Latest cost of living news: Retirement age 'could rise to 70'; winter garden could wipe out a lot of equity in the home (2023)

central point
  • The national pension can "increase to 70 in 2050"
  • 'Naff' greenhouses can shave £15,000 off the value of your home
  • Some recipients will not receive the £301 support payment next week, the government warns
  • Inflation should start to fall sharply now | Gulprenarwang
  • The best savings accounts to fight inflation
  • Mors budget: Will a food subscription save money?
  • tips to save money:white|cheapest flight


Tesla discounts as interest in new electric cars declines

Now for a story we told you this morning: Interest in new electric cars has dropped significantly (down 65% since January 2022, according to Auto Trader).

Perhaps in response to the trend, Tesla CEO Elon Musk has signaled that more discounts will be offered to boost demand.

Musk appeared to prioritize price cuts over profits, suggesting (after the company released its latest quarterly results) that more price cuts are on the horizon as Tesla takes steps to boost sales and market share in a struggling economy.

Read moreher...


Eight Basic Items Food Banks Need

The cost of living crisis has led to more people relying on food banks, while the banks themselves are more expensive.

The Trussell Trust, a network of food banks across the UK, said some of its sites were experiencing shortages of essential items needed for food parcels.

If you're thinking of donating but aren't sure what to give, the charity has released a list of eight essential items their food banks need:

  1. UHT milk, including semi-skimmed and whole milk
  2. Canned meat, including meat that can be cooked or eaten cold
  3. Long life or pumpkin juice
  4. Canned fruit, including peaches, mixed fruit and pineapple.
  5. instant noodles
  6. coffee shop
  7. Canned vegetables, including potatoes, mixed vegetables and carrots
  8. Puddings including rice pudding, Angel Delight and jam


What is the best gift network?

(Video) How Will Families Deal With Cost Of Living Increases? | Bust (Poverty Documentary) | Real Families

This spring, millions of customers will be hit with price increases of up to 17% from their network providers.

But there are many benefits offered by mobile network providers that can make your contract more profitable.

a studyExcellent switch networkThere are benefits to the leaderboard…

Lebara tops supermarket offers

These offers will appeal to those looking for great supermarket deals as they include £7 off your first order in Iceland, £20 off your first Ocado grocery over £60, £20 off your first Gousto 55 % off boxes, plus £10 off your first purchase at Jimmy's Iskaffe.

These benefits can be redeemed within the first month of contract signing, meaning you can enjoy £92.24 worth of benefits when you switch to a Lebara SIM-only contract.

O2 is best for technicians

When it comes to the most valuable gains in the long term, O2 tops the list.

As well as weekly free Greggs coffee, sausage rolls and breakfast bread, the network is for those interested in tech and entertainment.

O2 Priority customers get three months' free subscriptions to Apple TV, Apple Fitness and Peloton as well as Disney+ for £5.99 a month.

You also get priority concert tickets and if you live in London you get 30% off 'Up at the O2' tickets and access to the O2 Arena.

Vodafone better for foodies

Vodafone customers can earn up to £206.08 in their first month.

Redeemable food and drink offers include 20% off Just Eat orders, 25% off local cafes on Local Blend, 25% off food and drink plus 2-for-1 dining in restaurant shops, 50% off Wine52 and 50% discount online discounts cooking classes.

This is in addition to the three months of free Spotify Premium and two £7 Vue tickets that the network offers customers.


Foxtons cashes in on London leases with 'longer non-cancellable lease'

Rental income at London-focused estate agent Foxtons rose 27%, partly due to the firm's focus on securing tenants with "longer non-cancellable clauses".

The company reported a 10% increase in total revenue to £32.9m. in the first three months of the year, mainly due to its leasing division, which contributed £22.8m.

Low availability and high demand lead to rising rentsinflation- 20% growth in 2022, with the latest figures from HomeLet showing that costs continue to rise.

The average monthly rent in London is reported to be just under £2,000.

Longer rental periods are potentially attractive to all parties.

(Video) Florida Home Buyers BLINDSIDED By TREMENDOUS Cost To Own

This is because landlords have a better understanding of their short-term returns and the agreement gives tenants clarity over their costs, even if they are locked in for a longer period of time.

Property scarcity is a strong bargaining chip for Foxtons and a recent report by the Royal Institution of Chartered Surveyors warns that intense competition for rental properties will continue to drive up prices.

He described the rental market as "crazy".

Read moreher...


Cheap recipes ... Onions

They can be sweet, sour, spicy and salty, adding a touch of spice or even a mild aroma to a dish.

