GO in the Know: Record Pay Raises Coming, Social Security’s Magic Number & Top Financial News for July 18

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Today is Global Hug Your Kids Day, so if you are a parent who needs more of an excuse to give your children a loving bear hug — don’t waste the opportunity. Then, come back and get the lowdown on today’s top financial stories.

The Big Lead: Record Pay Raises on Deck in 2023

The tight labor market will push 2023 salaries up by their highest percentage in 15 years, according to a new survey from advisory firm Willis Tower Watson, but the extra pay might not do much to offset rising prices.

Read the full story here

Social Security Spotlight: No Matter Your Age, Do Not Claim Benefits Until You Reach This Milestone

There’s a magic number to know that can help you maximize your Social Security income when you are ready to retire. And it’s not the number you might think it is.

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That’s Interesting: Amazon Private Label Plan Is Backfiring

Amazon has decreased the number of items it sells under its private label business, and reportedly might kill it entirely due to regulatory pressure and slower sales.

Read the full story here

Bonus: 15 Best States To Live on Just a Social Security Check

All of the states on the list have rents far below the national average of $1,067.80, and they are almost exclusively from the Midwest and the South. The most affordable states are listed in reverse order, with the most affordable state listed last.

See the list

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