Comments on COLA
San Jose Bankruptcy Attorney discusses Lack of COLA Increase for Social Security Recipients
For the first time since cost-of-living-adjustments (COLA) went into effect in 1975, Americans will not receive a COLA adjustment to their social security benefits. Not everyone is a San Jose Bankruptcy Attorney who deals with information like this everyday, so what that means is that the 57 million people in America receiving social security benefits, including veterans, seniors and those with disabilities, will not receive an increase in benefits. There will be no COLA adjustment this year because of the decline in consumer prices across the board as determined by the Consumer Price Index (CPI).
Due to the difficult national financial situation, many people receiving social security benefits are struggling to make ends meet. The Obama Administration has proposed a $250 per person stimulus payment for seniors, veterans, retired railroad workers and people with disabilities.
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