Cost of living increase adjustment may be absent from Seniors' Social Security checks
Posted on:8/27/2009
Written By: Chris Robideaux
| In yet another blow to retiring Americans, there's a good chance there won't be a cost of living increase for seniors who collect social security, and that has some questioning their own security. |
In yet another blow to retiring Americans, there's a good chance there won't be a cost of living increase for seniors who collect social security, and that has some questioning their own security. "It's something you can depend on. And you have your pride that you have some income coming in that you can rely on. To me it's the most important thing," says Nora Doran, who collects social security.
But for the first time in nearly 35 years, millions of senior citizens might not be able to rely on the annual boost.
Aging and disability specialist Traci Zernicke says, "I think the impact would be huge. I think seniors are already the effects of higher prices that we're seeing with goods and services."
Doran says, "A person that's on a limited budget would be stranded and common sense will tell you that."
Cost of living adjustments are based on inflation, which has been negative this year. By law, Social Security benefits can't go down so the alternative is that they remain the same.
Those who support the recommendation argue that seniors collecting social security won't be hurt because they received 5.8 percent increase in January - the largest since 1982. They also say consumer prices are down from last year.
But many seniors are worried about healthcare costs - since insurance and drug premiums are expected to rise.
Marvin Osterbrink, also collecting social security, says, "We know it's gonna go up and if our social security doesn't go up there's no balance."
On a positive note, if the social security checks don't increase over the next two years, there are places to turn to for help like the Aging and Disability Resource Center in Wausau.
Our team of Social Security lawyers can successfully represent you in your disability benefit case. We have the experience and know-how to find you legal success in a sea of confusion regarding disability benefit lawsuits.
Source: WAOW News, Wausau