are more factors to consider than directions. Read More
[NewYorkPost] Casino etiquette: A complete guide for new gamblers
If you're new to casino gambling, check out this comprehensive guide on casino etiquette. Read More
[NewYorkPost] NFL Draft No. 2 pick odds: Shake up has Jayden Daniels to Washington likely
Jayden Daniels now appears to be the apple of the Washington Commanders' eye. Read More
[NewYorkPost] Gambler’s Fallacy: What is it and how to avoid it
Check out this guide for everything there is to know about the phenomenon known as gambler's fallacy. Read More
[WBALTV] Maryland college receives largest donation in its history
Goucher College has received a $55 million donation, the largest gift in the private school's over 130-year history, officials announced Wednesday. Read More