Latest news with #benefits
Yahoo
an hour ago
- Business
- Yahoo
11 States That Dominate Social Security Benefits
You've probably heard of the Million Miler Club for airline travel. Meet the Million Household Club for Social Security. Check Out: Learn More: Eleven states have more than a million households receiving Social Security benefits, according to the latest data from the Social Security Administration. Those 11 states account for 57% of all of the households receiving Social Security benefits in the nation. While overall population certainly factors into these rankings, the list of most populous states isn't an exact match with the list of states with the most households receiving benefits. That's because the percentages of households receiving benefits vary widely from state to state. For example, the state with the largest number of households receiving help — California — actually has the fourth-lowest percentage of households receiving help (28.1%). Smaller West Virginia has by far the highest percentage of households receiving Social Security (41.2%). But that amounts to only about 300,000 households, only the 35th highest total among the 50 states. Here's a countdown of the Million Household Club, from the least amount of Social Security households to the most. We've also included each state's percentage of households receiving benefits, the average amount received and the annual cost of living. Also see the states that need Social Security the most. Number of households with Social Security income: 3,779,490 % of households with Social Security income: 28.1% Average Social Security income (annual): $23,022 Annual cost of living: $85,413 California's roughly 3.8 million households receiving benefits is more than 600,000 higher than the next highest state, Florida. The Golden State's average single-family home value ($809,893) is second only to Hawaii ($985,731) among the 50 states. Find Out: Also See: Number of households with Social Security income: 3,139,979 % of households with Social Security income: 36.7% Average Social Security income (annual): $24,048 Annual cost of living: $52,244 Known for its large numbers of retirees, Florida is actually second in the nation for percentage of residents age 65 and up. The Sunshine State's figure of 21.1% trails Maine (21.9%). Of Florida's 65+ population, 11.4% live below the poverty line. Florida also has the highest percentage of residents receiving benefits in this list (36.7%). See More: Number of households with Social Security income: 1,170,920 % of households with Social Security income: 29.2% Average Social Security income (annual): $22,934 Annual cost of living: $46,146 Less than 15% of Georgia residents are age 65 or older — the fourth-lowest total in the nation. The Peach State ranks in the middle of the pack for annual median household income (25th, $75,000) and average single-family home value (27th, $331,000). Number of households with Social Security income: 1,453,430 % of households with Social Security income: 29.1% Average Social Security income (annual): $23,429 Annual cost of living: $42,795 The Prairie State has the seventh-highest number of households receiving Social Security benefits. Nearly 10% of Illinois residents age 65 and up live below the poverty line. Number of households with Social Security income: 1,402,046 % of households with Social Security income: 34.7% Average Social Security income (annual): $24,503 Annual cost of living: $39,532 The nation's 10th-most populous state, Michigan ranks 12th lowest in annual cost of living. It ranks 15th in percentage of households receiving Social Security benefits (34.7%). Also Explore: Number of households with Social Security income: 1,085,771 % of households with Social Security income: 31.2% Average Social Security income (annual): $25,318 Annual cost of living: $64,532 New Jersey has the third-highest household median income in the nation ($101,050). Its annual cost-of-living ($64,532) is the country's fifth-highest. About 10% of the state's residents age 65 and older live below the poverty line. Number of households with Social Security income: 2,445,342 % of households with Social Security income: 31.9% Average Social Security income (annual): $23,330 Annual cost of living: $57,166 New York's average annual cost of living (about $57,000) is only the 13th highest in the nation. It depends on which part of the state you live in, of course, with average living costs in Upstate New York only a small fraction of costs in New York City. Number of households with Social Security income: 1,343,673 % of households with Social Security income: 32.1% Average Social Security income (annual): $23,610 Annual cost of living: $46,728 Roughly 17% of North Carolina's 10.6 million residents are age 65 or older. Of that group, a little more than 10 percent live below the poverty line. North Carolina ranks 37th in the country for annual household median income ($70,000). Find More: Number of households with Social Security income: 1,538,984 % of households with Social Security income: 31.9% Average Social Security income (annual): $22,438 Annual cost of living: $39,178 Ohio offers the 10th lowest average annual cost of living in the United States ($39,178). The Buckeye State is middle-of-the-pack when it comes to percentage of residents age 65 and up beneath the poverty line — its figure of 9.5% ranks 24th. Number of households with Social Security income: 1,829,023 % of households with Social Security income: 34.9% Average Social Security income (annual): $23,989 Annual cost of living: $42,196 The Keystone State has the ninth-highest percentage of residents age 65 and up (19.1%). About 9% of those residents find themselves below the poverty line. Number of households with Social Security income: 2,720,364 % of households with Social Security income: 25.3% Average Social Security income (annual): $22,536 Annual cost of living: $43,956 Texas has the fifth-highest percentage of 65-and-up residents living below the poverty line in the nation (11.7%). The Lone Star State's 3.9 million residents age 65+ is third in the U.S., trailing only California and Florida. Methodology: For this study, GOBanking Rates identified each state's total population, population age 65 and over, total households, household median income, households that receive Social Security income, the average Income for households that receive Social Security income, and the