The federal government made it official last week—saying there will be no benefit increase for Social Security recipients next year. Cathy McLeer, associate state director for AARP South Dakota—says that will impact thousands of South Dakotans….
By law, the annual cost-of-living adjustment in Social Security benefits is based on a government measure of inflation. The main reason for no increase next year is lower gas prices. McLeer says while gasoline may be cheaper than it’s been—that doesn’t mean the cost of everything else is cheaper too…..
It’s only the third time in 40 years that Social Security benefits will remain flat. All three times have come since 2010.