Friday, October 15, 2010

House To Vote On Social Security Bonus

The House to Vote on Social Security bonus after they reconvene in November. Today, the Social Security Administration is said to be getting ready to announce that they are not going to give out cost of living increases for the second year in a row.

However, this is an election year and if there's the promise of even a small bonus, the masses will be happy.

Despite what many think, we aren't entitled to higher social security payments every year. Back in the 70's the law was changed to provide for cost of living increases - but there was a stipulation that said that benefits wouldn't be decreased if the cost of living decreased.

There's only been two times in history that the benefits have not been increased, and that's this year and last year.

Will recipients get a $250 one-time bonus again? I guess we will have to wait until Congress reconvenes to find out.

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