Bad news for millions of seniors who depend on their monthly Social Security check to pay their bills-your check is going to get smaller next year.

This is the LAST thing that 50,000,000 retired or disabled Americans who receive Social Security benefits need in light of the Wall Street/U.S. economic meltdown.

Our empty-suit representatives in DC can find the money they need for bailout after bailout, and all their "pork" projects, but when it comes to adding a cost of living adjustment (COLA) to Social Security checks, there's no money to be had!

The COLA is pegged to inflation, which, according to the government, has been negative this year.

Oh really?  Tell that to seniors who get less this year who are paying more for their food, health care, gas, etc.

Although, by law, Social Security benefits paid can't go down, monthly payments WILL drop for millions of people.  Let's do the new math to see how.

Anyone in the Medicare prescription drug program will see smaller Social Security payments because the monthly premium for Medicare are often deducted from your Social Security check....and guess what IS going up ?  The monthly drug prescription premium!

Average monthly premiums are set to go from $28 this year to $30 next year for the 6,000,000 people in the program who have premiums deducted from their monthly Social Security payments.

What should the fat cat pols care?  THEY don't depend on a monthly SS check!

The National Committee to Preserve Social Security and Medicare has proposed, in light of no COLA increases for the next two years, that Congress should increase Social Security benefits next year, even though the formula doesn't call for it. It would like to see either a 1% increase in monthly payments or a one-time payment of $150 to each SS beneficiary.   

Unfortunately, high employment numbers, and the possibility of a one-time payment to Social Security recipients next year will push the Social Security system even closer to insolvency.

We'll keep a close eye on what Washington does next and will be sure to keep you posted.

In the meantime, visit our Retirement Center for all the latest news on maximizing your retirement plans, salvaging your cracked nest egg and living the retirement of your dreams.