Social Security Cost Of Living Adjustment Announced for 2014
The Social Security Administration (SSA) has just approved one of the lowest Cost of Living Adjustments (COLA) in history. A mere 1.5 percent COLA will amount to less than $20 more per month for many recipients. The amount will depend on the type of benefit and whether you are an individual or married household.
For individuals collecting Supplemental Security Income (SSI) the maximum monthly benefit will increase from $710 to $721. The maximum monthly amount for couples will see a bump from $1,066 to $1,082 with the COLA. If you collect Social Security benefits or Social Security disability insurance (SSDI), you can expect to see an average increase in your benefits deposit of about $19 per month, as noted in an Associated Press report.
The COLA for 2014 is among the lowest in history. In 2013 and 2012 the COLA was 1.7 percent, and there was no COLA in 2010 or 2009. The reason behind low or no COLAs in the past five years is due to little to no inflation during these time periods.
The COLA is determined by comparisons of consumer prices in the later summer and fall months of each year. If prices for goods and resources continue to remain stable, Congress may not deem a COLA necessary. This year’s COLA will mean a minor increase in payments to the more than eight million SSI recipients in 2014.
If a disabling condition prevents you from working and performing substantial gainful activity, you may be entitled to SSDI or SSI. For help applying for Social Security disability benefits or appealing a denied application, contact Disability Help Group to begin your claim. Call today – 1-(800)-800-3332.