2014 Social Security COLA Increase Announced

social security cutThe Social Security Administration announced the Cost of Living Adjustment, also known as the COLA Increase for recipients of SSI, SSDI, retirement and federal retirement plans. ┬áThe cost of living increase was exactly what was anticipated for months, one of the lowest increases since the Cost of Living Adjustments started in 1975 – 1.5 percent.

For people who get the Maximum Federal Benefit for Supplemental Security Income or SSI they can now expect $720 starting in January of 2014.

In other years the Medicare Premium increase often offset the Cost of Living Adjustment by Social Security, however on Monday Medicare announced they will not be increasing premiums for 2014.