There is tough economic news Friday for those dependent on Social Security.
The government announced Thursday there will be no cost-of-living (COLA) increase in their benefits next year, and Medicare payments are set to go up.
Social Security recipients usually get a yearly increase to compensate for inflation. This year, low gas prices are affecting the formula used to calculate the COLA increase.
"You've got all kinds of people receiving COLA-adjusted retirement benefits. This is going to be another blow to their retirement income," Mary Johnson, with the Senior Citizens League, told The Associated Press. "It's a huge amount over a lifetime."
Some 60 million Americans receive Social Security.
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