Political Forums - No Cola For You!

And in an election year!

Good news for Republicans.

They'll blame it on the Democrats even though it's them that wants to cut the formula for future Social Security Colas.

http://blog.aarp.org/2015/07/24/2016...ont-bet-on-it/

Quote:

Nearly 60 million Social Security recipients will probably not get a cost-of-living increase next year, according to projections in the 2015 Social Security and Medicare trustees reports.

iStock_000008687939LargeThis would be the third time Social Security beneficiaries have gone without a cost-of-living adjustment (COLA) since 1975, when automatic raises were put into place. The COLA this year was 1.7 percent, making the average monthly check for retired workers $1,334 as of May.

Increases in benefits are tied to the third-quarter average inflation rate compared to the same period the previous year. Inflation has been virtually flat in 2015, due to the crash in oil prices, says Michael Kitces, director of research with Pinnacle Advisory Group in Columbia, Md.