The Social Security Administration announced Friday that there will be no increase in benefits next year. This marks the second year in a row without an increase for more than 58 million retirees. Inflation has been kept in check during the economic downturn and until meaningful inflation increases return, retirees won’t see any increases in their benefits. Some lawmakers have stated that they expect to vote after the November elections for a $250 ‘bonus’ check to help retirees make up for the lack of a cost of living adjustment for their benefits in 2011.
For more information visit the 2011 Social Security COLA