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Social Security Benefits: Certain Key Details On COLA For the 2nd year in a row people who rely on Social Security wont be receiving a cost of living increase. This is only the 2nd time since the cost of living adjustment (COLA) was adopted that recipients haven't received an increase.
The reason Social Security benefits will not be revised in 2011 is that inflation has been very low. The whole premise behind the COLA is that benefits are adjusted for inflation so recipients could keep up with increasing prices. If there's no inflation, there is no need for cost of living increase. The most recent inflation numbers published by the Labor Department shows that prices are lesser than they were in 2009, the last time Social Security benefits were increased.
The COLA in 2009 was the biggest seen in 27 years at 5.8 percent. The raise in 2009 was so large due to gas prices that sky-rocketed in the summer of 2008. When gas prices fell, so did the in general inflation rate. While the government can't decrease Social Security benefits if there's deflation (when prices are reducing), they can decide to not give a COLA raise, which has been the situation for 2010 and looks to be the case for 2011.
Possible Extra Payment to Help Seniors Who Depend on Social Security Benefits
To help Seniors who rely on their Social Security benefits to help with living costs, Congress will be voting on a $250 bonus payment for Social Security recipients to aid make up for the fact that Social Security benefits will remain unchanged for second year in a row. An update will be provided when the bill has been voted on.
No Social Security COLA Means No Increase in Medicare B Premiums
One silver lining to no cost of living increase is that Medicare Part B premiums wont go up for existing enrollees. A little percentage of Medicare Part B participants will pay increased premiums, including people who've Medicare Part B but who are not yet collecting Social Security benefits, people who are considered "high income" and people who're just now enrolling in Part B. However, a "hold-harmless" provision protects existing participants from rate increases if their Social Security benefits don't raise, so no cost of living raise for Social Security recipients also means no Medicare Part B premium increase either.
Social Security Benefits: Certain Key Details On COLA
For the second year in a row people who rely on Social Security will not be receiving a cost of living increase. This is only the second time since the cost of living adjustment (COLA) was adopted that recipients have not received an increase.
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