As many Atlanta residents may be aware, the Social Security Administration recently revealed its cost-of-living adjustments for a large number of U.S. residents. Many people are saying that the purported increase is not enough. In fact, a number of people believe that the meager financial resources won't begin to cover day-to-day expenses. The stress of Social Security issues, including those surrounding Supplemental Security Income, hits close to home not just here in Atlanta, but all over the United States.

For example, a recent news report from a west coast state highlighted the concerns of several elderly residents who don't think they'll have enough money to make ends meet. According to their senior affairs commissioner at the Department of Aging and Adult Services, the long-awaited increase was definitely too small. One woman went on record as stating that the Social Security Administration only wanted "to save money," but had no concern for the well-being of citizens.

When senior citizens over the age of 65 don't have the financial resources to make ends meet on Social Security alone, SSI can help bridge the gap. Unfortunately, the gap is often too wide. Aside from that fact, SSI can fluctuate. The Social Security Administration uses the Consumer Price Index (CPI) to determine cost-of-living funding. Depending upon the cost-of-living for wage earners in various urban areas, a decision is made as to whether an increase in Social Security is justified. While cost-of-living varies from region to region, the CPI for many did not justify an increase in funding for the years 2010 and 2011.

It's interesting to think that Social Security and SSI is a common denominator for people all over the United States, from Atlanta to California. As such, the pain of the prognosis for the Social Security program is felt by everyone. In fact, the Congressional Budget Office has projected that Social Security Disability Insurance will be broke by 2017 and the Old Age and Survivors Insurance fund will be gone by the year 2040. After that, changes in law will be required in order for full benefits to be paid. With such volatility on the horizon, citizens all over the U.S. will likely be best served by spending some time educating themselves as to their options when it comes to the pursuit of Social Security funding.

Source: Hi-Desert Star, "Social Security raise falls short, recipients say," Leslie Shaw, Feb. 15, 2012