Business and Finance
Social Security’s COLA forecast for 2025 looks bleak for retirees
Retirees are eligible for a cost-of-living adjustment, or COLA, however the profit could shrink, in accordance with preliminary forecasts by economists. Economic instability also adds to their concerns on this appearance-driven economy driven by greed inflation.
Estimated drop to 2.6% from 3.2% (this yr’s COLA) is forecast for 2025, although the COLA shall be finalized after the third quarter. Due to always rising inflation and the spending of emergency savings funds, 71% of retirees feel financially unstable.
“The confidence that both workers and retirees have in their ability to fund their retirement in 2023 has declined significantly,” said Craig Copeland, EBRI’s director of wealth advantages. “The last time confidence fell on this scale was in 2008, during the global financial crisis.”
Additionally, 58% of retirees were cutting back on unnecessary spending on account of economic uncertainty and rising costs of products and supplies.
The Motley Fool explained how COLA is calculated.
“Social Security Cost of Living Adjustments (COLA) are based on the common inflation rate through the third quarter, the three-month period covering July, August and September. Interestingly, COLA is calculated using the Consumer Price Index for Urban Wage and Office Workers (CPI-W), a subset of the better-known CPI-U“
It is significant to notice that the 2023 COLA was noteworthy 8.7%.
As retirees feel the pressure of rising prices, many are resorting to returning to work – even part-time – to earn more money. Fifty-seven percent of black households they’re financially broken, and older Blacks are more likely than whites and other ethnic and racial populations to return to physically demanding jobs.
Not only is COLA a priority, but an alarming study also revealed that Black people may not even have access to retirement advantages like their white counterparts.
A study by the Economic Policy Institute found that “Only 57% of older employees (ages 55-64) and 53% of prime-age employees (ages 25-54) take part in employer-provided retirement plans, and the proportion this drops to 25% for employees aged 65 and over. “Lack of access is the biggest factor in reducing employee participation in retirement plans.”
Business and Finance
Mary’s Pizza Shack Files for Bankruptcy Protection
A California pizza chain has filed for bankruptcy protection, nevertheless it’s not closing its doors. Mary’s Pizza Shack has been operating for 65 years, but notified its customers that the corporate had filed for bankruptcy.
The company assures customers that each one restaurants will remain open and won’t close within the near future.
Business and Finance
Boston’s Liquor License Law Will Benefit Black-Owned Restaurants
The City of Boston is on a mission to pass laws that Change the landscape of Black-owned restaurants in Black and Brown communities with a brand new liquor licensing law.
The bill, first introduced in April 2023, officially passed each chambers of the state House in late July. But since the bill has two different versions, its fate remains to be uncertain. Royal Smith, a member of the Boston Black Hospitality Coalition who’s pushing for the bill to turn into law, also operates District 7 Tavern in town’s Roxbury neighborhood. The Baystate Banner reports that he’s optimistic that lawmakers will do the proper thing by officially allowing restaurants to obtain a license to sell alcohol.
“I’m excited to see what form this takes,” he said. “It’s really, really going to grow the city. It’s going to provide neighborhoods that people want to walk to.”
Still, Smith is waiting for official approval from Gov. Maura Healey. If the Massachusetts governor signs the liquor license bill, “five restaurateurs in each of 13 predominantly Black and Brown ZIP codes each year for three years” in town could be eligible to get latest liquor licenses for his or her businesses. If the bill passes, about 200 latest liquor licenses could be available for establishments in those parts of town.
The following ZIP codes are affected: Charlestown, Dorchester, East Boston, Hyde Park, Jamaica Plain, Mattapan, Roslindale, Roxbury, South End and West Roxbury.
“No matter where you live in the city, you should be able to go downstairs or up the block and have a good meal and a drink if you want to,” said state Sen. Liz Miranda, the bill’s sponsor within the Senate. She also represents Suffolk’s 2nd District, which incorporates parts of nine ZIP codes that will be affected by the laws.
“It’s about dreams becoming reality and about economic equality, racial equality, geographic equality,” she continued. “I think sometimes people get stuck on the word alcohol, and if you don’t like alcohol, you think that’s going to cause a lot of problems in our community, but it doesn’t.”
The neighborhoods in query have seen a decline in access to sit-down restaurants. Business owners are finding it difficult to remain in business without the advantage of alcohol sales.
They are unable to take care of transferable alcohol licenses, which cost roughly $600,000 on the secondary market.
For Smith, crucial thing is bringing more opportunities to Black and Brown neighborhoods across Boston, which is home to 2.1 times more white residents than every other race or ethnicity, in accordance with the 2022 Census report.
“There will be more options in Boston beyond Irish bars,” Smith said. “We want to make sure that for everyone who is affected by this bill, we’re not just opening up and then closing down. We want sustainability.”
He added: “If we do this right, it will ultimately change the Boston skyline.”
Business and Finance
Bevel Announces $25K Business Grant to Double Dutch Aerobics Classes
Bevel, a Black-owned Atlanta-based personal care brand, has announced that he has presented Double Dutch Aerobics with $25,000 Business Grant.
Bevel was the official skincare partner of the 4th annual Invest Fest, held August 23-25 in Atlanta on the Georgia World Conference Center. The company’s CEO, Damon Frost, announced grant in a recent episode of the Market Monday podcast. Double Dutch Aerobicsalso based in Atlanta, was amongst greater than 300 vendors to take part in the annual festival and was chosen to receive a grant from Bevel.
The company was founded by Michelle Clark, Double Dutch World Champion, and Sean Clark, a Master Double Dutch aerobics instructor.
“At Bevel, we are committed to serving our customers with product solutions that meet their unique care needs, as well as charitable initiatives that we believe make a real difference in the community,” said Breann Davis, Bevel’s marketing leader, in a written statement. “We are grateful to Rashad, Troy and the entire Invest team for giving us the opportunity to partner with incredible companies like Double Dutch Aerobics and support the next generation of entrepreneurs who share our commitment to giving back to the community.”
The Clarks, originally from Brooklyn, New York, are a husband and wife team that owns the world’s first Double Dutch aerobics studio. They offer classes for each adults and kids. Certified DDA instructors have traveled the country, taking Double Dutch Aerobics to over 30 cities. During his travels, have successfully taught over 100,000 children and adults how to jump Double Dutch method.
Bevel was founded in 2013 by Tristan Walker and the corporate has revolutionized the standards expected within the grooming industry. Their products are created with the needs of Black and Brown men in mind, with products spanning the spectrum of hair, beard, shaving, skin and body care.
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