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close video Economic expert encourages you ‘wait’ to redeem Social Security benefits

Barron’s managing editor Kristen Bellstrom reacts to younger generations preparing for the prospect of less Social Security benefits.

Social Security recipients will soon start receiving a record-high increase to their benefits, with the first larger payment set to be delivered to recipients this week.

The increase, known as a cost-of-living adjustment (COLA), is the largest since 1981, when recipients saw an 11.2% jump. This year's 8.7% increase will boost the average monthly benefit by about $140 to $1,827 a month. That compares with the typical benefit of $1,681 in 2022.

The payments are scheduled to begin on Wednesday for recipients born between the first and 10th of a month, according to the Social Security Administration. The second wave of payments will go out on the second Wednesday of the month, followed by the third and final round on the fourth Wednesday of the month. 

More than 66 million Americans collecting Social Security will receive the bigger payments.

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The higher payments came in response to the hottest inflation in four decades: Prices paid by U.S. consumers hovered around a four-decade high from August through October, the time period in which the COLA is calculated.

"A Social Security cost-of-living-adjustment of 8.7% is rare – enjoy it now," said Mary Johnson, a policy analyst at the Senior Citizens League. "This may be the first and possibly the last time that beneficiaries today receive a COLA this high."

Still, the decades-high benefit increase is not always good news for recipients, according to Johnson. 

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Higher Social Security payments are a bit of a Catch-22. They can reduce eligibility for low-income safety net programs like food stamps and can push people into higher tax brackets. More significant payments, essentially, do not necessarily result in more money in people's pockets.

In this photo illustration, a Social Security card sits alongside checks from the U.S. Treasury on October 14, 2021 in Washington, DC. ((Photo illustration by Kevin Dietsch/Getty Images) / Getty Images)

Benefits in 2022 jumped by 5.9%, which amounted to an average monthly increase of $92 for retired Americans, bringing the total amount to $1,657, the Social Security Administration announced last year. 

Soaring inflation has already eroded the entirety of the increase, however, with recipients losing 46% of their buying power – or about $508 – every month for the year, according to calculations by the Senior Citizens League. 

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What's more, the unusually large COLA could move the Social Security insolvency date forward by more quickly depleting the funds. 

The average monthly benefit would have to increase by $417.60 for retirees to maintain the same level of purchasing power as in 2000. 

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Hollyoaks star Paul Danan dies aged 46

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Hollyoaks star Paul Danan dies aged 46

Hollyoaks star Paul Danan has died at the age of 46.

He played bad boy Sol Patrick in the Channel 4 soap Hollyoaks in the late 1990s and early 2000s.

He later appeared on the celebrity versions of Love Island and Big Brother.

Announcing his death, Danan’s management said in a statement: “It is with heavy hearts that we share the tragic news of the passing of @pauldanan at just 46 years old.

“Known for his television presence, exceptional talent, and unwavering kindness, Paul was a beacon of light to so many.

“His untimely departure will leave irreplaceable voids in the lives of all who knew him.

“During this difficult time, we kindly request respect and privacy for Paul’s family, friends, and colleagues. No further comments will be made at this time.”

Danan’s last post on his official Instagram page was a short video audition for the Shakespeare play Twelfth Night, in which he was reading for the role of Orsino. He posted it one week ago, commenting on how “beautiful and exhilarating it is” to get stuck into new work.

DJ Fat Tony was one of the first to pay tribute, calling him “one of the sweetest men,” saying Danan’s death at such a young age “hurts so bad”.

The actor, who trained at Italia Conti drama school, regularly called for his return to Hollyoaks.

He later began the podcast The Morning After With Paul Danan, which lasted from 2019 until 2023.

Danan had appeared twice as a contestant on Celebrity Love Island in 2005 and 2006, but did not win either series.

Paul Danan during his appearance on Celebrity Big Brother in 2017
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Danan during his appearance on Celebrity Big Brother in 2017

In 2017, he took part in Channel 5’s Celebrity Big Brother, where he was evicted early. He said at the time he hoped the series would give him a “second chance” at his career.

