For the second year in a row people who depend on Social Security wont be receiving a cost of living raise. This is only the 2nd time since the cost of living adjustment (COLA) was adopted that recipients haven't received an increase.

The reason Social Security benefits will not be adjusted in 2011 is that inflation was very low. The whole premise behind the COLA is that benefits are revised for inflation so recipients could keep up with rising prices. If there is no inflation, there is no need for cost of living increase. The most recent inflation numbers published by the Labor Department indicates that prices are lesser than they were in 2009, the last time Social Security benefits were increased.

The COLA in 2009 was the biggest seen in 27 years at 5.8 percent. The increase in 2009 was very large due to gas prices that sky-rocketed in the summer of 2008. When gas prices decreased, so did the in general inflation rate. While the government can't decrease Social Security benefits if there's deflation (when prices are dropping), they could decide to not give a cost of living adjustment raise, which has been the situation for 2010 and looks to be the case for 2011.

Possible Bonus Payment to Aid Seniors Who Depend on Social Security Benefits

To help Seniors who depend on their Social Security benefits to help with living costs, Congress will be voting on a $250 bonus payment for Social Security recipients to aid make up for the fact that Social Security benefits will remain unchanged for the second year in a row. An update would be provided when the bill has been voted on.

No Social Security COLA Means No Increase in Medicare B Premiums

One silver lining to no cost of living raise is that Medicare Part B premiums wont go up for existing enrollees. A little percentage of Medicare Part B participants will pay higher fees, including people who've Medicare Part B but who are not yet collecting Social Security benefits, people who're considered "high income" and people who're just now enrolling in Part B. However, a "hold-harmless" provision protects existing participants from rate increases if their Social Security benefits don't increase, thus no cost of living raise for Social Security recipients also means no Medicare Part B premium increase also.

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