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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Does congress vote on the cost of living increase or does the president have something to do with it? Orginally did congress vote to have this law? I seen a comment on fb that said the not one democrat voted for this. Is that true?
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I don’t know if I am supposed to get help for paying rent. In April of 2018, my “landlord” raised my monthly rent from $975 per month to $1150 per month, to remain on a 1 year lease. It’s $1250 a month just to be on a “month to month” basis. For that kind of money, I want a swimming pool, a jacuzzi and so on and so forth, that you get in apartment living. I haven’t lived in an apartment in better that 50 years, but that is looking better and better.So a little help from Soc. Sec. would be helpful. I’ll try and look into that.
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