|Are the nation’s elderly headed for a repeat of conditions in the Great Depression?|
Here’s the bad news for Social Security recipients on fixed incomes who may have been hoping for a cost of living adjustment next year to help offset recent increases in daily living expenses, including essentials such as groceries, gas, and rent.
The AP’s Stephen Ohlemacher reports:
WASHINGTON — Millions of retired and disabled people in the United States had better brace for another year with no increase in Social Security payments.
The government is projecting a slight cost-of-living adjustment for Social Security benefits next year, the first increase since 2009. But for most beneficiaries, rising Medicare premiums threaten to wipe out any increase in payments, leaving them without a raise for a third straight year.
About 45 million people — one in seven in the country — receive both Medicare and Social Security. By law, beneficiaries have their Medicare Part B premiums, which cover doctor visits, deducted from their Social Security payments each month.