Millions of Social Security recipients, disabled vets, to get no benefit increase next year
WASHINGTON — Older Americans got a double dose of bad news Thursday: There will be no cost-of-living increase in Social Security benefits next year, and Medicare bills are set to soar for many.
It's just the third time in 40 years that Social Security payments will remain flat. All three times have come since 2010.
The annual cost-of-living adjustment, or COLA, by law is based on a government measure of inflation that was released Thursday. Low gas prices — a boon to all Americans — are driving down consumer prices. Currently the average price of a gallon of regular gasoline is $2.30, about 90 cents less than it was a year ago, according to AAA.