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Yo_Mama_Been_Loggin

(108,170 posts)
Wed May 13, 2020, 07:55 PM May 2020

Social Security recipients could be in for a rude awakening

Social Security beneficiaries might not receive much of a cost-of-living adjustment next year, and some say recipients might not get anything at all.

COLA is linked to the consumer-price index, which has suffered lately because of low oil prices. Based on the CPI data between January and April of this year, COLA for next year would be zero, according to Mary Johnson, a Social Security policy analyst for The Senior Citizens League. There are still five months until the administration announces the COLA for 2021, which occurs in October.

The adjustment in 2020 was considered minimal, at 1.6% this year, down from 2.8% in 2019. COLAs have averaged 1.4% over the last decade, down from the average 3% it was between 2000 and 2009.

But even if the adjustment was above zero, it still wouldn’t be enough for most retirees, studies show. Many Americans rely on Social Security benefits for some, and in some cases most, of their retirement income, but the benefit doesn’t align with actual cost of goods for retirees.

https://www.msn.com/en-us/news/us/social-security-recipients-could-be-in-for-a-rude-awakening/ar-BB13Zamw?li=BBnb7Kz&ocid=DELLDHP

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Social Security recipients could be in for a rude awakening (Original Post) Yo_Mama_Been_Loggin May 2020 OP
Last year I got a whole $8 a month raise! leftieNanner May 2020 #1
K&R! SheltieLover May 2020 #2
I had a significant increase 2naSalit May 2020 #3
They need to use a different formula for SS recipients... WePurrsevere May 2020 #4
Another issue Democrats can work on. Baked Potato May 2020 #5
We get the congress and the executive back, this can change. Liberal In Texas May 2020 #6
Oil prices may be low, but no one is driving much right now. panader0 May 2020 #7

leftieNanner

(15,145 posts)
1. Last year I got a whole $8 a month raise!
Wed May 13, 2020, 07:58 PM
May 2020

And I just paid $250 for a two month prescription.

The math doesn't work out.

2naSalit

(86,775 posts)
3. I had a significant increase
Wed May 13, 2020, 08:06 PM
May 2020

in my subsidized rent though my SSDI stayed the same, I have no other income. And I no longer have dental or vision coverage.

Liberal In Texas

(13,574 posts)
6. We get the congress and the executive back, this can change.
Wed May 13, 2020, 10:02 PM
May 2020

Just another reason to get the bastards out.

I've never understood why some seniors still vote repub when it impacts their income directly.

panader0

(25,816 posts)
7. Oil prices may be low, but no one is driving much right now.
Wed May 13, 2020, 10:04 PM
May 2020

Everything else is going up and up. Food is more of a need now
than gas.

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