Social Security Checks to Shrink Next Year

First time in a generation that payments won't increase

Monday, Aug 24, 2009  |  Updated 1:00 PM PDT
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Senior citizens should be prepared to give up some cash next year as Social Security checks shrink.

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Millions of older citizens will face the problem of shrinking Social Security checks next year, as experts predict that for the first time in over 30 years, Social Security payments won't rise.

Trustees who oversee Social Security say that for the first time since automatic increases began in 1975, there won't be a cost of living adjustment on the payout checks.

Social Security benefits can't go down by law -- but monthly payments would decrease for Medicare users because their premiums will increase.

More than 32 million people across the country are in the Medicare drug program, where premiums are set to jump from $28 to $30 in the next year.

Read more: MSNBC

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