The 65 million Americans who live off of monthly Social Security checks will have to survive off the same budget for the next year, the federal government announced.
The Cost of Living Adjustment -- COLA -- used to set Social Security payments is based on the inflation rate, which was pushed down by falling gasoline prices over the past 12 months. But since many of the elderly don't drive or buy gas at the pump, their personal inflation rate might not be so low.
Social Security recipients, which include retired senior citizens, disabled and minor dependents of deceased workers, got a 1.7% raise for 2015. This is the first year since 2011 that they will get no increase.
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