October 27, 2025 • 4 mins
CBS News Business Analyst and Host of Jill on Money, Jill Schlesinger joins us to discuss a 2026 raise in income for seniors.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
This is West Michigan's morning news, Steve Kelly and Bread
Kaita that friendly voice CBS News, business analyst and host
of Jill on Money, Jill Slessinger, thanks for doing this today.
Speaker 2 (00:10):
Oh man, thanks for having me. You know, someone once
said to me that I don't have a laugh, I
have a cackle, and I'm like, I don't know, feeling
like this a little sexist, but I'll take it whatever,
And that was funny. So how are you today, sir?
Speaker 1 (00:22):
Good to I'm ready to hear some good news from you.
If you are a senior and you're getting certain benefits
you may be getting are raised this year?
Speaker 2 (00:29):
Yes, okay, So here's the deal. If you receive Social
Security benefits okay, there's seventy five million people who get them,
you will get an increase of two point eight percent
next year. Now let's just discuss for a second. Does
that sound good or bad to you? Two point eight
percent raised next year?
Speaker 1 (00:49):
It's something.
Speaker 3 (00:50):
Yeah, it sounds I.
Speaker 2 (00:51):
Mean that's how I'm feeling. That is exactly right. It's something.
And someone said to me, it's only fifty six dollars
a month, okay, but it's it's better than zero. I
think the biggest issue if you are were, you know,
living on a fixed income, is that you know that
fifty six bucks a month might get soaked up by
extra cost for health care. It's true, but I'll still
(01:12):
take it. And this is just based on the inflation
rate for the third quarter of this year. That's why
we got that, you know, surprising once in a in
a shutdown release last week, so we don't usually get
data when the government shut down, but the Social Security
Administration needed this inflation report that was released on Friday,
and they're using that. Something else I found in that
(01:32):
inflation report that is a little bit weird and worrying
to me. Are you ready?
Speaker 1 (01:37):
Yes?
Speaker 2 (01:38):
Okay, well you know you look at this this report
and you say, okay, of course things that cost more
like are terraf related like apparel or furniture or flooring.
Right that said, I was looking at the services side
of the economy. Chief economists of KPMG Diane Swank pointed
this out and she said, listen to this. That elder
(02:01):
care at home jumped seven percent in the month of September.
That is the fastest increase on a monthly basis for
about twenty years. And what is happening is a lot
of eldercare is performed by immigrants, and because of immigration
crackdowns that there are people who are not going to
(02:21):
be available. Therefore, the price of elder care is rising,
and this is something we should be paying attention to.
It's almost like we're focusing on your household furnituings when
we should be worrying about, like who's taking care of
your parents. It's really important to remember that these dollars
are going up pretty fast with no end in sight.
Speaker 3 (02:42):
And what's interesting is when you look at that jill,
whether it's money that your parents might have saved for that,
or you know, there was something that my father in
law had where he had bought and if it was
through school or what, like kind of a Golden rule thing, yes,
and you know how those are and those work. Is
that something you should look at or be aware of
(03:02):
right now?
Speaker 2 (03:03):
How you should mention golden rule? When I was a
financial advisor, I actually sold that policy. I know exactly
what that is. It's a very I don't even know
if they sell them as much anymore, but right they're
old hybrid policies that allowed you to make some accommodation
for long term care. The problem now is that these
policies for long term care insurance, meaning if you need
(03:25):
care on an ongoing basis for more than ninety days,
if it's just you need help with yourself and doing things,
it is so expensive to buy these policies now, it's
pretty much like pricing out the vast majority of Americans.
So what that means is more children of people who
are aging are taking on that burdenyep. So that also
(03:47):
means that many of those people kind of are in
that weird sandwich. But that sandwich is like on your
plate for a long time. Your kids you need to
support them for longer, and your parents are living longer,
you need to support them. That is where the burden
is falling on people who are forty, fifty, sixty years old.
Speaker 1 (04:03):
That's me.
Speaker 2 (04:04):
But you know, thankfully I told my mother that she's
on her own. How did that conversation go on, Thanksgivy,
Yeah exactly, I'm going away bye.
Speaker 1 (04:15):
Well it started out as good news. Anyway, Bring on
that beer Dave was talking about when we brought jell up.
