Vlasenko is a research fellow at the American Institute for Economic Research. It’s determined by price changes for food, housing, clothing, transportation, energy, medical care, recreation, and education.
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“I’ll have to think twice a little bit on spending”, said Markuson.
Low gas prices have greatly impacted that inflation, about 23 percent in comparison to last year’s numbers.
Benefits were also held flat in 2010 and 2011.
Those affected by the Medicare premium hike are retirees whose income tops $85,000 if they are single or $170,000 if married; new enrollees in Medicare 2016; and anyone who is enrolled in Medicare but not yet receiving Social Security benefits, including those who elected to file and suspend their benefits. It’s estimated those on “Medicare Part B” will see premiums jump by about $54 a month.
Stephanie Markuson said she relies on Social Security for more than half of her income. The elderly may not benefit as much from low gas prices, for example, because they’re not driving to and from work. Consumer prices for July and August fell compared with a year ago.
On Thursday, the government is expected to announce the COLA, or lack of one, when it releases the “Consumer Price Index” for September. Many seniors, indeed, don’t even drive anymore. Social Security benefits represent about 38 percent of the income for older Americans.
Lee Marshall, of Greenville, Calif., said the current inflation index isn’t good enough.
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“They have a formula that they use that doesn’t reflect the actual cost of living”, one retiree, Lee Marshall of Greenville, Calif., told The Associated Press. “Just because the price of gas is going down, that doesn’t mean anything”.
