Social Security Benefits to Increase in 2014


The Social Security Administration (SSA) announced on Wednesday that there will be a 1.5% cost of living adjustment for social security benefits starting with the December 2013 benefits, payable in January 2014. The purpose of the cost of living adjustment (also referred to as COLA) is to keep Social Security and Supplemental Security Income (SSI) benefits in line with inflation. Each year the increase is based on the Consumer Price Index. The increase for 2014 is slightly below the increase of 1.7% for 2013. Here is a look back at the last 5 years:

2010 - No change

2011 - No change

2012 - 3.6% increase

2013 - 1.7% increase

2014 - 1.5% increase

According to the SSA, the increase is "approximately" equal to the product of the COLA and an individual's benefit amount, but the exact compuation is not so simple. If you are so inclined to read the entire calculation, you can do so on the SSA website.

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Davis Brown Law Firm | Attorney Advertising

Written by:


Davis Brown Law Firm on:

Readers' Choice 2017
Reporters on Deadline

"My best business intelligence, in one easy email…"

Your first step to building a free, personalized, morning email brief covering pertinent authors and topics on JD Supra:

Sign up to create your digest using LinkedIn*

*By using the service, you signify your acceptance of JD Supra's Privacy Policy.

Already signed up? Log in here

*With LinkedIn, you don't need to create a separate login to manage your free JD Supra account, and we can make suggestions based on your needs and interests. We will not post anything on LinkedIn in your name. Or, sign up using your email address.