POSTED: Tuesday, October 16, 2012 - 5:00am
UPDATED: Tuesday, October 16, 2012 - 5:04am
BATON ROUGE, LA (NBC33) — The Social Security administration says seniors might not see the bump they're used to in their monthly Social Security checks. That means seniors all across the country, including here in Baton Rouge, may need to tighten their belts.
Each year a cost of living adjustment is decided on for seniors and their checks. Last year it was four percent. But estimates for next year show only a one or two percent bump because the prices for food, and medicine didn't rise as high as they have in the past.
The small increase amounts to anywhere between $12 to $24 a month for seniors, which has some saying that’s not enough.
“You have to be on a budget,” Patty Taber, Baton Rouge senior, said. “You have to learn to manage your money and if you stick to just having the same basic money coming in every month and don't get a cost-of-living raise. Then that's what makes it hard.
The adjustments have been happening since the 1970's. Back in 2009, for the first time, there was no increase.
The official announcement is expected to happen later today, Tuesday, Oct. 16.