For the second consecutive year, more than 58 million retired and disabled Social Security beneficiaries won’t get a raise.

As expected, the Social Security Administration announced Friday that beneficiaries won’t get a cost of living allowance (COLA) in 2011. Social Security made the announcement after the government reported that the consumer price index rose just 0.1% in September.

By law, Social Security’s cost of living adjustment is based on the rate of inflation between the last cost of living adjustment and the most recent third quarter. There has been no increase in the CPI since the third quarter of 2008, the Social Security Administration said.

Click HERE to read the Social Security Administration press release.

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(Source: USA Today)