Page 30 - Mark Hamrick News Today

The majority of Americans feel behind on their retirement savings, per Bankrate’s survey. Here’s how much experts say you should actually have saved up.

The majority of Americans feel behind on their retirement savings, per Bankrate's survey. Here's how much experts say you should actually have saved up.

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Tens of millions of older Americans will see a modest increase in benefits this January when a new cost-of-living adjustment is added to Social Security payments.

"That makes the third year in a row that we've received a higher than normal COLA. For that reason I think people can feel a little bit of relief."

Tens of millions of older Americans will see a modest increase in benefits in January when a new cost-of-living adjustment is added to Social Security payments

NEW YORK — Tens of millions of older Americans will see a modest increase in benefits this January when a new cost-of-living adjustment is added to Social Security payments.

Seniors and people with disabilities tend to spend a greater share of their incomes on health care, and medical prices are rising faster than overall inflation,” she said, adding that most people will still get higher benefit checks overall. Here's what to keep in mind: The Social Security program pays roughly $1.4 trillion in benefits to more than 71 million people each year, including low-income individuals with disabilities. The short answer is that taxes fund Social Security.

Tens of millions of older Americans will see a modest increase in benefits in January when a new cost-of-living adjustment is added to Social Security payments.

Tens of millions of older Americans will see a modest increase in benefits in January when a new cost-of-living adjustment is added to Social Security payments.