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Yahoo
5 hours ago
- Yahoo
Social Security's 2026 COLA Forecast Was Just Updated. Here's How Much Benefits Could Increase and Why It Might Not Be Enough.
Key Points The latest Social Security COLA estimate is higher than projections from previous months. However, the projected Social Security benefit increase might not be enough for many retirees. The $23,760 Social Security bonus most retirees completely overlook › Retirees won't know how much higher their Social Security benefits will be in 2026 until mid-October. But that doesn't mean they can't at least have a clue what the increase might be. The Senior Citizens League (TSCL) recently updated its forecast for the 2026 Social Security cost-of-living adjustment (COLA). If you're a retiree, here's how much your benefits could increase based on the nonprofit organization's estimate -- and why it might not be enough. The latest COLA estimate The Social Security Administration (SSA) calculates the annual COLA using an inflation metric called the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The agency determines the percentage increase (if any) of the average CPI-W during the third quarter of the current year compared to the average CPI-W during the third quarter of the previous year. In July, the CPI-W rose 2.5% year over year. If this rate of increase remains steady, the 2026 COLA would be 2.5%, exactly the same as the benefit increase retirees received this year. However, TSCL doesn't think the CPI-W rate of growth will remain the same. The nonprofit seniors advocacy group uses a statistical model that includes inflation, interest rate, and unemployment data to estimate the next COLA. The organization issues a new COLA prediction each month. Its estimated COLA has steadily risen over the past three months as inflation has inched higher. In May, TSCL projected that the 2026 Social Security COLA would be 2.5%. Its announced an estimated COLA in June of 2.6%. TSCL's latest COLA forecast, released last week, was 2.7%. Not enough? Will a 2.7% Social Security benefit increase be enough for most retirees? Probably not. TSCL recently conducted a survey that found nearly two-thirds of seniors weren't satisfied with the amount of their monthly Social Security benefits. Even more strikingly, a whopping 94% said they thought the 2025 COLA of 2.5% was too low to keep up with inflation. TSCL Executive Director Shannon Benton doesn't think a 2.7% COLA will correct this issue. She stated last week: "With the COLA announcement around the corner, seniors across America are holding their breath. While a higher COLA could be welcome because their monthly benefits will increase, many will be disappointed." Part of the problem lies with the inflation metric the COLA uses. The CPI-W doesn't focus specifically on expenses incurred by seniors. Some argue that the metric doesn't accurately reflect retirees' spending and the higher prices they incur, especially with healthcare. Another factor is timing. Retirees pay higher costs before the COLA intended to offset those higher costs goes into effect. What can retirees do? It's entirely possible that the 2026 Social Security COLA won't be enough to cover the higher costs that retirees incur. What can they do to address this issue? Perhaps the least popular alternative is to watch expenses even more closely. This could be difficult for many seniors who already pinch their pennies to make ends meet. For those in this group, take advantage of any government program that can reduce costs, such as the Medicare Part D Extra Help program for individuals with limited income. Retirees with access to other income sources, such as IRAs and 401(k) plans, might need to withdraw more from those accounts to cover their higher cost of living. Talk to a reputable financial planner first, though, to ensure the retirement accounts won't be depleted too quickly. Some seniors might consider working part-time to boost their income enough to make up for an insufficient Social Security COLA. However, this won't be an option for everyone. For retirees seeking a broader solution to the underlying problem, consider advocating for a change to how Social Security COLAs are calculated. TSCL's survey found that 96% of seniors favor reforming the COLA calculation, with the most popular solution being replacing the CPI-W with an inflation metric that better reflects seniors' spending. Calling congressional representatives is one way to push for such changes. The $23,760 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 could help ensure a boost in your retirement income. One easy trick could pay you as much as $23,760 more... each year! Once you learn how to maximize your Social Security benefits, we think you could retire confidently with the peace of mind we're all after. Join Stock Advisor to learn more about these Motley Fool has a disclosure policy. Social Security's 2026 COLA Forecast Was Just Updated. Here's How Much Benefits Could Increase and Why It Might Not Be Enough. was originally published by The Motley Fool Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
New York Post
7 hours ago
- New York Post
Costco's Pepsi-to-Coke switch goes viral as members sound off
Costco's decision to switch from Pepsi to Coca-Cola became a viral conversation when the membership warehouse club announced it was making the swap from one carbonated soft drink to the other. Members were mixed on social media as the swap was finalized by Tuesday, with some saying on a Reddit thread that 'Pepsi tastes like flat Coca Cola' and 'Hot dogs don't taste the same anymore without Pepsi.' Advertisement 'If this isn't a sign of the apocalypse then I don't know what is,' another person posted on X. Others, however, welcomed the change, which began rolling out across Costco warehouses in early July, posting on X that 'Coke is so much better.' The company previously noted that all of its food courts will offer Coca-Cola products by the fall. Costco CEO Ron Vachris said in January the company would be 'converting our food court fountain business back over to Coca-Cola' this summer. The company has offered Pepsi products since 2013. Advertisement 3 Costco's food courts have started switching from Pepsi to Coca-Cola. Getty Images 3 Costco members had mixed reactions to the soda switch. AFP via Getty Images 3 The rollout of Coca-Cola products began in early July. jetcityimage – Food courts are one of the company's many ancillary businesses, which are credited for encouraging members to make trips to the warehouse retailer more often. Advertisement Manhattan-based psychotherapist Jonathan Alpert told FOX Business that this struck a nerve with so many because they saw it as more than a simple soda swap. 'Coke vs. Pepsi has always been a cultural dividing line, like Yankees vs. Red Sox or Apple vs. PC,' he said. 'People attach memories, family traditions, and even a sense of who they are to a brand. So when Costco suddenly took sides, it triggered a reaction far bigger than soda itself.'
