No increase in 2016 Social Security causes locals worry - KWWL - Eastern Iowa Breaking News, Weather, Closings

No increase in 2016 Social Security causes locals worry

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WATERLOO (KWWL) -

Millions of retirees will not see an increase in their 2016 Social Security checks.
This will be the first time in five years there will not be an annual raise.

The residents of Bridges Senior Living in Waterloo say they were already cutting corners before the announcement and now expect to have to make more cuts to an already tight budget.

"I use to want to live until I was a hundred, but I don't think afford to live that long," said Norma Masters, a Social Security recipient.
 

That's a concern shared by Colleen and Dennis Kacher, even with other savings to supplement their social security, they struggle to keep up.
"We were brought up in depression. We didn't have anything, so you saved for a rainy day. Well, when you start spending your rainy day. How long is it going to last?" said Colleen Kacher, a Social Security recipient. 

The freeze on Social Security is due to a decline in inflation and no change in the consumer price index for workers, a formula that determines cost of living in the US.

 Low gas prices; one of the major reasons according to AARP that Social Security checks wont be increasing. But seniors say they don't see a lot of savings from low prices because they don't drive like the working population.

"That's why I got rid of my car; license, gas, insurance. For driving it maybe once a week to church, maybe once or twice a month to shop; I figured I didn't need it," said Masters.

But both Masters and the Kachers able to cover the medical expenses, even with Denis Kacher's Parkinsons.

"Some people are not that fortunate and so when they have to start cutting their medicines, and I've seen it here, people cutting their medicines because they can't afford it.You just don't think its right," said Colleen Kacher.

The 2016 Medicare premiums for 2016 have not yet been announced 
But thanks to hold provision, if premiums increase most people will not see that cut into their social security this year. 
 

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