percentage of people aged 65 and over who are below the poverty line (all sourced from the U.S. Census 2023 5-year American Community Survey). Cost-of-living indexes were sourced from Sperling's BestPlaces. Using average expenditures for people age 65 and over as sourced from the Bureau of Labor Statistics Consumer Expenditure Survey, the average expenditure cost was calculated. The average single-family home value was sourced from the Zillow Home Value Index. By assuming a 10% down payment and using the national average 30-year fixed mortgage rate as sourced from the Federal Reserve Economic Data, the average mortgage cost was calculated. Using the average mortgage and average expenditure costs, the average total monthly and annual cost of living was calculated. All data was collected on and is up to date as of May 15, 2025. More From GOBankingRates The 5 Car Brands Named the Least Reliable of 2025 This article originally appeared on 11 States That Dominate Social Security Benefits Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
BBC News
2 hours ago
- Business
- BBC News
Plans to remove £10k benefit from self-employed on Isle of Man
Plans have been put forward to strip self-employed people of benefits worth £10,000 on average from Isle of Man Treasury said about 50 people would be affected by the proposed change in eligibility for Employed Person's Allowance (EPA).The payments income-related social security payments are made to families and disabled workers with calculations based on a minimum number of hours worked.A Treasury spokesman said some claimants may not be declaring the "full extent of their income" which presented a "significant risk" of them being over paid. EPA payments rely on claimants reporting profits, which were "often unverifiable due to cash-based income and untracked hours", he the 950 claiming the benefit in December last year, 52 were self-employed, with payments to that group totalling £500,000 last occupations of claimants included a childminder, a children's entertainer, a handyman and home baker. Treasury Minister Alex Allinson said having "considered a number of options" it had been "concluded that EPA is not appropriate for the primarily self-employed"."Officers were unable to verify the income or hours worked by claimants and around 40% report earnings below the minimum wage, which raises questions about the sustainability of such businesses," he said the government was "committed" to providing financial support to workers "in genuine need", while making sure payments were "targeted, secure and reliable", he will be asked to support the changes at the July sitting of Tynwald. Read more stories from the Isle of Man on the BBC, watch BBC North West Tonight on BBC iPlayer and follow BBC Isle of Man on Facebook and X.
Yahoo
5 hours ago
- Politics
- Yahoo
Ministers step up efforts to quell growing rebellion over UK welfare bill
The government is intensifying efforts to quell a growing rebellion over welfare cuts, with whips stepping up contact with MPs and strategists drawing up plans for a cabinet reshuffle in case of resignations. Ministers are taking a carrot-and-stick approach by laying out extra support for people who face losing their benefits, while also warning mutinous MPs of the consequences of voting against the plans. Several MPs said that whips were strengthening efforts to bring them into line after Liz Kendall, the work and pensions secretary, sought to ease concerns by promising extra protections for vulnerable people. Some MPs say there have been suggestions that the vote on cuts could be treated as a confidence issue, with those rebelling facing suspension from the whip or even deselection. No 10 and government sources strongly denied this. A senior government source said plans were being drawn up for new ministerial appointments in case any frontbenchers resign to vote against the cuts. No 10 is said to be keen on rewarding new MPs who have made an impression since the general election a year ago. The government plans to introduce a bill next week that will contain its welfare changes – including controversial cuts to disability benefits. Government figures say that concessions by Kendall this week have won over some would-be rebels. The Guardian reported Kendall would put 'non-negotiable' protections for the most vulnerable benefits recipients in the legislation. Under the changes, people with less than 12 months to live and those with lifelong conditions would automatically get a higher rate of universal credit and would be exempt from reassessments, which usually take place every three years. Meanwhile, hundreds of thousands of people who will no longer qualify for personal independence payments (Pip) under the changes will continue to receive payments for 13 weeks, instead of the usual four. But some MPs are unmoved by the changes. One senior Labour backbencher said: 'This so-called olive branch is completely meaningless and won't have persuaded a single Labour MP, many of whom are really concerned for the impact on disabled people in their constituencies. These reforms were rushed through with no proper impact assessment and the government has to go back to the drawing board.' The government's proposed cuts to Pip, a benefit intended to help disabled people with their quality of life and unconnected to employment, have caused uproar in the parliamentary Labour party. About 170 Labour MPs are said to have communicated their concerns to the government. Government sources say the number of prospective rebels has fallen as a result of Kendall's concessions as well as ministers' openness to scrapping the two-child benefit cap and the Conservatives' decision to vote against the bill. Under the proposed changes, claimants would qualify for Pip only if they score a minimum of four points on a single daily living activity. Assessments score from 0 to 12 the difficulty that claimants face in a range of living activities such as preparing and eating food, communicating, washing and getting dressed. More than 370,000 people stand to lose their payments, while another 430,000 who would have qualified would no longer be eligible. On average these people will lose £4,500 a year. The government has argued the welfare system needs dramatic reform, with 1,000 new people a day making claims. Even with the cuts, Pip payments will continue to rise: an extra 750,000 people will receive payments by the end of this parliament.
