The recently released 2015 Social Security Trustee’s Report includes an anticipation that Social Security beneficiaries will see no cost of living adjustment (COLA) in benefits for 2016.
As individuals living on a fixed income know, every $20 counts. It is disappointing to learn that there will not likely be an increase in SSD and SSI benefits for 2016 and we hope there will be a larger COLA in 2017 to make up for the lack of increase in 2016.
Unfortunately, this is not the first time this has happened. As the table of historic SSI amounts shows, this will not be the first year without a cost of living adjustment. 2010 and 2011 did not see any increase in benefits.