What exactly gives this taste? Yes, it is the versatile onion.

From sliced ​​onions on your favorite burger to traditional French onion soup, greens are relatively inexpensive, can help you save those pennies, and can be used in a variety of dishes.

So pick some up the next time you're at the grocery store and help your food budget in the process.

As for some recipes to get you started, why not try these?

French onion soup

  • Melt butter in a large saucepan, add onion, water and lots of salt; pipes for coating.
  • Stir and cover and cook over medium heat for 45 minutes;
  • When the onion turns light golden brown, add the garlic and cook for a few minutes;
  • Add sugar and cook for another 10-15 minutes until the onion turns a deep golden brown;
  • Pour in the broth and add the spices.

Pasta with caramelized onions and butter

  • Cut an onion and cook it in butter and garlic over low heat;
  • When the onions are cooked, add the cooked pasta;
  • Add spices and cheese if you like!


The UK net zero target could worsen the housing crisis

The UK's net-zero emissions target could worsen the housing crisis and mortgage lenders need to "stop taking the blind approach" of targeting only the most efficient properties, a finance expert has warned.

Speaking at the London School of Banking, David Geale, head of retail banking at the FCA, said energy efficiency regulations could create further challenges for potential buyers trying to get their feet on the property ladder.

Lenders "taking a blind approach" and focusing only on the most energy efficient properties have the "unintended consequence" of making it difficult or very expensive to get mortgages on less energy efficient properties, he said.

(Video) Age of Easy Money (full documentary) | FRONTLINE

"It would also penalize homeowners who are currently unable to make these improvements without assistance and may become or have become vulnerable," he said.

"There is also a distinct risk that product and incentive innovation may exceed consumer demand."

The government introduced minimum energy efficiency standards last year.

The mortgage institutions also have a goal to ensure that properties in their loan books have an average energy efficiency rating of C in 2030.


Is it worth signing up for a food subscription?

In recent months, we have worked withmors budgetA personal finance influencer with tens of thousands of followers on TikTok will give you tips to save money.

In her latest video, Beth discusses whether it's worth subscribing to food subscription services like HelloFresh and Gousto when food prices rise.

He bought four meal plans from Gousto, each with four meals, for a total of £51.84.

Beth then buys the same ingredients from the Tesco online store.

It's cheaper than watching the video...


How much did your store increase? Use our fee calculator

Prices have risen an average of 10.1 per cent over the past 12 months, putting pressure on already stretched household budgets.

But how much has his personal consumption increased? Use our calculator to see how much the price of your food, clothes and leisure activities has increased.


(Video) Watch celebrity interviews, entertaining tips and TODAY Show exclusives | TODAY All Day - April 24

Half of professionals would avoid a company because of the mismatch of values: survey

More than half of UK professionals would not work for a company whose values ​​do not match, according to a survey.

Employees' priorities can change, and many are not ready to compromise on their values, new research from LinkedIn suggests.

A March survey of 2,065 employees aged 18 and over by the Workplace Agency found that 58% would not work for a company that did not share their values, and half said a pay rise would not change their minds (53%) .

Still, LinkedIn says salary remains a top priority for job seekers.

Their research shows that younger workers are more likely than older generations to sacrifice careers for mismatched values, an answer given by 90% of "Gen Z" respondents, compared to "X It's 79% for Generation X and 74% for "babies" for generation X. baby boomers".

According to research, one in five professionals is considering leaving their job, and six in 10 job seekers say they are looking for companies that are committed to the values ​​they hold dear.


Your situation: British Gas is ignoring my demands for smart meter monitors

Phil Winterman:

I am 74 years old and have had a real problem getting bg gas to supply a screen for my smart meter. I have called and contacted until I am blue in the face, but I cannot measure my consumption. I have filed three complaints.

Health and social care reporter Megan Baynes said:

From what you've said it looks like British Gas have installed a smart meter for you but not a small screen to help you monitor usage. You're right to be frustrated: it's the part of the meter that gives consumers the most useful idea of ​​how much they're using.

I contacted British Gas on your behalf and they said they could not discuss your specific account without further details.

But they say that when smart meters are installed they have to have screens, so it's not clear what's going on here.

If you still don't get anything, you mentioned you complained but followed the official UK gas complaints procedure as shownher? Be sure to keep copies of all records.

If you are still unlucky and it has been more than eight weeks since you started the complaint process, your next step is to report it to the Energy Ombudsman.

You can learn more about the processher.This may seem frustrating, but it is worth the effort to solve it.