Yahoo
16 hours ago
- Yahoo
Officials uphold government decision to levy millions in taxes on Coca-Cola agent — here's what you should know
Officials uphold government decision to levy millions in taxes on Coca-Cola agent — here's what you should know Uganda's Tax Appeals Tribunal has ruled, as of late July, that Coca-Cola's marketing agency in the country, Allied Beverages Limited, must pay the 9.7 billion UGX ($2.7 million U.S.) in value added tax that it seemingly attempted to avoid by classifying its marketing services as exports. What's happening? According to regional outlet ChimpReports, the Uganda Revenue Authority assessed the marketing agency for unpaid taxes related to its activities billed to the Coca-Cola Export Corporation — or TCCEC. The URA claimed that since the services were consumed in Uganda, the company should be subject to the standard VAT rate of 18 percent. While the TCCEC is based in the United States, the Tribunal determined that Allied's promotional activities — such as radio, TV, and billboard ads — benefited Century Bottling Company, a Coca-Cola bottler in Uganda. "Use and consumption of services is a question of fact … All evidence, when looked at in totality, must point to the place of use or purpose of those services being outside Uganda. That was not the case here," the Tribunal stated, per ChimpReports. Allied argued that its services were exports and should qualify as zero-rated for VAT since the contracting party is based in the U.S. Ultimately, the Tribunal sided with the government's revenue collection agency, and, in addition to upholding the tax assessment, ordered Allied to pay 80 percent of the legal fees, according to Food Business Middle East & Africa. Why does this matter? If Allied were successful in avoiding tax payments in Uganda, it would ultimately impact the country's economy, which still faces challenges such as poverty and inequality. And though Allied must pay the value added tax, making things right in the eyes of the government, the situation overall may not reflect well on Coca-Cola's image, which has been under scrutiny for various reasons — including its status as one of the world's worst plastic polluters. The American multinational corporation has taken steps to reduce its plastic use. For instance, a Philadelphia-based bottler switched from plastic rings to paper packaging for Coca-Cola products in 2022. The company has also mounted numerous recycling efforts to reduce plastic litter. Meanwhile, it has been linked to cruel practices by one of its sugar suppliers, which was recently ordered to pay a settlement to hundreds of Cambodian families who were displaced when land was cleared to build a plantation years ago. Should companies be required to help recycle their own products? Definitely No way It depends on the product They should get tax breaks instead Click your choice to see results and speak your mind. Consumers who patronize the brand could see their dollars as helping to perpetuate such practices, with potential humanitarian and environmental impacts. What can consumers do to hold companies accountable? Consumers can hold a lot of power, essentially voting with their buying dollars to support the brands and business practices they believe in. Coca-Cola has made some strides of note in the last several years to become more sustainable and invest in communities around the globe — for instance, by planting trees in Cambodia. But it's always a good idea to watch out for greenwashing from any company, whether it's a major, globally recognized brand or a smaller seller. Doing research on a company's overall environmental track record and looking for credible third-party certifications can help consumers make more informed decisions and ensure they're giving their hard-earned money to companies that deserve it. Join our free newsletter for good news and useful tips, and don't miss this cool list of easy ways to help yourself while helping the the daily Crossword
