Every year Social Security decides if the Cost of Living (COLA) has gone up and adjusts the payout of its disability and retirement programs to the cost of living. The cost of living increase is based on the consumer price index. Many have written in and asked if I know what the 2014 Cost of Living Increase will be for social securities SSI, SSDI and RSDI programs.The answer is we clearly don’t know yet.
When will the 2014 Social Security COLA Increase be Announced
The 2014 Social Security COLA increase will be announced in late October as its based on the consumer price index for the 3rd quarter of 2014 (July-September). However the first hint of the social security COLA increase is always in May when congress starts working on the budget. The Congressional Budget office at that time releases an estimate on what the next years COLA increase will be.