Who Is Right?
Jill on Money with Jill Schlesinger
Audacy
4.6 • 1.9K Ratings
🗓️ 14 October 2022
⏱️ 19 minutes
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Summary
Who is right about whether I'm on track for retirement, my fee-based financial advisor or my Schwab CFP provided free by my work?
Have a money question? Email us, ask jill [at] jill on money dot com.
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"Jill on Money" theme music is by Joel Goodman, www.joelgoodman.com.
Transcript
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| 0:00.0 | Welcome. Welcome. It's the Jill on Money Show. It's Friday, October 14th. And we got our inflation |
| 0:10.3 | data out yesterday. And it was sort of expected and sort of not expected. So the September CPI |
| 0:18.1 | came in at 8.2%. That's the headline rate down a tick from the annual pace from August. |
| 0:26.2 | Remember we peaked at 9.1% on the headline rate in June. But here was the unexpected and the |
| 0:34.4 | the rough news. The core rate which pulls out food and energy accelerated by 6.6% from a year ago, |
| 0:44.3 | that is the biggest increase since August of 1982. So what does this mean? It means what you |
| 0:52.0 | already know? Prices are high. And they will continue to be high. And we are not going to see |
| 0:58.8 | this inflation may come down anytime soon. I think it's also important that even as the supply |
| 1:04.4 | chain issues start to get ironed out, we're seeing the services side really accelerate. I was reading |
| 1:10.8 | my friend Heather Long released a tweet right after the report and she said that the services |
| 1:17.0 | inflation rate annually is actually at a 7.4% from a year ago. That's the most since 1982. |
| 1:26.8 | All right. Any good news? Yeah. Well, if you are receiving Social Security benefits, you're |
| 1:33.2 | getting a raise next year. The cost of living adjustment for the 70 million recipients of |
| 1:40.4 | Social Security. That's about 52 million seniors. And I'm almost 18 million survivors and those |
| 1:46.6 | who receive Social Security disability, you are getting a raise, cola increasing by 8.7% starting |
| 1:55.2 | in January of next year. That's the highest amount in 40 years. I think the record for cola was |
| 2:01.8 | well, maybe not the record, but I think the cola, the biggest cola we may have seen most recently, |
| 2:06.8 | 1981, 11.2%. All right. What does this mean? The Social Security administration says that your |
| 2:14.5 | benefits are going to increase on average by $140 a month and also some good news because |
| 2:21.9 | Medicare Part B premiums are coming in lower as are deductibles. That means that a lot of you |
| 2:31.7 | are going to actually be in good financial, not good, better financial positions next year. |
| 2:38.4 | All right. I'll take a little bit of good news. There ain't a lot in this. |
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