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
New Orleans’ black business district is marked by history
New Orleans has given a historic monument to a Black business district closed for interstate construction.
The marker was a project fulfilled by in response to the initiative of Plessy and Ferguson. Founded by descendants of men involved within the Plessy v. Ferguson case that legalized segregation within the United States, the organization worked with other community groups to put a marker under the Claiborne Viaduct.
Before the upheaval, Black New Orleanians could find stores owned by other members of their community on Claiborne Avenue. Racial discrimination originally limited the power to buy on the famous Canal Street. Given this, blacks as an alternative flocked to the realm to purchase every little thing from groceries to funeral arrangements.
This mall was home to many Black-owned businesses, and emerging and established entrepreneurs had arrange shop for generations. Consisting of pharmacies, theaters, studios and more, it helped maintain a vibrant black culture in the realm. It reigned because the most important street of Black New Orleans from the 1830s to the Seventies.
The street once featured a picturesque cover of oak trees surrounding bustling businesses. However, its decline began with the expansion of roads within the southern state. The first casualty was the oak trees that were cut all the way down to make way for the development of Interstate 10, and shortly thereafter, the district’s thriving entrepreneurs suffered an identical fate.
Many residents do not forget that they didn’t know in regards to the upcoming investment until the trees began falling. Raynard Sanders, a historian and executive director of the Claiborne Avenue History Project, remembered the “devastation” felt by the community.
“It was devastation for those of us who were here,” Sanders told the news outlet. “I was walking to school and they were cutting down oak trees. We had no warning.”
Despite its eventual decline, the district stays an integral a part of Black New Orleans entrepreneurship. Now the town will physically resemble a historic center where Black business owners could thrive. They celebrated the revealing of the statue in true New Orleans style with a second line that danced down Claiborne Avenue.
“The significance of this sign is to commemorate the businesses, beautiful trees and beautiful people that thrived in this area before the bridge was built, and to save the people who still stand proud and gather under the bridge,” also said Keith Plessy, a descendant of Homer Plessy’ ego.
The growth of local black businesses continues. Patrons and owners alike hope to evoke the spirit of Claiborne’s original entrepreneurs, empowering the community.
Business and Finance
Flau’jae Johnson joins an unrivaled basketball league with NIL deal
Louisiana State University women’s basketball player Flau’jae Johnson recently announced that she is an ambassador for the upcoming women’s skilled basketball league, Unrivaled.
After signing a NIL (name, image and likeness) agreement with the emerging sports league, Johnson is the second college athlete to sign with Unrivaled. In August, the league signed Paige Bueckers, who plays for the University of Connecticut (UConn). Johnson joins former teammate Angel Reese, who signed with the league earlier this 12 months. The college junior posted about joining the league on her social media platform.
“The future is second to none. I’m excited to join the Unrivaled team as an NIL Ambassador 👑💜4️⃣.”
Johnson’s deal with NIL features a stake in Unrivaled, providing potentially greater financial success beyond her athletic prowess.
She talked to her concerning the deal means for her and her future.
“I think the most important thing is equity, just being able to invest in something like this,” Johnson said. “And for me, the opportunity to leverage my brand and create business opportunities. This is what the NIL space is all about. When you’re at NIL, you literally have a short window where everyone wants you to be a part of (something), so really leverage it into something that’s going to last for a long time. This will be in my business portfolio and allow me to raise capital in the future, it’s a really big deal.”
Unrivaled is a brand new women’s basketball league founded by Minnesota Lynx forward Napheesa Collier and New York Freedom forward Breanna Stewart last 12 months in July. The league is scheduled to begin on January 17, 2025. It is a 3-on-3 format that already pays players higher salaries than the WNBA. The ladies founded the league to permit players to earn money within the off-season by playing basketball without having to travel abroad to accomplish that.
“In leagues like this, women don’t have to go overseas anymore,” Johnson said. “Now they may stay home, play in Miami where the sky is gorgeous and collect their paycheck. I feel it is very vital what they do – they really change the sport. Being someone who can be within the WNBA soon and having an alternative choice is big.
Business and Finance
Black business leaders return to New York for ReSURGEnce 2024
Business leaders, clergy, government officials and aspiring entrepreneurs gathered in New York City last month for a “big slice of the economic pie” at ReSURGEnce 2024, a transformative event designed to shine a highlight on black business in America and all over the world. world.
Over the course of three days, participants were equipped with resources to grow to be successful entrepreneurs of their communities and immersed themselves in conversations focused on closing the Black wealth gap and growing Black businesses. The November ReSURGEnce conference featured panels, keynotes and breakout sessions led by black business pioneers from New York to Africa, according to a press release.
“The reSURGEnce conference will equip attendees with the tools they need to participate in a rapidly changing economy,” said the Rev. Dennis Dillon, lead organizer of the ReSURGEnce conference. The event was designed to provide emerging entrepreneurs with networking opportunities and methods to access funding to scale their businesses, do business with government agencies and corporations, construct wealth through real estate and homeownership, and more. Additionally, guests were educated on how to run a business within the renewable energy and green economy sectors.
Dillon, the book’s publisher, said that as recent technological advancements emerge and the world evolves right into a recent wave of economic globalization, the Black community continues to be left behind. Ahead of the conference, The New York Christian Times published its “2024 State of the Black World Economic Report,” which revealed how far behind Black Americans remain in every area of the economy compared to their white counterparts. A report written by Dillon found that although blacks make up over 19% of New York’s population, only 9% constitute the purchasing power within the state. Dillon hopes conference attendees will use the resources and education to grow their businesses and further educate their communities in order that Black people all over the world can “reap the benefits of economic globalization just like their counterparts do.”
ReSURGEnce 2024 also celebrated the Black Church and discussed strategies to empower communities all over the world. The official website of the initiative states that the event is a chance for leaders and entrepreneurs discuss ways to strengthen the economic health of the Black communitycreate jobs and permanently close the racial wealth gap.
This yr’s conference, which featured the Durban Global Roundtable and Investment Forum, returned to Queens, New York from November 22-24.
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