The trustees who oversee Social Security project that retirees will not receive cost of living adjustments for the next two years.

This would be the first time that the so-called COLAs have not been granted since 1975, when the automatic increases were first adopted, according to the Associated Press. This past year, retirees received a 5.8 percent increase.

The increases are pegged to inflation. However, the trustees project that inflation will be negative this year, in part because energy prices are down from last year.

However, advocates for the elderly point out that health care costs are still rising, and those make up a large share of the expenses faced by the elderly.


Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access