What’s a senior got to do these days to get a break? It seems everywhere they turn, there’s more bad financial news staring them in the face.
According to recent government reports, Social Security – that seemingly safest of safe havens for retirees – is the latest to take a hit.
Beginning in January, Social Security checks for retirees will remain flat. Normally, these checks get an annual 2 percent to 3 percent hike to combat inflation. Not so this year.
The news of this status quo payout (by the way, this is the first time there’s been no cost-of-living adjustment in three decades) couldn’t have come at a worse time for seniors, particularly those tied to fixed living financial situations.
An AP news report states that “Big job losses and a spike in early retirement claims from laid-off seniors will force Social Security to pay out more in benefits than it collects in taxes the next two years, the first time that’s happened since the 1980s.”