Florida is bracing for what could become the most powerful hurricane to hit the U.S. this season, as a developing storm system in the Caribbean gains strength and threatens to bring life-threatening storm surges and hurricane-force winds to the Southeast later this week.

The storm, currently building in the Caribbean Sea, is expected to rapidly intensify into Hurricane Helene as it nears the coast. According to the National Hurricane Center (NHC), the system, named Potential Tropical Cyclone Nine, is projected to move quickly, unleashing wind, rain, and storm surges across the Southeast before making landfall in Florida.

A hurricane watch is now in effect for Florida’s Gulf Coast from Englewood to Indian Pass, including Tampa Bay and Charlotte Harbor. The NHC’s latest update also includes tropical storm watches for areas north and south of the hurricane watch zone, stretching from Indian Pass to the Walton-Bay County line, and from north of Bonita Beach to Englewood. Additional tropical storm watches were issued Monday afternoon for Florida’s Dry Tortugas and part of the Keys, with a new watch in effect from Bonita Beach to Flamingo as of Monday evening.

In response to the looming storm, Florida Governor Ron DeSantis declared a state of emergency for 41 of the state’s 67 counties, aiming to expedite preparations and streamline coordination between state and local authorities.

With limited time to prepare, Tampa General Hospital has begun installing a 10-foot flood barrier around its facility in anticipation of potential storm surges and possible shifts in the storm’s path.

As of Monday, the storm remained a cluster of showers and thunderstorms swirling over the western Caribbean Sea. The NHC forecasts the system to rapidly intensify, with expectations that it could become a hurricane by Wednesday night and potentially reach Category 3 strength.

The last Category 3 hurricane to hit the U.S. was Hurricane Idalia, which made landfall in Florida in August of the previous year. Idalia packed winds of 125 mph and caused record-breaking storm surges from Tampa to the Big Bend region. Like Helene, Idalia underwent a period of rapid intensification over the warm Gulf of Mexico waters, with its winds strengthening by 55 mph in just 24 hours.

While the NHC currently predicts landfall in Florida’s Big Bend region, meteorologist Mary Gilbert from CNN cautions that residents from Florida’s Gulf Coast to eastern Louisiana should remain on high alert this week.

Social Security COLA could go up 2.5% in 2025, latest estimate Shows

admin — Sun, 22 Sep 2024 12:32:53 +0000

A cooldown in inflation will likely lead to a lukewarm cost-of-living adjustment for those receiving Social Security benefits.

Currently, it’s estimated that Social Security benefits could see a 2.5% so-called COLA hike in 2025. If correct, it would be the smallest cost-of-living adjustment in three years. The COLA hike was 3.2% in 2024.

The estimate is based on the latest inflation numbers for August, released on Sept. 11, and the inflation data for July. All that’s needed is the next round of inflation data for September.

The Social Security Administration releases the actual figure for the cost-of-living adjustment each year in October after more inflation data is known. The CPI for September is set to be released Oct. 10.

This year’s third-quarter inflation numbers will be compared with last year’s third quarter to get to the upcoming COLA figure.

The Consumer Price Index increased 0.2% on a seasonally adjusted basis in August, the same increase as in July, according to the U.S. Bureau of Labor Statistics. Year over year, the CPI increased 2.5% in August before seasonal adjustment.

While some might find the latest estimate disappointing, a 2.5% COLA for Social Security benefits would be considered about average, according to Mary Johnson, an independent Social Security and Medicare policy analyst.

In 2023, retirees and others saw an 8.7% COLA bump for Social Security benefits, as well as Supplemental Security Income benefits. That was the biggest inflation adjustment since 1981 when the COLA hike was 11.2%.

In 2022, the cost-of-living adjustment for Social Security benefits was 5.9%.

The cost-of-living adjustment was merely 1.3% in 2021 — making it one of the lowest increases on record since 1975 when Social Security started automatic annual cost-of-living allowances. It was 1.6% in 2020.

Next year, those who receive an average retiree benefit of $1,870 in Social Security benefits could see an extra $46.75 a month — or $561 a year. But all that money won’t hit their wallets directly.

Medicare Part B premiums will go up in 2025, as well, and the premiums will be announced later this year. It’s possible that an extra $10 a month could go toward those premiums next year.

Earlier this year, Johnson noted, the Medicare Trustees estimated that the Part B premium would be $185 per month in 2025, an increase of $10.30 from $174.70 in 2024. The Part B premium, as well as any voluntary withholdings for taxes, are automatically deducted from the monthly benefit amount by the Social Security Administration.

Contact personal finance columnist Susan Tompor: stompor@freepress.com. Follow her on X (Twitter) @tompor.

News Source: Online

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“Florida Prepares for Potentially Devastating Hurricane with Threat of Strong Winds and Storm Surge”

Social Security COLA could go up 2.5% in 2025, latest estimate Shows