SOCIAL SECURITY COST-OF-LIVING INCREASES HALTED FOR THREE YEARS

(04/01/2009)

Bad news for Social Security recipients. The recession will wipe out annual cost-of-living increases for 50 million Social Security beneficiaries for the next three years. This is the first time the cost-of-living adjustments have been halted since 1975. The Congressional Budget Office says in its latest budget estimates that inflation will dip so low that Social Security recipients will not qualify for annual increases in 2010. David Certner, director of legislative policy for the AARP, said many recipients rely on those increases to help pay for rising health care costs.

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