Monday, August 24, 2009

Social Security & COLA

Today, the news was all over the unfair fact that Social Security recipients won't receive a COLA increase. Costs are going up but SS won't - and much of the rhetoric I heard was criticism for the decision.

I don't know much about Social Security and I am not planning on it for my retirement. I do know that I am not getting a raise this year, nor is my husband, nor are many of my friends. So I am trying to understand how other people for whom I am paying retirement (that I don't expect to recoup) deserve a raise when I am not getting a raise. And I am the one WORKING.



Steve Boese said...

Like most of the working population, I think it only reasonable that Social Security recipients have to also 'share the pain' as it were. I suppose the arguments against would center on many of them are really in no shape (due to age, or disability) to do much to make up for any shortfall that a lack of a COLA increase may cause. But I have to agree with you, we are all in this mess together.

Laurie said...

That husband of mine didn't get a raise, this year, but he did get a bonus that we quickly used to pay property taxes & mortgages & whatnot.

Money in, money out, and no solutions. I'm not looking for a raise, though. I'm looking for someone to blame!

Creative Chaos Consultant said...

Hi Deirdre,

As someone who made the decision long ago to work until I'm dead (which will hopefully be a long time from now) this news doesn't change my life one bit. My concern about this is that some companies use the COLA figure as a benchmark for merit increases. It shouldn't be a game changer, though.

Here's a good analysis of the decision:

Thanks for the post Deirdre!