He’d also appeared on shows including E4’s Celebrity Coach Trip, and Channel 4 sketch comedy programme The Kevin Bishop Show.

He also had a role on CBBC show The Queen’s Nose, playing Melody’s agent Max.

Danan had spoken openly about his issues with substance abuse and poor mental health, and told The Sun a relapse over lockdown had left him homeless.

He went on to set up a theatre company called Morning After Drama in Bristol, offering free workshops to vulnerable groups.

Danan had also planned to set up a linked charity, The Other Side Of Morning CIC to offer community projects around the country. He had shared news about the charity on TikTok in late December.

Danan leaves behind his nine-year old son, Deniro.

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McDavid passes Kurri for 2nd on Oilers’ points list

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McDavid passes Kurri for 2nd on Oilers' points list

ST. PAUL, Minn. — Connor McDavid continues setting records and moving up scoring lists.

McDavid had two goals and an assist in the Edmonton Oilers‘ 5-3 win against the Minnesota Wild on Wednesday night, passing Jari Kurri for second all time in points in Edmonton history. McDavid, a three-time Hart Trophy winner for league MVP and five-time scoring champion, now has 1,044 points in his 10-year career and trails only Wayne Gretzky on the franchise list.

Kurri had 1,043 points in his 10 years with the Oilers, playing on a line with Gretzky for much of it. Gretzky, the NHL’s all-time leading scorer, had 1,669 points in nine seasons in Edmonton.

“Quite a remarkable feat,” Oilers coach Kris Knoblauch said. “For him to go up the scoring list as quickly as he has, and within an organization that has had so many significant players. I’ve seen so many remarkable things from him. He’s a tremendous player and great teammate. I said I wouldn’t be surprised anymore just because he surprises you so often over these years, but it’s a nice feat for him and the guys are very proud of him.”

McDavid’s second goal was of the highlight variety. He shot the puck from a tough angle, lifting it over Minnesota goalie Filip Gustavsson without much room.

McDavid didn’t speak to reporters after the game. He was involved in a collision with Minnesota forward Marcus Johansson in the second period in which McDavid’s elbow hit Johansson in the face. There was no penalty called, but it drew the ire of the Wild.

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Injured Caps goalie Lindgren returns to practice

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Injured Caps goalie Lindgren returns to practice

Washington Capitals goaltender Charlie Lindgren practiced with the team on Wednesday for the first time since his upper-body injury on Friday.

He will travel with the team to Ottawa but is still on injured reserve and isn’t eligible to play in Thursday’s game against the Senators. Lindgren, 31, can be activated on Saturday, when Washington hosts the Pittsburgh Penguins.

“Not quite ready with being on the IR and that, but another positive step being on the ice today,” Capitals coach Spencer Carbery said.

Lindgren took a hit to the head and left the Capitals’ home game against the Montreal Canadiens on Friday. In the first minute of the second period, he was struck in the side of the head by Montreal’s Nick Suzuki, who was checked into the goalie by Brandon Duhaime. The game resumed, but Lindgren was pulled approximately two minutes later, and the Canadiens went on to win 3-2 in overtime.

Lindgren is 10-8-2 with a 2.65 goals-against average and .900 save percentage in 21 starts.

He has a career record of 63-47-14 with a .277 GAA and .907 save percentage in 131 regular-season games (123 starts) for the Montreal Canadiens (2015-20), St. Louis Blues (2021-22) and Capitals.

Washington forward Sonny Milano participated in his first full practice since sustaining an upper-body injury on Nov. 6 against the Nashville Predators. Milano, 28, wore a non-contact jersey as he continues his recovery. Milano has played in three games this season.

He has 137 career points (62 goals, 75 assists) in 313 games with the Columbus Blue Jackets (2015-20), Anaheim Ducks (2020-22) and Capitals.

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