Social Security Benefits Payments Unlikely to Rise in 2011
58 million people in the United States depend on their monthly social security benefits checks to meet their obligations and to live a normal life. In the 1970's, Congress passed a law that allowed for the amount of these payments made every month to rise on an annual basis because of inflation and cost-of-living adjustments, or COLA's as they're often called. Unfortunately for those who receive these benefits, Friday an announcement is expected that will alert the public that there will be no increase in these benefits in 2011.
This would mark only the second year since 1975 that social security benefits payments have not risen, and the first time this occurred was last year. Obviously, this reflects a problem in terms of available cash with the Social Security Administration, but this could also bring bad news to those who need these COLA's in order to meet their rising obligations. This is particularly true for those who have seen their property values on their homes plummet in recent years and their personal assets dwindle as the stock market and other financial systems have crashed.
What it Means for Arizona Residents
In Arizona, everyone understands that the state's economy has suffered as much if not more than anywhere else in the United States. This additional pinch will only make it more difficult for those who use these benefits to live what most would consider a normal life. Unfortunately, this news could be back-breaking in a financial sense for many people. For those who are going to be harmed by this lack of increase, it may be time to seek options to put an end to financial stress and struggle.
This starts with meeting with an Arizona bankruptcy lawyer for a free consultation. While filing for bankruptcy protection may be necessary in certain situations, there could be other options available to allow those who are struggling to get back to level ground.
The Phillips Law Group recommends the experienced bankruptcy attorneys atMontano Arentz & Associates, PLLC for all of your bankruptcy needs. Call today to schedule a free initial consultation!