Social Security Benefits Will Not Increase This Year

Millions of Oklahoma retirees received some discouraging news after the government announced it will not be giving an increase in Social Security benefits next year.

Friday, October 15th 2010, 12:38 pm

By: News 9

News9.com

OKLAHOMA CITY -- Millions of Oklahoma retirees received some discouraging news after the government announced it will not be giving an increase in Social Security benefits next year.

This marks the second year without a raise.

The last benefit increase came in 2009 and officials said inflation has been too low to warrant an increase for next year.

The cost of living adjustment is automatically set each year by an inflation measure.

The House hopes to make up for it with a bill to provide a $250 payment to Social Security recipients. If the House passes the proposal it still faces a battle in the Senate.