Latest on Social Security Benefits

Millions of seniors, including senior living residents nationwide, will receive smaller Social Security checks next year. This marks “the first time in a generation that payments would not rise,” reports the USA Today.

 

“By law, Social Security benefits cannot go down. Nevertheless, monthly payments would drop for millions of people in the Medicare prescription drug program because the premiums, which often are deducted from Social Security payments, are scheduled to go up slightly,” according to the newspaper.

Here are more highlights about this issue, from The Associated Press:

• The trustees who oversee Social Security are projecting there won’t be a cost of living adjustment (COLA) for the next two years.
• About 50 million retired and disabled Americans receive Social Security benefits. the average monthly benefit for retirees is $1,153 this year. All beneficiaries received a 5.8 percent increase in January, the largest since 1982.
• COLAs are tied to inflation, which has been negative this year, largely because energy prices are below 2008 levels.
• The Social Security program is projected to start paying out more money than it receives in 2016. Without changes, the retirement fund will be depleted by 2037.

 

Read “Millions Face Shrinking Social Security Payments” in the USA Today.

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