WASHINGTON, D.C. – With consumer prices down over the past year, monthly Social Security and Supplemental Security Income (SSI) benefits for nearly 65 million Americans will not automatically increase in 2016.
The Social Security Act provides for an automatic increase in Social Security and SSI benefits if there is an increase in inflation as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The period of consideration includes the third quarter of the last year a cost-of-living adjustment (COLA) was made to the third quarter of the current year. As determined by the Bureau of Labor Statistics, there was no increase in the CPI-W from the third quarter of 2014 to the third quarter of 2015. Therefore, under existing law, there can be no COLA in 2016.
Other adjustments that would normally take effect based on changes in the national average wage index also will not take effect in January 2016. Since there is no COLA, the statute also prohibits a change in the maximum amount of earnings subject to the Social Security tax, as well as the retirement earnings test exempt amounts. These amounts will remain unchanged in 2016. The attached fact sheet provides more information on 2016 Social Security and SSI changes.
The Department of Health and Human Services has not yet announced Medicare premium changes for 2016. Should there be an increase in the Medicare Part B premium, the law contains a “hold harmless” provision that protects approximately 70 percent of Social Security beneficiaries from paying a higher Part B premium, in order to avoid reducing their net Social Security benefit. Those not protected include higher income beneficiaries subject to an income-adjusted Part B premium and beneficiaries newly entitled to Part B in 2016. In addition, beneficiaries who have their Medicare Part B premiums paid by state medical assistance programs will see no change in their Social Security benefit. The state will be required to pay any Medicare Part B premium increase.
Information about Medicare changes for 2016, when available, will be found at www.medicare.gov.
For additional information, go to www.socialsecurity.gov/cola.
Sounds fair! Inflation last year was 14% But gas is down so screw the old people. Give it to the illeagels coming in – o crap their already doing that along with their projected 3 to 5 percent increase for public servants which includes themselves — Gas is not down -its abundant in DC.
Keep it up dumb a$$ and you just might find out what some seniors can do. You are probably on welfare, food stamps and anything else you can get free while we still pay for whatever we get.
G’damn old people. They are nothing but a drain on society. This counrty owes them squat in their older years. We aren’t socialists who provide cradle to grave entitlements.
You know Donald, you are one POS.
Since you have issues with older people, it is my most fervent hope that you are not around long enough to become one.
That way, you will not become a burden on the next generation & your loss would be of great benefit to them.
your insurance goes up because they make up the rules any way they want they done it for many many years dipsticks
All seniors insurance rates are increasing thanks to Obamacare and the drug company’s ripping us off. They give all our taxes to the Muslims and illegals and then screw the seniors on Social Security. Our insurance has gone up around $100.00 for my wife and me.
I hear ya! Friday night the belt broke on my snowblower thanks to Obama! I am pretty sure the democrats had something to do with that snow storm in the first place! Can’t wait until we get a Republican in office so all my problems go away!
It sure couldn’t hurt. Go Trump.
Your belt broke due to Global Cooling which is just as real as Global Warming.
LOL! Good comeback!
In all seriousness’s I do agree with you about Social Security, we pay into it our entire lives and then when we go to collect they want to screw us over got it. Not sure if it’s a Democrat thing or Republican thing just think it’s a government thing. I just hope there’s something there when I retire but I doubt there will be. It is BS to not get a cost-of-living increase whether you’re on Social Security or working.
Go Trump!
This time I agree with you. The rule that cost us our increase was there before Obama. The government has been stealing from S.S. for years. Anytime there is a dime available they will figure out a way to take it away. The only way to fix this is term limits to get rid of the career politician which is a problem for everyone. They are owned by the special interest and we will all pay for it.
Totaly agree, there needs to be term limits!
Also, You can bet that if there was ever a cost-of-living decrease they would be sure and reflect that in your social security!
I think a decrease would be a tough act. The party that did that would have every senior on S.S. voting against them. I saw some silver hairs in action once that lived in a retirement community. Those people can be vicious when it comes to their income.
Give 4 mililon to a forin country but to hell with senior citizen in the USA
Talk about a lack of intelligence? You don’t even have enough to post on the topic at hand.
SAVE AMERICA -VOTE TRUMP ! The rest are just plain crooked.