How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Lane Your Own Question
Lane
Lane, JD,CFP, MBA, CRPS
Category: Social Security
Satisfied Customers: 12486
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial, Social Security & Tax advice since 1986
1929974
Type Your Social Security Question Here...
Lane is online now
A new question is answered every 9 seconds

What is the increase securuty increase?

Customer Question

what is the increase for social securuty increase for 2016?
Submitted: 1 year ago.
Category: Social Security
Expert:  Lane replied 1 year ago.

Hi,

...

There may not BE an increase for this year.

...

The Social Security Administration has offered a COLA (cost of living adjustment) almost every year since 1975. The two exceptions being 2010 and 2011.

...

Any adjustment in Social Security benefits as of Jan. 1 of each year is based on comparing CPI-W in the third quarter of the preceding year (2015 in this case) with the CPI in the prior year’s (2014 in this case) third quarter. The CPI in 2015’s third quarter is, so far, below 2014’s third-quarter inflation, and thus no COLA.

Expert:  Lane replied 1 year ago.

From the annual report for the Social Security trustees (where we normally find out this information)...the Trustees point out on page 113 of the report:

...

"Volatility in oil prices has resulted in substantial volatility in recent cost-of-living adjustments. A large cost-of-living adjustment in December 2008 was followed by no cost-of-living adjustments in December 2009 and December 2010. More recent volatility in oil prices has again affected the CPI. As a result, projections under the intermediate- and high-cost assumptions do not have a cost-of-living adjustment for December 2015."

...