Social Security Checks to Shrink for 7 Million

Sept. 1, 2009

Nearly 7 million seniors _ about one in every seven – will receive a smaller Social Security check next year, according to a new analysis by The Senior Citizens League.

Million of other seniors who do not have their Medicare premiums automatically deducted from their checks will also have fewer Social Security dollars left over next year.

These seniors will be affected because the Social Security cost of living adjustment (COLA) is forecast to be zero next year while their Medicare Part B (doctor’s visits and outpatient hospital care), Part C (Medicare Advantage) and/or Part D (prescription drugs) premiums are forecast to rise.

It has been estimated that a majority of those aged 65 and older who receive a Social Security check depend on it for at lest half of their total income and one in three beneficiaries rely on it for 90 percent or more of their total income.