The federal government just announced that there will be no cost of living adjustment for those receiving social security benefits in 2016.
Elizabeth Warren is fighting back with the Seniors and Veterans Emergency Benefits Act (SAVE Benefits Act), which will raise the average Social Security benefit by $580 in 2016 -- enough to cover three months of groceries or a year’s worth of out-of-pocket prescription costs. Seniors’ cost of living is going up, not down. So many seniors are being squeezed, worrying that savings and Social Security won't be enough for their retirement.
