Information courtesy of the Social Security Administration
65 million Americans will not receive a cost of living adjustment in 2016
The Social Security Administration has announced that there will be no cost of living adjustment (COLA) next year. Monthly Social Security and Supplemental Security Income (SSI) benefits for nearly 65 million Americans will not automatically increase in 2016.
The COLA is determined by inflation as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). According to this measure, consumer prices were down in 2015, so under the law, there can be no COLA for 2016.
The CPI-W is essentially a list of changes in the price of goods and services purchased by clerical workers, sales workers, craft workers, operative, service workers, or laborers. The CPI-W does not count purchases made by retirees or people not in the labor force.
For questions, please visit your local Social Security office or call 1-800-772-1213 (voice) or 1-800-325-0778 (TTY).
Act Team Coordinator
The Fifth Freedom Network
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