cost of living

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Here's What You Can Put Toward Retirement in 2025

IRS releases annual cost-of-living adjustments, including updates on contributions to 401(k)s, IRAs

(Newser) - The IRS is out with its annual cost-of-living tweaks, including increases in how much Americans can inject into their pension plans and retirement accounts. The details, per the AP :
  • 401(k), 403(b), federal Thrift Savings Plan, most 427 plans: In 2025, individuals will be able to contribute up to $23,500
...

Seniors Will Likely See Lowest COLA Since 2021

Cost of Living Allowance is expected to rise by 2.5%, while Medicare Part B is rising 5.9%

(Newser) - Inflation may be cooling , but so is the annual Social Security Cost of Living Allowance doled out to some 68 million American seniors. As NBC News reports, it looks like the 2025 COLA may be the most meager since 2021, even as older Americans still face rising costs. The...

10 Mostly Costly States for Singles
10 Most Costly
States for Singles
Jul 7, 2024 9:30 AM CDT

10 Most Costly States for Singles

CNBC puts Massachusetts on top

(Newser) - Which is the priciest state to live in if you're single? Massachusetts, according to CNBC . The network broke down new analysis from SmartAsset that looks at costs for different types of households by state. Minimum wage in the Bay State is $15 per hour , more than double the federal...

States Where It Costs the Most to 'Live Comfortably'

Massachusetts is No. 1, while West Virginia is the least expensive

(Newser) - In the 10 most expensive states in the nation, you'd need to make six figures to "live comfortably," according to Visual Capitalist . The site defines the term as the amount a single individual would have to earn to cover what it calls a "50/30/20 budget"—...

These Cities Are 'Impossibly Unaffordable'

Hong Kong tops the list of Demographia's latest rankings, with 5 cities in top 10 located in the US

(Newser) - Think your rent or mortgage is high? Try living in one of the world's most "impossibly unaffordable" cities. Demographia's International Housing Affordability report for 2024 is out, which assesses the cost of living in 94 major markets in eight countries: the United States, Canada, Australia, New Zealand,...

Most Americans Can't Afford the American Dream
Cost of the American Dream:
$3.4M
NEW ANALYSIS
Dec 12, 2023 2:24 PM CST

Cost of the American Dream: $3.4M

Investopedia analysis suggests it's out of reach for many Americans

(Newser) - From getting married, to having kids, to saving for retirement, the American dream is increasingly out of reach—costing about $3.4 million over the course of a lifetime, or double the median lifetime earnings of the typical US worker, according to a new analysis. Financial site Investopedia calculated the...

10 Most Expensive Cities in the World

Three US cities—NYC, San Francisco, LA—make EIU ranking

(Newser) - With inflation now seeing a steady downward trend , economists are cautiously optimistic, but even that bit of positive news might not help much if you're in one of three US cities that have just earned a dubious distinction. Per the Hill , the Economist Intelligence Unit's annual "Worldwide...

Inflation Has Cooled. So Has This Social Security Estimate

Recipients may see 2024 cost-of-living adjustment of just 2.7%, down from this year's 8.7%

(Newser) - This year's Social Security cost-of-living adjustment, or COLA, was the highest in four decades, coming in at 8.7% to account for record inflation. Beneficiaries shouldn't expect quite such a boost for 2024. According to new government data, the annual inflation rate fell in May to its lowest...

The Changing Value of Money Requires Mental Adjustments

Expert says understanding of costs and spending is locked in early in adulthood

(Newser) - In the 1987 film Wall Street, Charlie Sheen's character admonishes his father—played by his father—for not keeping up with the changing value of a salary that once sounded high. "50K does not get you to first base in the Big Apple, Dad, not anymore," Sheen...

Social Security's COLA Increase Is the Biggest in 40 Years

It's 8.7% for 2023, but some say that's not enough to keep up with seniors' reality

(Newser) - The Social Security Administration just announced the biggest cost of living adjustment in four decades in response to record high inflation. The annual inflation adjustment for 2023 is 8.7%, compared to 5.9% for 2022, meaning the country's 70 million Social Security beneficiaries will see a monthly increase...

Social Security Checks Will Likely Get a Very Big Bump

Senior Citizens League now forecasts 8.7% cost-of-living adjustment

(Newser) - Update: When we last read the tea leaves in May, it was looking like seniors could be looking at an 8.6% adjustment to their monthly Social Security checks in 2023. The cost-of-living adjustment (COLA) happens in October, and with just one month to go, the predicted increase has ticked...

Cost to Raise a Child Now Tops $300K

Inflation has made parenting a greater financial burden, researcher says

(Newser) - Inflation's damage is being felt not just one loaf of bread or gallon of gas at a time, but in big-picture expenses—such as the cost of raising a child. A new Brookings Institution estimate puts the total for raising a child through age 17 at $310,605. The...

Looking to Rent? Your Best Bet Is Here

Columbia, Md., tops WalletHub's list of best cities for renters

(Newser) - There are many reasons why people may choose to rent over buying a home—but that doesn't mean renting is always an inexpensive proposition. In fact, WalletHub reports that last year, rental prices rose at nearly double the rate of any previous year. Still, there are places in the...

In Manhattan, an Eye-Popping First on Rent

Average monthly cost in the NYC borough is more than $5K

(Newser) - It's no secret that living in New York City isn't cheap, but the borough of Manhattan just logged an eye-popping first. WABC reports that the average monthly rent there exceeded $5,000 last month, a record-breaking figure that's up almost 30% compared to 2021. Looking for a...

Hospital Reminds Desperate Kenyans It Won't Buy Kidneys

Nation is deep into a cost of living crisis worsened by Russian blockade in Ukraine

(Newser) - With the price of food and other necessities soaring, a hospital has found it necessary to remind desperate Kenyans that they shouldn't try to raise money by selling an organ. "How much for my kidney?" is now the question most often posted to Kenyatta National Hospital, a Facebook...

Protest Demands Help With Soaring Prices

With bills rising more than pay, London marchers want government to help

(Newser) - Thousands of people marched through central London on Saturday in a protest over the soaring cost of living in Britain. Huge crowds flooded into the British capital for the rally to demand that the government do more to help people faced with bills and other expenses that are rising more...

Here Are the Most, Least Affordable Cities in America

San Diego pushes San Francisco out as the most expensive market

(Newser) - Move over, San Francisco—you can no longer claim the most expensive housing market in the nation. The San Francisco Chronicle reports the city has been "dethroned," by one a little further south, according to a recent report from real estate firm OJO Labs . The new most unaffordable...

This Is the World's Most Expensive City

Israel's Tel Aviv tops the Economist Intelligence Unit's list

(Newser) - Looking to bust out of this joint and set down roots elsewhere in the world? If you're planning an expat move to one of the cities on the Economist Intelligence Unit's most recent list, you'd better bring some extra cash. Per the BBC , the Economist Group's...

Big COLA Announcement Expected Early Wednesday

Increase could be biggest in decades

(Newser) - Rising inflation is expected to lead to a sizeable increase in Social Security's annual cost-of-living adjustment, or COLA, for 2022. Exactly how much will be revealed Wednesday morning after a Labor Department report on inflation during September, a data point used in the final calculation. Over the last 10...

Social Security Depletion Date Is Now a Year Closer

Feds say pandemic depleted trust funds

(Newser) - The pandemic has pushed Social Security closer to precarious financial territory, the government warned in a report released Tuesday. The annual report from the Social Security and Medicare trustees said that unless Congress takes action, Social Security will no longer be able to pay full benefits by 2034, CNN reports....

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