Aug 26, 2015

NO COLA This Year?

     The Center for Retirement Research at Boston College says there probably won't be a Social Security Cost of Living Adjustment (COLA) this year. If so, it would be only the third time this has happened in 40 years.

7 comments:

Anonymous said...

It is very likely the COLA will be small, but it's too early to tell whether it will be 0. That depends on the CPI-W for August and September, which will only have to increase modestly to get a small COLA. We'll know on October 15.

Of course, as the article you link to points out, Medicare Part B premiums are scheduled to increase by over $15, but the increase is limited by the COLA for most recipients. So if there is no COLA, Part B premiums will not increase for 70% of recipients (but will increase by about $45 for the rest). If there is a small COLA, then Part B premiums for most people will increase by the amount of the COLA, so they won't see any increase in their checks (but the increase in Part B for the 30% whose premiums are not limited by the COLA would be less).

Anonymous said...

Does anyone know of a past precedent where Congress circumvented this "Medicare Flap" (e.g., suspending the hold-harmless provision, providing a COLA regardless of the CPI-W)?

Anonymous said...

I don't think Congress has ever done so, and I don't think they'll do either now.

Anonymous said...

Good explanations!

Anonymous said...

sounds like those on a "fixed income" (which is what beneficiaries of government benefits are often referred to) are going to start to understand the types of raises that are typical for government employees (who actually work)...

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