Yahoo
5 hours ago
- Business
- Yahoo
Government officials brace for up to 50 Labour MPs rebelling against welfare bill
Government officials have admitted they made a mistake by making the financial case for cutting benefits as they steel themselves for as many as 50 Labour MPs rebelling against the welfare bill that is being published on Wednesday. Sources told the Guardian that they now believed the party should have focused on the moral case for reforming the welfare system, arguing that it was letting down millions of people who could be supported into work. Labour insiders believe they could have kept more MPs on side if they had not highlighted the £5bn savings the Treasury would make as a result of the cuts to health and disability benefits that have so angered the party. At the time of the spring statement, ministers said there were two justifications for the move: one was to get people off benefits in the long term, but the justification for the immediate cut to incapacity benefit was to make sure the system remained financially sustainable. Rachel Reeves told MPs: 'These plans mean that welfare spending as a share of GDP will fall between 2026-27 and the end of the forecast period. We are reforming our welfare system, making it more sustainable, protecting the most vulnerable and supporting more people back into secure work lifting them out of poverty.' Labour MPs are demanding big changes to the proposals first put forward in March in the welfare green paper, including a rethink on eligibility for personal independence payments (Pip) for disabled people and benefits for carers. Kendall's plans to save £5bn a year by overhauling the welfare system, including by cutting Pip, triggered alarm in the party, with experts saying that up to 1.2 million people with disabilities are expected to lose thousands of pounds a year. Nevertheless, the government is not expected to make any further changes to the welfare bill after it is published. 'The £5bn is already spent,' said one senior government source. 'Any further tweaks to the bill including on start dates or on criteria or tapering would mean that we start to spend money we don't have. And this goes far beyond welfare. 'We have to be able to make tough decisions. We have to be able to make a budget add up in the autumn. We have to be able to make tough reforms that are the right thing to do. If we cannot get this through the consequences are far bigger than just this reform.' Senior No 10 figures said the numbers who eventually rebelled or abstained might be as high as 50 – but did not believe Labour was at risk of losing the vote, which is expected in early July. 'We think that when it comes to it, MPs will want to vote with their government,' one said. The government has been intensifying efforts to quell a growing rebellion over welfare cuts, with whips stepping up contact with MPs and strategists drawing up plans for a cabinet reshuffle in case of resignations. Ministers are taking a carrot-and-stick approach by laying out extra support for people who face losing their benefits, while also warning mutinous MPs of the consequences of voting against the plans. Several MPs said that whips were strengthening efforts to bring them into line after Liz Kendall, the work and pensions secretary, sought to ease concerns by promising extra protections for vulnerable people. Labour whips have suggested that the expansion of free school meals earlier this month and big capital investment announced at the spending review – albeit alongside cuts to day-to-day departmental budgets – were also helping to reassure concerned MPs. Government insiders admitted, however, that deep unease about the disability benefit cuts across the party meant there was no single leader of the group of rebel MPs, so it was difficult to predict the likely scale of any parliamentary mutiny. Neil Duncan-Jordan, a Labour MP who has opposed the welfare reform plans, said: 'The government will only withdraw its damaging disability benefit cuts if Labour MPs make clear they will vote against them. 'The so-called concessions that have been suggested are nowhere near enough to undo the damage that is being proposed. The facts are undeniable: these cuts won't create jobs – they'll only push 3 million people deeper into hardship. 'After 14 years of Tory cuts, the benefits system is already driving disabled people into destitution. Another wave of cuts won't clean up their mess – it'll make things worse. I urge ministers to pause, withdraw these cuts, and work with disabled people's organisations to redesign a fairer benefits system.'
Yahoo
15 hours ago
- Business
- Yahoo
This week in 5 numbers: Nearly 2 in 3 workers plan to seek a second job
This story was originally published on HR Dive. To receive daily news and insights, subscribe to our free daily HR Dive newsletter. The majority of U.S. employers plan to change their benefits strategy in the next three years, and most say rising costs are behind the shift. Here's a look at those numbers and some of the others making headlines in the HR world. By the numbers 4 The number of years that passed before a former employee of financial advisor Dave Ramsey's company, The Lampo Group, was told she could proceed with religious discrimination claims against the firm, according to a U.S. District Court for the Middle District of Tennessee ruling. The case previously was dismissed by a federal judge. 5.7 The number of percentage points overall workers' job satisfaction increased — the greatest single-year gain recorded — in 2025, according to a report from The Conference Board. 46% The percentage of employees who say their boss only somewhat or rarely understands what they contribute, according to a report from The Predictive Index. 64% The percentage of workers who say they're likely to get a second job or start a side hustle in the next year to prop up their income, per a report from the American Staffing Association and The Harris Poll. 90% The percentage of U.S. employers surveyed who cited rising benefit costs as the top issue influencing their benefit strategies in 2025, according to a WTW report.
