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Social Security Won’t Match Rising Retirement Costs in 2016

Though medical costs and rents are on the rise for many retirees, there will be no increase in Social Security benefits in 2016. This is the third time in six years that benefits have remained flat. Unfortunately, many costs of living in retirement are not factored into inflation calculations.

While Social Security benefits have increased by 43 percent between 2000 and 2015, Many other basic living expenses have also increased, often at a much steeper rate.

White House press secretary Josh Earnest expressed concern but failed to elaborate on intended measures to recalibrate the way inflation and cost of living are figured.

Source: Washington Post. Bad news for retirees: No Social Security cost-of-living increase, higher medical costs for many. Washington Post. The retirement costs that are rising faster than Social Security benefits.