The social security administration has recent announced that there will be no cost of living increases for retirees for 2010 possible 2011. That means that millions of Americans who count on an increase on their social security check to cover the rising costs of living will have to look elsewhere for that money.

According to newsday.com, the 2009 trustees report released may 12th reported more bad news for the social security program. The current recession, which has put millions out of work, has drastically reduced the payroll taxes that fund social security benefits.

By 2016, it is projected that social security will be paying out more money than it takes in from taxes, according to newsday.

What can we do to prepare for a potential reduction in retirement benefits? Get in formed, get the facts, and get busy for saving for your future.