What is the COLA adjustment for 2023? ›

While the 2022 COLA adjustment was 5.9%, government inflation data showed costs grew at a faster pace for much of last year. Now, the 8.7% COLA for 2023 is outpacing current inflation, with a 5.8% increase over the past 12 months for the consumer price index for urban wage earners and clerical workers, or CPI-W.

What is the maximum Social Security benefit for age 70 in 2023? ›

For example, if you retire at full retirement age in 2023, your maximum benefit would be $3,627. However, if you retire at age 62 in 2023, your maximum benefit would be $2,572. If you retire at age 70 in 2023, your maximum benefit would be $4,555.

What changes are coming to Social Security in 2023? ›

Read more about the Social Security Cost-of-Living adjustment for 2023. The maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $160,200. The earnings limit for workers who are younger than "full" retirement age (see Full Retirement Age Chart) will increase to $21,240.

What is the maximum Social Security benefit for 2023? ›

The absolute maximum benefit that an individual can receive per month in 2023 is $4,555, and you must wait until age 70 to claim benefits and have been a high earner for 35 years to get this much.

How do I get the $16728 Social Security bonus? ›

To acquire the full amount, you need to maximize your working life and begin collecting your check until age 70. Another way to maximize your check is by asking for a raise every two or three years. Moving companies throughout your career is another way to prove your worth, and generate more money.

Will federal retirees get a pay increase in 2023? ›

Civil Service Retirement System enrollees will see an 8.7% increase in their defined benefit pension payments in 2023, while participants in the Federal Employees Retirement System will only receive a 7.7% increase.

What is the 2023 Social Security increase for 2023? ›

Social Security benefits and Supplemental Security Income (SSI) payments will increase by 8.7% in 2023. This is the annual cost-of-living adjustment (COLA) required by law. The increase will begin with benefits that Social Security beneficiaries receive in January 2023.

What is the average Social Security monthly check? ›

Social Security offers a monthly benefit check to many kinds of recipients. As of February 2023, the average check is $1,693.88, according to the Social Security Administration – but that amount can differ drastically depending on the type of recipient. In fact, retirees typically make more than the overall average.

What is the average Social Security check? ›

If you hit full retirement age at 66 then the average monthly check you will receive is $3,627 per month.

At what age is Social Security no longer taxed? ›

As long as you are at least 65 years old and your income from sources other than Social Security is not high, then the tax credit for the elderly or disabled can reduce your tax bill on a dollar-for-dollar basis. Let an expert do your taxes for you, start to finish with TurboTax Live Full Service.

What is the Social Security 5 year rule? ›

You must have worked and paid Social Security taxes in five of the last 10 years. • If you also get a pension from a job where you didn't pay Social Security taxes (e.g., a civil service or teacher's pension), your Social Security benefit might be reduced.

How much can a retired person earn without paying taxes in 2023? ›

For retirees 65 and older, here's when you can stop filing taxes: Single retirees who earn less than $14,250. Married retirees filing jointly, who earn less than $26,450 if one spouse is 65 or older or who earn less than $27,800 if both spouses are age 65 or older.

Can a person live on Social Security alone? ›

Living on Social Security alone is not only possible, but many retirees already accomplish that very feat every year. While the lifestyle associated with Social Security income isn't exactly luxurious, it doesn't have to equal rice and beans for the rest of your life, either.

Can I collect my deceased spouse's Social Security and my own at the same time? ›

The short answer is that you cannot collect both your own Social Security benefits and survivor benefits at the same time.

What is the Social Security bonus most retirees completely overlook? ›

The $16,728 Social Security bonus most retirees completely overlook: If you're like most Americans, you're a few years (or more) behind on your retirement savings. But a handful of little-known "Social Security secrets" could help ensure a boost in your retirement income.

What is the $900 grocery stimulus? ›

What is the $900 grocery stimulus for seniors? In short, there isn't one — yet. While there was some chatter about a possible $900 grocery stimulus for seniors 60 and over, there was zero federal funding passed for 2022 or 2023 for stimulus payments of any kind on a national scale.

How do I get 100% Social Security? ›

If you start receiving benefits at age 66 you get 100 percent of your monthly benefit. If you delay receiving retirement benefits until after your full retirement age, your monthly benefit continues to increase.

What is the update on the federal pay raise for 2023? ›

The figure marks an increase over the 4.6% pay hike feds received in 2023, and would be the highest proposed pay hike federal workers have seen since the Carter administration implemented a 9.1% average pay increase in 1980.

