Social Security to go without increase for 2nd straight year - NBC12 - WWBT - Richmond, VA News On Your Side

Social Security to go without increase for 2nd straight year

By Gene Petriello - bio | email

RICHMOND, VA (WWBT) - A report out says you should not expect to see a COLA, or Cost of Living Adjustment, increase in your social security checks in 2011.

More than 58 million people rely on social security checks every month. Now, for the second straight year, people like Joan Yarbrough are likely going to have to stretch every penny. That's because there will likely be no cost of living increase in 2011.

"It's really tough because I only draw $715 a month and it's really tough trying to live on that," says Joan.  

Joan collects social security disability benefits. She waits for that one paycheck to come in every month. "Thank goodness my house is paid for, I don't have a mortgage. If I did, I'd be on the street a long time ago."

There's no increase coming, because the government says there isn't a big enough increase in their formula that would trigger an automatic pay increase next year.

But Joan, living day to day here in Richmond, sees it another way. "We don't get an increase because they don't think the cost of living is going up, but obviously, they don't buy gas or groceries."

This will be the second straight year those paychecks will stay the same.

"I think you need to reconsider. Think about what it's like to live on this little amount every month, with no other income. It's tough," adds Joan.

We are expecting to hear official word from the government on Friday of this week.

Copyright 2010 WWBT NBC12. All rights reserved.

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