No COLA for Social Security Next Year

There will be no increase in Social Security benefits in 2001, the Social Security Administration announced today.

The Social Security Act provides for an automatic increase in Social Security retirement and disability benefits when there is an increase in the Consumer Price Index from the third quarter of the last year a cost-of-living adjustment (COLA) was determined to the third quarter of the current year.

Citing data from the Bureau of Labor Statistics, the SSA noted there has been no increase in the index since the third quarter of 2008, so there can be no COLA in 2011.