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PDtax
PDtax, CPA firm owner
Category: Social Security
Satisfied Customers: 4291
Experience:  35 years tax and professional advice in all matters money
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Will there be a INCREASE social security payment each month

Customer Question

will there be a INCREASE FOR THE social security payment each month for the payment of the social stcucrity for recipreanets
Submitted: 1 year ago.
Category: Social Security
Expert:  PDtax replied 1 year ago.

Hi from Just Answer. I'm PDtax, and will assist.

Expert:  PDtax replied 1 year ago.

As the rate of inflation is low or zero for this year, the sources I consulted believe there will be no COLA increase for 2016. It is expected to be difficult for millions of Social Security recipients, because Medicare premiums are expected to go up for 2016, making net benefits go down.

Expert:  PDtax replied 1 year ago.

Sorry i didn't have better news. The government's artificially low interest rate plan has hurt savers for years, and will affect Social Security recipients as well.

Thanks for asking at Just Answer. Positive feedback is appreciated. I'm PDtax.