Good news for Social Security recipients. You'll finally get a cost of living increase next year.
The Social Security Administration says senior citizens receiving the government payments will see a 3.6 percent cost-of-living adjustment (COLA) that will take effect with the first benefits check of 2012.
My mother is so happy.
For two years, her monthly benefit check has been flat and hints of rebate checks never came to fruition while her expenses have increased.
But in a couple of months, she and approximately 55 million other older Americans will be getting around $39 more a month from Uncle Sam.
This is very good news for mom.
Her enthusiasm, however, might not last.
Senior citizens also will likely see a higher premium in 2012 for Medicare Part B. That's the portion that covers doctor visits and outpatient services and is deducted from Social Security payments.
Now we wait to see how these increases in both payments to and by recipients of these government programs will affect deficit reduction decisions, due by Nov. 23, of the Congressional super committee.
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Jen
How do you think that this reform will change the tax on social security? I just wanted to know how things were going to shake out.
brenda pound
Exactly what’s the point of the increase of only 39 dollars if food gas electric water taxes all go up also people receiving ssi can’t ever afford to pay their bills especially those that don’t own their own houses and then the governement wonders why the increase in crime
Jerry
But those who get other assistance beside social security will lose that much on that end. You may get $39 extra on S.S.I. but if you get housing asst, they will pay more for rent and get less food stamps so the government actually is the one who makes out on that one.
UltimateSmartMoney
I guess every little help. But keep in mind that our inflation probably is also increasing such as food and gas prices. At least Social Security is doing something about it by giving more…