Social Security- No Cost of Living Increase in 2010Posted: Updated:
It's a good news, bad news situation when it comes to social security. There won't be a cost of living increase next year, but for seniors living on a budget, there may be a financial boost arriving in their mailbox. “I'm already in the dough-nut hole so I need every penny I can get next year.”
Like many of her friends, Alva Torres is struggling to make ends meet. Now because of our lagging economy, Inflation is flat and the cost of living is said to be lower. So, for the first time in nearly 35 years, Social Security checks will not have a cost of living increase.
Robin McArdle -Landers works with senior citizens everyday at the Tucson’s Armory Park Center. She says you'd be hard pressed to find someone there who hasn't seen their cost of living go up.
“They're going to the grocery store, they're paying their utilities, paying car insurance. There's nothing in their world that hasn't increased.”
Since there won't be a cost of living increase next year, the Obama Administration will send a check for $250 dollars to seniors, veterans and other americans. The money will help pay bills and put food on the table.
Alva Torres has osteoporosis. She says she’ll use the money for medical costs. The $250.00 check represents about a two percent increase for most seniors. The Obama Administration says because the cost of living is down, the dollars should stretch even further. Torres says at this point, every dollar will help, “ Like Benjamin Franklin said, a penny saved is a penny earned.”
About 57 million Americans receive Social Security, more than 36 million are senior citizens.