The economy is improving overall, but many Americans are still struggling with high costs of living, including food, gas, housing, and healthcare. This is partly due to corporations raising prices without decreasing their profits. President Biden acknowledges this and suggests grocery store CEOs could lower prices on essential items without sacrificing profits. The report emphasizes the role corporations have in driving up prices, but also recognizes that external factors like supply chain issues and geopolitical events contribute to inflation.
In the coming years, a large number of baby boomers will turn 65, prompting important decisions about Medicare and Social Security. When to enroll in Medicare's hospital and medical coverage and when to claim Social Security benefits are crucial choices with significant financial implications. Medicare Advantage offers additional benefits but may come with trade-offs compared to traditional Medicare. Social Security benefits are reduced for early claims before full retirement age, and increased for delays in claiming up to age 70.
