Local reaction varies to expected SSI announcement
Podcast Episode
WCLO's Steve Benton reports on reaction from Janesville and Beloit seniors on the expected announcement from the federal government that there will be no increase in social security payments in 2011
ROCK COUNTY — The federal government is expected to announce this week that there will be no cost of living adjustment in social security for 2011.
Lucille lives alone in Beloit and says she and her friends are having a tough time getting by. She says she gets a little extra income in addition to her monthly check from social security but is cutting back and will visit the Goodwill Store more often.
Janesville resident, Charlotte, says this is a good lesson for people. She says social security was never meant to be the only retirement income for seniors and that people are supposed to save on their own too.
Cost of living adjustments for social security are based on the rate of inflation and based on that, there will be no increase next year. The average monthly benefit for social security recipients is $1,072 and was listed as the primary source of income for retirees who got benefits in 2008.
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