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CNN Live At Daybreak
Social Security Recipients Get 2.1 Percent Raise in 2004
Aired October 17, 2003 - 06:46 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time for a little 'Business Buzz' right now. More money on the way for retirees living on Social Security.
Carrie Lee has more from the Nasdaq market site.
This is interesting.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Well there's some good news to this, Carol, also some bad news. Let me start on the positive note.
Social Security beneficiaries will get a 2.1 percent cost of living increase next year. That means a typical retiree will get an extra 19 bucks a month. Next year's 2.1 percent boost is up from this year's raise of 1.4 percent. The increase begins in January, covering more than 51 million Americans. The average monthly benefit for retirees will rise to $922 from $903. And the average couple receiving benefits, for them the monthly check will jump to $1,523 from $1,492. That's an increase of $31. So this is all part of the good news.
The bad news for most older Americans, much of this increase is going to be wiped out by a 13.5 percent in Medicare premium hikes that also take effect next year. That is the third largest increase, by the way, since Medicare began in 1967. So premiums are going to rise by $7.90 to $66.60. So you take the good with the bad when it comes to Social Security benefits -- Carol.
COSTELLO: Yes, that's just painful -- Carrie.
LEE: It really is. It affects a lot of people. It's certainly something that weighs on the minds of a lot of not only consumers but Congress people as well. It's a big debate going on politically, of course.
COSTELLO: Yes, an enormous (ph) one.
LEE: Quick check on the...
COSTELLO: Go ahead.
LEE: Quick check -- thank you. Quick check on the futures, we are expecting a weaker open now this Friday. We heard from eBay and Sun Microsystems last night after the bell reporting profits. Both stocks moving lower in the after-hours market. eBay saw a nice quarter, profits up 69 percent, sales up 84 percent over last year, but the stock was down 6 percent. Meanwhile, Sun posted a bigger loss than analysts had expected. Sales fell for the 10th straight quarter. Sun shares down about 1 to 2 percent last night, and things looking a little weak for stocks overall.
Back to you.
COSTELLO: All right. Carrie Lee live from the Nadaq market site, many thanks.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Aired October 17, 2003 - 06:46 ET
THIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.
CAROL COSTELLO, CNN ANCHOR: Time for a little 'Business Buzz' right now. More money on the way for retirees living on Social Security.
Carrie Lee has more from the Nasdaq market site.
This is interesting.
CARRIE LEE, CNN FINANCIAL NEWS CORRESPONDENT: Well there's some good news to this, Carol, also some bad news. Let me start on the positive note.
Social Security beneficiaries will get a 2.1 percent cost of living increase next year. That means a typical retiree will get an extra 19 bucks a month. Next year's 2.1 percent boost is up from this year's raise of 1.4 percent. The increase begins in January, covering more than 51 million Americans. The average monthly benefit for retirees will rise to $922 from $903. And the average couple receiving benefits, for them the monthly check will jump to $1,523 from $1,492. That's an increase of $31. So this is all part of the good news.
The bad news for most older Americans, much of this increase is going to be wiped out by a 13.5 percent in Medicare premium hikes that also take effect next year. That is the third largest increase, by the way, since Medicare began in 1967. So premiums are going to rise by $7.90 to $66.60. So you take the good with the bad when it comes to Social Security benefits -- Carol.
COSTELLO: Yes, that's just painful -- Carrie.
LEE: It really is. It affects a lot of people. It's certainly something that weighs on the minds of a lot of not only consumers but Congress people as well. It's a big debate going on politically, of course.
COSTELLO: Yes, an enormous (ph) one.
LEE: Quick check on the...
COSTELLO: Go ahead.
LEE: Quick check -- thank you. Quick check on the futures, we are expecting a weaker open now this Friday. We heard from eBay and Sun Microsystems last night after the bell reporting profits. Both stocks moving lower in the after-hours market. eBay saw a nice quarter, profits up 69 percent, sales up 84 percent over last year, but the stock was down 6 percent. Meanwhile, Sun posted a bigger loss than analysts had expected. Sales fell for the 10th straight quarter. Sun shares down about 1 to 2 percent last night, and things looking a little weak for stocks overall.
Back to you.
COSTELLO: All right. Carrie Lee live from the Nadaq market site, many thanks.
TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
