Ongoing inflation could lead to the biggest boost to Social Security in nearly four decades. However, rising prices have already caused an increase in the cost of living for many seniors, leaving them scrambling to save. Now, experts worry that a major increase may not even be enough to help. If you’re looking for new ways to save, CNN has asked people to share the best financial advice they’ve ever received. You can find their stories below.
Money Wise via Yahoo Finance/Clayton Jarvis
Social Security checks may see a huge raise next year. Will it be enough?
The ongoing spike in inflation that has Americans paying more for gas, food, cars and many other things could lead to the biggest Social Security boost in almost 40 years when officials announce the cost of living adjustment, or COLA, for 2022.
Plus, members of Congress have proposed changes to how the COLA is calculated, which could result in even larger Social Security checks for 55 million retirees, their dependents and survivors.
But inflation already has led to tremendous hikes in some living costs for U.S. seniors, who have had to scramble to find ways to save money, according to advocacy group The Senior Citizens League. So, even a major increase may not be enough.
Continue reading, here.
CNN Business/Jeanne Sahadi
We asked, you answered: The best financial advice you ever got
Maybe you have a natural affinity for making and managing money. Or maybe you’re just trying not to make a hash of it.
Either way, someone at some point in your life likely dropped a pearl of wisdom in your lap that has made your financial life better than it would have been otherwise.
We asked readers to share the best financial advice they ever got.
You can read the full story, here.
Fox Business/Megan Henney
Fed meeting as surging inflation, rising COVID-19 cases rattle US economic recovery
Federal Reserve policymakers are meeting this week as the U.S. economy and its nascent recovery from the coronavirus pandemic face down a pair of new threats: surging inflation and rising COVID-19 infections.
Economists widely expect the U.S. central bank to reaffirm its commitment to ultra-low interest rates and the $120 billion in bonds that it purchases each month amid fresh signs that the economic outlook may not be as bright as Fed officials projected last month.
“We expect the Fed to attempt to strike a delicate balance in its remarks, highlighting the fragile economic recovery, ensuring its commitment to extraordinary monetary support as long as the economy needs it, but also highlighting increasing inflationary risks,” said Cailin Birch, global economist at the Economist Intelligence Unit. “This will be difficult to do, and some financial-market volatility is possible in the coming days.”
The meeting comes as a nationwide surge in the delta variant of COVID-19 rattles investors, who are worried that rising infections could bring about new lockdown measures and a drawn-out economic recovery. The highly transmissible variant triggered a broad market sell-off last week, with the Dow Jones Industrial Average tumbling more than 700 points for its worst drop since October.
Keep reading, here.