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No COLA For Social Security Benefits In 2016

Seniors are not only facing possible spikes in their Medicare and prescripton drug costs, they also are not getting a cost-of-living adjustment for their social security benefits next year. That’ll be the third time in the last six years. Annual adjustments had been made every year from 1975 through 2009. The Social Security Administration says inflation has been extremely low and the sharp drop in energy prices, including gas prices, has put more money in seniors’ pockets. But Blanca Castro, with California’s AARP, says other costs keep rising, such as for groceries…

click to listen to Blanca Castro

Castro says AARP has been lobbying Congress about their concerns…

click to listen to Blanca Castro

4-point-6 million of the 38-million people living in the state last year were at least 65 years old, with 84-percent collecting social security. Castro says nearly 38-percent would be in poverty without it. The average annual benefit in California is 14-thousand-600 dollars.

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