Fri, October 15, 2010
Social Security Administration Confirms: No increase for 2011
As expected, the Social Security Administration announced today that there will be no increase in Social Security and Supplemental Security Income (SSI) benefits in 2011 for the 59 million retirees and others receiving monthly benefits. No cost-of-living-increase (COLA) can be given because there has been no increase in the Bureau of Labor Statistics' cost-of-living index from the third quarter of 2008 (the last year a COLA was made), to the third quarter of 2010. Under current law, the absence of a COLA also means that there can be no increase in the maximum amount of earnings subject to Social Security tax.