Posts Tagged ‘ social security COLA ’

SOCIAL SECURITY COLA INCREASE SET FOR 2012

Nov 9th, 2011 | By Sharon Shaw Elrod MSW EdD | Category: Senior Moments Blog

We senior citizens haven’t seen a cost of living adjustment (COLA) in our Social Security benefits for two years. In real dollars, that means our income has decreased because the cost of our medical care (out-of-pocket) has continued to rise. In 2012, we will finally see an increase; it will be 3.6%.

The COLA is determined by federal statutes, comparing the cost of goods and services in the third-quarter consumer price index with that of the previous year’s third quarter. Although inflation was flat between 2008 and 2010, and no COLA was granted in 2010 or 2011, we seniors saw significant increases in our medical bills, which meant we had less for daily living expenses and it felt to us like a decrease in our income.



SOCIAL SECURITY TRUSTEES REPORT, 2011

Aug 24th, 2011 | By Sharon Shaw Elrod MSW EdD | Category: Social Security & Medicare

Trustees’ Annual Report Highlights Social Security Strengths The 2011 annual report of the Social Security Trustees was published in May, 2011.  The National Committee to Preserve Social Security and Medicare provides an introduction to the report summary, including highlights from the report: “Throughout our nation’s recent recession, Social Security has demonstrated its strength by paying [...]