YOUNGSTOWN, Ohio (WKBN) – For the third time in six years, Social Security recipients will not receive an increase in benefits next year.
The amount of money that Social Security pays out is adjusted each year to take into account the rate of inflation. That inflation measure used by the Social Security Administration was down this year and was attributed to lower gas prices.
Some seniors said they are not buying that explanation, as food and medication prices have continued to soar.
“Look where eggs are right now. Food prices overall have gone up. Go to the store and look at prices on meats. The seniors have to pay the same price that everybody else does,” said senior citizen Jim Henshaw.
With no cost of living adjustment, older people could face higher health care costs since their Medicare Part B premiums are deducted directly from their Social Security payments. And, with no increase in benefits, they know where they will feel the increase the most.
“Medication, almost all seniors need it for medication. I think that’s your number-one priority is your medication,” said Gloria Habib.
Ohio has more than 11 million citizens, and 15 percent of them are 65 or older. That number has risen for three straight years, and many seniors are still working.
“Everybody would say, I’m saving for a rainy day. I’m saving for a rainy day, but for most older Americans, it’s pouring,” said Lisa Solley, chief of Community Relations, Wellness and Training at the Area Agency on Aging 11, Inc.