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There Will Be No Cost Of Living Increase For Social Security Recipients Next Year

By Gerry W. Beyer

Social securityThe Social Security Administration has announced Thursday that there will not be a cost of living increase for the year 2016 because of a recent decline in consumer prices.  Under the Social Security Act there is an automatic increase in Social Security and SSI benefits if the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) measures an increase in inflation.  There are currently 65 million Americans receiving monthly Social Security and SSI benefits.  Other adjustments that would normally go into effect based on national average wage index changes will also remain unchanged in 2016. So far the Department of Health and Human Services has not announced Medicare premium changes for the year 2016.  

See Michael Cohn, Social Security Won’t Provide Cost of Living Increase Next Year, Accounting Today, October 15, 2015. 

 

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