Speaker 2 (04:20):
That's expensive beer lessengers
Speaker 1 (04:22):
CBS News Business analyst, thank you, take care
This is West Michigan's morning news, Steve Kelly and Bread
Kaita that friendly voice CBS News, business analyst and host
of Jill on Money, Jill Slessinger, thanks for doing this today.
Speaker 2 (00:10):
Oh man, thanks for having me. You know, someone once
said to me that I don't have a laugh, I
have a cackle, and I'm like, I don't know, feeling
like this a little sexist, but I'll take it whatever,
And that was funny. So how are you today, sir?
Speaker 1 (00:22):
Good to I'm ready to hear some good news from you.
If you are a senior and you're getting certain benefits
you may be getting are raised this year?
Speaker 2 (00:29):
Yes, okay, So here's the deal. If you receive Social
Security benefits okay, there's seventy five million people who get them,
you will get an increase of two point eight percent
next year. Now let's just discuss for a second. Does
that sound good or bad to you? Two point eight
percent raised next year?
Speaker 1 (00:49):
It's something.
Speaker 3 (00:50):
Yeah, it sounds I.
Speaker 2 (00:51):
Mean that's how I'm feeling. That is exactly right. It's something.
And someone said to me, it's only fifty six dollars
a month, okay, but it's it's better than zero. I
think the biggest issue if you are were, you know,
living on a fixed income, is that you know that
fifty six bucks a month might get soaked up by
extra cost for health care. It's true, but I'll still
(01:12):
take it. And this is just based on the inflation
rate for the third quarter of this year. That's why
we got that, you know, surprising once in a in
a shutdown release last week, so we don't usually get
data when the government shut down, but the Social Security
Administration needed this inflation report that was released on Friday,
and they're using that. Something else I found in that
(01:32):
inflation report that is a little bit weird and worrying
to me. Are you ready?
Speaker 1 (01:37):
Yes?
Speaker 2 (01:38):
Okay, well you know you look at this this report
and you say, okay, of course things that cost more
like are terraf related like apparel or furniture or flooring.
Right that said, I was looking at the services side
of the economy. Chief economists of KPMG Diane Swank pointed
this out and she said, listen to this. That elder
(02:01):
care at home jumped seven percent in the month of September.
That is the fastest increase on a monthly basis for
about twenty years. And what is happening is a lot
of eldercare is performed by immigrants, and because of immigration
crackdowns that there are people who are not going to
(02:21):
be available. Therefore, the price of elder care is rising,
and this is something we should be paying attention to.
It's almost like we're focusing on your household furnituings when
we should be worrying about, like who's taking care of
your parents. It's really important to remember that these dollars
are going up pretty fast with no end in sight.
Speaker 3 (02:42):
And what's interesting is when you look at that jill,
whether it's money that your parents might have saved for that,
or you know, there was something that my father in
law had where he had bought and if it was
through school or what, like kind of a Golden rule thing, yes,
and you know how those are and those work. Is
that something you should look at or be aware of
(03:02):
right now?
Speaker 2 (03:03):
How you should mention golden rule? When I was a
financial advisor, I actually sold that policy. I know exactly
what that is. It's a very I don't even know
if they sell them as much anymore, but right they're
old hybrid policies that allowed you to make some accommodation
for long term care. The problem now is that these
policies for long term care insurance, meaning if you need
(03:25):
care on an ongoing basis for more than ninety days,
if it's just you need help with yourself and doing things,
it is so expensive to buy these policies now, it's
pretty much like pricing out the vast majority of Americans.
So what that means is more children of people who
are aging are taking on that burdenyep. So that also
(03:47):
means that many of those people kind of are in
that weird sandwich. But that sandwich is like on your
plate for a long time. Your kids you need to
support them for longer, and your parents are living longer,
you need to support them. That is where the burden
is falling on people who are forty, fifty, sixty years old.
Speaker 1 (04:03):
That's me.
Speaker 2 (04:04):
But you know, thankfully I told my mother that she's
on her own. How did that conversation go on, Thanksgivy,
Yeah exactly, I'm going away bye.
Speaker 1 (04:15):
Well it started out as good news. Anyway, Bring on
that beer Dave was talking about when we brought jell up.
Speaker 2 (04:20):
That's expensive beer lessengers
Speaker 1 (04:22):
CBS News Business analyst, thank you, take care
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