Tag: Inflation
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No COLA Adjustment for Social Security in 2010
There’s a great US News & World Report article on the 5 Big Financial Changes for Retirees in 2010 and the first one listed is a doozy. It’s widely believed that there will be little to no near term inflation which means that Social Security cost of living adjustments will likely be zero in 2010…
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2009 Social Security Taxable Maximum Increases
When the Social Security Administration announced the cost of living adjustment last week for Social Security benefits, some people clapped as benefits increased. Anyone who was working probably didn’t like to hear that it would increase 5.8% because that meant the Social Security tax would increase also because the taxable maximum would increase from $102,000…
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Inflation to Increase Social Security Benefits
Social Security benefits are pegged to inflation. When the government announces inflation figures tomorrow, it’s likely that a retiree’s monthly social security benefits could increase by 5% or more. Social Security calculates the Cost of Living Adjustment (COLA) using inflation over the 12 months preceding September. It’s estimated that the CPI-W, the figure used, will…