Social Security Is Increasing: Here's How Much More You'll Get If You Qualify
Portfolio Pulse from Aaron Bry
Social Security benefits will see a cost of living boost of 3.2% in 2024, raising the average monthly payment to $1,907. The adjustment is aimed at helping retirees cope with higher inflation. The SPDR S&P 500 ETF Trust (SPY) dipped after the Consumer Price Index (CPI) reading came in higher than expected. The cost of living adjustment could benefit brokerages like Charles Schwab Corporation (SCHW) and JPMorgan Chase & Co (JPM) as monthly contributions increase.
October 12, 2023 | 6:31 pm
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POSITIVE IMPACT
The cost of living adjustment could benefit JPMorgan Chase & Co (JPM) as monthly contributions increase.
Increased monthly contributions due to the cost of living adjustment could lead to higher assets under management for banks like JPM, potentially boosting their revenues.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
POSITIVE IMPACT
The cost of living adjustment could benefit Charles Schwab Corporation (SCHW) as monthly contributions increase.
Increased monthly contributions due to the cost of living adjustment could lead to higher assets under management for brokerages like SCHW, potentially boosting their revenues.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 70
NEGATIVE IMPACT
The SPDR S&P 500 ETF Trust (SPY) dipped after the Consumer Price Index (CPI) reading came in higher than expected.
The higher than expected CPI reading indicates persistent inflation, which can negatively impact the overall market and ETFs like SPY.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80