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Social Security Cost of Living Adjustment

Posted Oct 15 2010 6:00am
 

A pile of social security ID cardsThere was no Social Security Administration Cost of Living Adjustment (COLA) payable in 2010, because there was a decline in the Consumer Price Index (CPI). The CPI is basically an indicator of inflation. It measures the average change in the prices paid by consumers for goods and services. When the CPI goes up, cost of living adjustments are made to social security to account for the rise in prices, so everyone’s social security payments increase. However, when the CPI decreases, social security payments remain the same.

You may be wondering what will happen to your payments for 2011. According to estimates from Social Security Online , there is a possibility that there will be no increase for 2011. The official announcement about 2011 adjustments is expected on October 15th. Stay tuned.

You know how in some war movies a messenger is sent to the opposing side to deliver a less-than-desirable message? Then the receivers of the message do something horrible to the messenger and send him back as a response to show their displeasure? Raise your hand if you think that is really unfair to the messenger. Everyone has their hand raised, right? Well, just keep that in mind.

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