Those same workers will be the ones who will either receive only a fraction of what today’s Social Security beneficiaries receive, or they will pay substantially more in taxes throughout their lifetimes.Īccording to the Social Security trustees, maintaining current benefit levels would require an immediate payroll-tax increase from 12.4% to 15.8%, which would translate into an extra $2,400 in Social Security taxes per year and $11,200 in total Social Security taxes for the median household with $70,800 in earnings. Despite earning almost $3,800 more per year since January 2021, the average worker is $3,000 poorer after inflation’s eaten away $6,800 of value from their paycheck. Seniors are struggling from the effects of inflation, and many of them lack the ability to work, which makes Social Security’s COLA especially important for them.īut while a portion of retirees’ benefits are held harmless from inflation, workers can’t escape rising costs. When Social Security runs out of money, retirees won’t receive a $1,750 benefit increase-the average benefit boost for a retired worker in 2023-but instead will be subject to a $5,040 benefit cut. Paying out COLAs that exceed workers’ wage gains (and Social Security’s payroll-tax revenues) will cause Social Security’s trust fund to run dry sooner, subjecting more people to benefit cuts, and beginning at an earlier date.
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Absent reform, that means that anyone who is 55 or younger today won’t receive a single full Social Security benefit.
Social Security is funded by current workers’ payroll taxes, but since the average worker’s wages increased only 4.1% over the past year, that means Social Security’s revenues have increased at less than half the rate of its newly announced expenditure increase.Īdd in the fact that there are 2.8 million fewer people working today compared with the pre-pandemic employment-to-population ratio, and Social Security’s revenues are almost certainly below trend while its costs are above trend.Įven before this large COLA increase, Social Security was projected to run out of money to pay scheduled benefits in 2034. That’s good news for seniors today who-like all other Americans-are struggling with rising costs, but it comes at the expense of a diminished Social Security system for current and future retirees. Best of all, the Novoria allows you the option to bespoke, an ideal feature if you and your partner prefer different levels of support.The Social Security Administration announced Thursday that beneficiaries will receive an 8.7% cost-of-living adjustment next year. Its motors are also environmentally friendly and EcoDesign Directive certified, using a mere half watt of power on standby. These springs also provide a reliable hold for the body when the bed is in an upright position.Ī wireless remote lets you easily adjust the Hästens Novoria to your preferred position. Together, these materials not only create a supremely comfortable bed, they also allow you to change positions with virtually no disturbance, practically guaranteeing your partner sleeps undisturbed.Ī pair of spring systems in the Hästens Novoria create an optimum level of support to help align the body during sleep. Hästens Novoria uses all-natural horsehair, cotton, wool, and flax to create rich, breathable layers for maximum pliability and static reduction. Collectively, these qualities create a synthesis of firmness that’s slightly above that of the Lenoria, Hästens other adjustable bed.
Handcrafted with the same level of softness, support, and pliability as the continental range of Hästens beds, the Novoria stands out with its effortless adjustability and the astute attention to subtle details like the elaborate mattress piping. Modernism exudes throughout the adjustable Hästens Novoria bed.
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