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Wednesday, October 13, 2021

The Daily Money: Here's how much Social Security will ⬆️

In today's Daily Money newsletter, we have insights on Social Security benefits, vaccine mandates, the Toyota Tundra and travel insurance. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ 
usatoday.com

The Daily Money
 
Wednesday, October 13

Good morning, Daily Money team, it's Nathan wishing you a happy Wednesday!

I'm good with Captain Kirk ... errrr, William Shatner ... going to space today with Blue Origin as long as he says, "Space, the final frontier," while he's up there.

BTW, here's how much it might cost you go to space if and when that opportunity becomes available to you.

💰 The Daily Money is USA TODAY's Monday-through-Friday-morning roundup of all things personal finance, business and tech. If this email was forwarded to you or if you found it online, you can subscribe for free here!

On to our ... 

💡 INSIGHT OF THE DAY: A streak of meager annual increases for Social Security recipients is coming to an end. The Social Security Administration confirmed Wednesday that the roughly 70 million people who rely on Social Security will receive a 5.9% cost-of-living adjustment (COLA) next year. More on that below.

💡 💡 BONUS INSIGHT: Investing in a health savings account (HSA) provides you with tax-free growth and withdrawal on investments that can used to pay for health care costs. And the limit is poised to increase in 2022. In 2021, individuals may contribute up to $3,600, while families may contribute up to $7,200. Those limits will rise to $3,650 and $7,300, respectively, in 2022.

📰 And here are more stories you won't want to miss:

1. Yes, Social Security checks will be much bigger in 2022. But in a way, that's not necessarily the best news for retirees.

2. Whatever you do, do NOT wait too long to do your holiday shopping this year. Here's why.

3. The CEO of Hasbro has died at age 58 after years of cancer: Brian Goldner is credited with transforming the toymaker.

4. Texas Gov. Greg Abbott tried to ban vaccine mandates: But Southwest Airlines and American Airlines pointed out that federal law supersedes state law.

5. The redesigned Toyota Tundra has arrived: It's yet another development in the ongoing pickup wars.

6. Should you buy travel insurance for your next trip? Here's what you need to know.

💳 One tip to keep in mind: Your credit card might have reimbursement benefits that cover you.

But if you're worried about needing medical treatment while abroad, you might want to think about it.

--@NathanBomey

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Social Security payments are set to rise 5.9% in 2022 for 68 million retirees, disabled people and others. That's the most since 1982.
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Don't wait until Black Friday to start your holiday shopping
If you want to avoid disappointment, you'd be wise
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