No Cost-of-Living Adjustment for 2016
Reading Time: 1 MinuteLast Updated: March 17, 2021
Social Security’s annual cost-of-living adjustment (COLA) is an increase in the benefit amount people receive each month. By law, the monthly Social Security and SSI federal benefit rate increases when there is a rise in the cost of living. The government measures changes in the cost of living through the Department of Labor’s Consumer Price Index (CPI-W).
The CPI has not risen since the last cost-of-living adjustment in 2015. As a result, your SSI benefit rate and, for most people, your Social Security benefit amount will stay the same in 2016.
This news isn’t necessarily bad. When inflation stays at the same rate, your cost of living also stays the same. Prices for goods and services, on average, haven’t increased enough to affect the COLA.
Other changes that would normally take effect based on changes in the national average wage index also won’t begin in January 2016. Since there is no COLA, the statute also prohibits a change in the maximum amount of earnings subject to the Social Security tax, as well as the retirement earnings test exempt amounts. These amounts will remain unchanged in 2016. The new fact sheet provides more information on 2016 Social Security and SSI changes.
For additional information about the 2016 COLA, go to www.socialsecurity.gov/cola.
For additional information about changes in the national average wage index, go to www.socialsecurity.gov/OACT/COLA/AWI.html.
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Tags: Cost of living adjustment, Disability, Medicare, SSA, SSI
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Jim Borland, Assistant Deputy Commissioner, Communications
Jim Borland, Assistant Deputy Commissioner, Communications
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Alister d.
Children, instead of complaining, lift up your old asses and organize a million-retirees march on Washington, like the black people do, to get heard. Where is the AARP, where are other associations, it has already been 4 days since the announcement, but they all keep hush. I live in DC and see that federal employees are paid $250 a month just for public transit, let alone their other benefits. It is YOUR money, claim your money back. Organize, organize, organize, seize whimpering!
Kenn S.
I would suggest that anyone that does not agree with the
SSA’s assessment of the costs of living (COLA), to first look at, and examine, the information that they say was used to make their decision. Then become politically active and contact your Congressional Delegation – Senators and Representatives, and then deluge them along with the White House (and its occupants) with letters and phone calls protesting the decision that has been made on your behalf.
Consider this…….
A 2% increase to a person receiving $800 per month is $16. $800 x 12 months = $9600 per month, and a 2% increase would be $192 per year, or $16 more per month.
The 2014 congressional salary was $174,000 per year. Divide that by 12 it equals $14,500 per month. A 2% increase on $174,000 = $3480, or an additional $290 per month.
• Bureau of Labor Statistics Consumer Price Index (CPI-W)
http://www.bls.gov/cpi/
• Salaries of members of the United States Congress
https://en.wikipedia.org/wiki/Salaries_of_members_of_the_United_States_Congress
• Why the Congressional Reform Act Will Never Pass
http://usgovinfo.about.com/od/uscongress/a/Why-The-Congressional-Reform-Act-Will-Never-Pass.htm
Kenn S.
• Contacting the Congress: A Citizen’s Congressional Directory –
http://www.contactingthecongress.org/cgi-bin/newseek.cgi?site=ctc2011&state=co
• Contacting the White House –
whitehouse.gov
John
My father used to say, “Figures don’t lie, but liars can figure”. I guess, since the CPI didn’t go up, my taxes won’t either. Too late they already raised them. We get by on fixed income, but not our rulers. No, they need more and more.
Richard S.
To inform your senators about the increase of living in your area tell the senators what store name, the certain item that increases does a better chance with your senator. I miss former senator Evan Bayh
VG
Well it certainly doesn’t pay to pay more and more into your taxes while you work and pay Medicare B C D (separate costs) and then when you retire you have to pay more for health care, housing, prescriptions, groceries and buy cars that aren’t worth the value after you leave the lot; and I could go on and on.
At the end of the day, seniors just aren’t appreciated obviously by not giving us any kind of an increase, but as someone else stated, I’m sure federal workers and others will get theirs.
At least tell us the truth…..it’s more than low oil prices and what happens and suddenly lo and behold oil prices rise and they will sooner than we think.
Ba Humbug!
I won’t be voting for anyone during election time – why bother, no one that I have heard about it taking up the cause for us seniors to get us something for 2016.
Richard S.
On June 1st, 2015 my rent increased $80.00 from $470.00 to $550.00 and being on SSI in the amount of $733.00 plus utilities and house hold items left me only 56 cents left over for the month of October 2015, our Government lies about everything including the cost of living.
Richard S.
Oh, and the fact is that the cost of living is based on Gas Prices
Bill
I feel ya
lawrence m.
Everything else has gone up,food,government services,interest rates,transportation,persciption’s including our CPI Check your Math? Our Government is truly out to break our spirits,( In the pursuit of Happiness) Fat Chance!
Joanne D.
If the cost of living hasn’t gone up, why does everything cost more at the stores? Just because we are old doesn’t mean we are dumb. Don’t we have a right to live and buy medicine? No wonder seniors get depressed.
YVONNE
ANN
IF YOU STUDY THE PAST HISTORY OF OUR GOVERNMENT YOU WILL SEE IT WAS THE DEMOCORATS WHO TOOK FROM S.S. TO START WITH THERE BOTH A BUNCH OF DAMN CROOKS. NOT ONE PARTY IT IS THE ASS’S WE PUT IN OFFICE,……
Ruth
The way to fix them is not to go to the polls and vote and if the whole world did this they would see how sick we are of them. Just let no one go to the polls on election day and this will be show them something they will never forget.