Don't count on a raise in Social Security benefits next year

The Congressional Budget Office predicts that Social Security recipients will not get a cost of living increase in 2010. That would be the first time in 35 years that there wouldn't be a COLA, according to the AARP. The COLA is calculated under a formula set by Congress. There may not be one in 2011, depending on inflation.

That will cause hardship for many retirees who rely on their Social Security benefits for their living expenses. More than 50 million people receive Social Security.

These retirees are already reeling from the economy, especially losing value in their homes, which many of them own. Some also could see their Medicare Part B premiums increase.