Now, in terms of the COLA, the formula -- COLA stands for Cost of Living Allowance, so it's put in place to make sure that Social Security is keeping up with inflation.

WHITEHOUSE: "White House to Main Street" Town Hall: Elyria, OH

Chancellor George Osborne has proposed a cap of 1% - which is below the expected rise in the cost of living - on increases in most working-age benefits, such as Jobseeker's Allowance and maternity pay, and tax credits for three years from 2013-14.

BBC: Child benefit opt-outs sees late surge