Because we're seeing an aging population in the U.S., there are more seniors depending on their social security benefits to pay for the essentials like food and medicine. But many of them say the government is out of touch with the real cost of living.
The Associated Press is projecting next year's increase for Social Security recipients and others who receive government benefits to be roughly 1.5 percent. That follows a 1.7 percent increase for 2013.
It's not the kind of raise that a lot of the recipients were hoping for. The reason? According to the Associated Press, the low cost of items like food and energy in recent months has played a large role.
Some lawmakers are floating the idea of switching to a different consumer price index to better determine and anticipate changes in the cost of living.
It's not clear when the government will release the official cost of living adjustment for 2014. The Labor Department had scheduled to release it this week, but it was delayed due to the government shutdown.
Some argue that despite the lack of substantial raises, seniors have still fared pretty well in recent years compared to younger Americans, because they haven't been as affected by the difficult job market.