What is the 2023 retiree increase? ›

2023 Cost of Living Adjustment (COLA)

Based on the increase in the Consumer Price Index, there will be an 8.7 percent Cost of Living Adjustment (COLA) for most retired pay and Survivor Benefit Plan annuities effective Dec. 1, 2022. Retirees will see the change in their Dec.

What is the federal cost-of-living raise for 2023? ›

President Biden made official a 4.6% average pay raise for civilian federal employees. Of that, 4.1% will go toward an across-the-board increase and the remainder will vary depending on where employees live. So what will this translate to for your pocketbook?

Is Medicare payments going up in 2023? ›

For 2023, the Part A deductible will be $1,600 per stay, an increase of $44 from 2022. For those people who have not worked long enough to qualify for premium-free Part A, the monthly premium will also rise. The full Part A premium will be $506 a month in 2023, a $7 increase.

What is the increase for 2024 Social Security? ›

The official 2024 Social Security COLA will not be determined until October. This year's 8.7% COLA raised the average monthly retiree benefit by about $144 to $1,800.

What state pays the most SSI benefits? ›

States That Pay out the Most in SSI Benefits

The highest paying states for SSI benefits as of 2022 are New Jersey, Connecticut, Delaware, New Hampshire and Maryland. The average disability benefit per month for 2022 for an individual on SSI benefits is $841 per month.

What is the highest amount Social Security will pay monthly? ›

In 2023, the average senior on Social Security collects $1,827 a month. But you may be eligible for a lot more money than that. In fact, some seniors this year are looking at a monthly benefit of $4,555, which is the maximum Social Security will pay. Here's how to score a benefit that high.

What is a good monthly retirement income? ›

But, generally speaking, most experts agree that you will need 70-80% of your pre-retirement income to maintain your standard of living in retirement. For example, if you earned $50,000 per year ($4,167 a month) before retiring, you would need approximately $35,000-$40,000 per year in retirement.

What is the average Social Security check at 70? ›

According to SSA data, as of December 2021, the most recent year for which the information is available, the average Social Security benefit at age 70 was $1,768.94. However, this has increased thanks to the COLA changes, which were 5.9% and 8.7% in 2022 and 2023, respectively.

What is the lowest Social Security payment? ›

Under the special minimum benefit, the lowest minimum primary insurance amount you can qualify for in 2023, with at least 11 years of work, is $49.40 per month. The full minimum primary insurance amount, which you can qualify for with at least 30 years of work, is $1,033.50 per month.

What's the lowest amount of Social Security you can get? ›

This calculation looks at years of coverage in place of someone's earnings to estimate how much they might receive from Social Security. For 2023, the special minimum benefit starts at $49.40 for someone with 11 years of coverage and goes to $1,033.50 for workers with 30 years of coverage.

Where can I retire on $1,300 a month? ›

Panama: A Home Away from Home

You can retire comfortably on $1,300 per month, and it's one of the best countries for quality of life. What's more, English is widely spoken, and you can use your US money anywhere across the country. The country also offers first-rate hospitals, and many of its doctors are US trained.

Does a 75 year old have to file taxes? ›

In short, senior citizens are largely subject to the same tax requirements as other adults. There is no age at which you no longer have to submit a tax return and most senior citizens do need to file taxes every year. However if Social Security is your only form of income then it is not taxable.

What states do not tax Social Security income? ›

States That Don't Tax Social Security
  • Alaska.
  • Florida.
  • Nevada.
  • New Hampshire.
  • South Dakota.
  • Tennessee.
  • Texas.
  • Washington.
Apr 7, 2023

Do you pay taxes on SS after 70? ›

Yes. The rules for taxing benefits do not change as a person gets older. Whether or not your Social Security payments are taxed is determined by your income level — specifically, what the Internal Revenue Service calls your “provisional income.” Join our fight to protect Social Security.

What is the most approved disability? ›

What Is the Most Approved Disability? Arthritis and other musculoskeletal system disabilities make up the most commonly approved conditions for social security disability benefits. This is because arthritis is so common. In the United States, over 58 million people suffer from arthritis.

What percentage of a husband's Social Security does a wife get? ›

For a spouse who is not entitled to benefits on his or her own earnings record, this reduction factor is applied to the base spousal benefit, which is 50 percent of the worker's primary insurance amount.

Can my Social Security end? ›

Social Security retirement benefits start as early as age 62, but the benefits are permanently reduced unless you wait until your full retirement age. Payments are for life. Social Security spousal benefits pay about half of what your spouse gets if that's more than you would get on your own. Payments are for life.

