Social Security Administration Awaiting Inflation Report to Calculate Benefits
The preliminary numbers look promising to pass at least a small Cost of Living Adjustment (COLA) for Social Security benefit recipients in 2014. This estimate comes from watching the consumer prices over the past few months, which have seen little change in comparison to previous years, according to an Associated Press report. The COLA will be finalized when the Labor Department releases its final report.
Unfortunately, due to the government shutdown, the September inflation report that is critical for determining the need for and amount of a COLA has been delayed indefinitely. Normally available in October, the report is used to determine the COLA so benefits can be adjusted by January when the new rates take effect.
If the estimates are accurate, Social Security benefit recipients are expected to see a small increase in their monthly checks similar to what they received last year, about 1.5 percent. This year’s minor increase would be the seventh time since 1975 that the COLA is below two percent.
While COLAs are not issued every year – such as in 2010 and 2011 – they are important for those receiving Social Security disability benefits. The COLA affects SSDI and SSI payments, as well as other benefit programs through the Social Security Administration (SSA).
Until an official announcement is made regarding whether or not a COLA will apply to the 2014 benefit schedule, benefit recipients should continue to budget based on their current payments. The government shutdown will continue to delay the announcement, but at this time payment of benefits remains unaffected.
At Disability Help Group we strive to ensure our clients get every type of benefit possible at the full amount to which they are entitled. You may be able to collect more benefits than you are aware of – and our claims representatives can help you find out how. Contact us today to discuss your situation with a claims manager. Call now – 1-(800)-800-3332.