Amarillo, Texas - For the third year in a row, there will not be any social security cost of living increase for the vast majority of senior citizens in our area.
The feds are projecting a slight cost of living adjustment for benefits next year, but for most beneficiaries, rising medicare premiums threaten to wipe out any increase in payments... Meaning they're right back at square one... Or worse.
Melissa Carter with the Area Agency on Aging says, "When you don't receive an increase and everything else around them in increasing, the cost of gas, food, prescriptions, everything, they're losing money. Even though they're not physically losing social security, but the costs just do not spread as much as they used to."
For 34 years, seniors never had to worry about this problem... Between 1975 and 2009, if the cost of living went up, so did their checks.
But then in 2010, the recession brought the increases to an abrupt halt... Same story in 2011.
Many seniors we met are worried it will hit them even harder this time around... Since gas prices are the highest they've been in years.