How much money can I make without affecting my Social Security in 2023? ›

In 2023, if you're under full retirement age, the annual earnings limit is $21,240. If you will reach full retirement age in 2023, the limit on your earnings for the months before full retirement age is $56,520.

At what age can you earn unlimited income on Social Security? ›

How much can you earn and still get benefits? later, then your full retirement age for retirement insurance benefits is 67. If you work, and are at full retirement age or older, you may keep all of your benefits, no matter how much you earn.

What happens to the elderly that have no money? ›

Aging adults without money to support them through the rest of their lives can stay in a nursing home for up to 100 days—and Medicaid will cover the cost for this brief period. Seniors who reside in an assisted living facility and run out of funds will be evicted.

What is the cheapest way for a senior to live? ›

Affordable Housing Options for Older Adults
  • Staying in Your Home. This option is ideal if you do not need comprehensive care for your daily living—or just need some caregiving assistance. ...
  • Living with Family. ...
  • Public and Subsidized Senior Housing. ...
  • Assisted Living and Residential Care Options.
Feb 22, 2023

Where can I retire on $2500 a month? ›

11 Best Cities To Retire on $2,500 a Month
  • Omaha, Nebraska. Monthly expenditures: $2,499.39. ...
  • Oklahoma City, Oklahoma. Monthly expenditures: $2,481.37. ...
  • Lafayette, Louisiana. Monthly expenditures: $2,474.06. ...
  • Sioux Falls, South Dakota. Monthly expenditures: $2,399.81. ...
  • Abilene, Texas. ...
  • Brownsville, Texas. ...
  • Lake Charles, Louisiana. ...
  • Ft.
Feb 2, 2023

What happens to both spouses on Social Security when one dies? ›

Surviving spouse, full retirement age or older — 100% of the deceased worker's benefit amount. Surviving spouse, age 60 — through full retirement age — 71½ to 99% of the deceased worker's basic amount. Surviving spouse with a disability aged 50 through 59 — 71½%.

Will I lose my deceased husband's Social Security if I remarry? ›

A widow(er) is eligible to receive benefits if she or he is at least age 60. If a widow(er) remarries before age 60, she or he forfeits the benefit and, therefore, faces a marriage penalty. Under current law, there is no penalty if the remarriage occurs at 60 years of age or later.

What happens when both spouses collect Social Security and one dies? ›

If you are already receiving a spousal benefit when your husband or wife dies, Social Security will in most cases convert it automatically to a survivor benefit once the death is reported. Otherwise, you will need to apply for survivor benefits by phone at 800-772-1213 or in person at your local Social Security office.

What is a fair cost-of-living increase for 2023? ›

In fact, overall salary increases in the U.S. are expected to rise 4.6% in the new year, up from 4.2% this year. Not when we compare that to the typical cost-of-living raise in the past, which has usually hovered around 3%, a 4.6% bump seems mighty generous.

Is there a federal COLA increase for 2023? ›

The above means that for the 2023 COLA, federal retirees under FERS will get a 7.7% COLA added to their annuity payments, assuming they are eligible to receive the full 2023 COLA.

What is the projected COLA increase for 2024? ›

The Social Security COLA for 2024 is projected to be 3% — and likely less — says Mary Johnson, a Social Security policy analyst at The Senior Citizens League.

What will retired military COLA be for 2023? ›

2023 Annual Military Retirement Pay Increase

The cost of living adjustment for 2023 will be 8.7% for Social Security checks, VA disability compensation and other government pension and benefit programs. COLA raises for Social Security benefits and certain other benefits are automatic.

What are the retirement changes for 2023? ›

In 2023, the 401(k) catch-up amount is $7,500 and the IRA catch-up amount is $1,000. The new law increases the amount of these catch-up contributions. Beginning in 2025, anyone age 60 through 63 will be able to make a catch-up contribution of at least $10,000 to a 401(k). That $10,000 will be indexed to inflation.

What will the retirement age be in 2024? ›

Increase the earliest eligibility age (EEA) by two months per year for those age 62 starting in 2024 and ending in 2041 (EEA reaches 65 for those age 62 in 2041).

What is the federal retiree COLA for 2024? ›

Through five months of the count toward the January 2024 federal retirement COLA, the count stands at 1.1 percent, following an increase of 0.5 percentage points in the inflation index used to set that adjustment.

How much is E7 retirement pay? ›

As of 2022 the pay calculation projection an E7 retiring with exactly 20 years of service would receive $27,827 per year. It's important to note the present value of almost $800,000 for a 40 year old receiving this pension indefinitely.


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