No Cost-of-Living Adjustment for Social Security Benefits in 2016

Posted on October 15, 2015 by Disability Help Group

The Social Security Administration announced today that there will not be a Cost-of-Living Adjustment (COLA) for 2016 Social Security benefit rates. The COLA is an increase in Social Security benefits when consumer prices increase (inflation) during the previous year. The Bureau of Labor Statistics calculates it by using the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).

This year, the Bureau of Labor Statistics found that there was no increase from the third quarter CPI-W in 2014 compared to the third quarter report from this year. While this means no increase in the amount of your Social Security benefit check, it also means that there will be no increase in the maximum amount of taxable earnings subject to Social Security taxes. There will also be no change to the retirement earnings test exempt amounts.

The Department of Health and Human Services is still working on Medicare premium changes for 2016, if any are to go into effect. These changes may affect Medicare Part B recipients who are beneficiaries of Social Security. For information on these changes as it is made available, visit Medicare.gov for the latest information.

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