Monday, September 20, 2010

No cost-of-living increase in Social Security for 2nd year in a row.

For the second year in a row, it appears that recipients of Social Security will not receive an increase in the form of a Cost-of-Living Adjustment (COLA). The last increase occurred in 2009 and represented a 5.9% increase. Since then rates have remained static. Though the official announcement will be made on October 15, 2010, the underlying factors driving this have largely been calculated. Consumer prices, according to the August CPI report remain far below the peaks reached in 2008, and without a history defying rise in inflation this month, the determination will be clear.

Whether or not a special one-time sum will be paid will certainly be the subject of debate if no COLA is to be paid.

1 comment:

  1. Had my hearing in Nov. Before my hearing the judge called my attorney in she came right back out. He asked if I would agree to change my ssi. I said yes. My hearing took about 5 mins. The VE never testified. It was in editing since the 27 of Dec. Should I worry. He also got more medical info on the19.