I’ve received a few questions already asking what the 2014 Cost of Living Adjustment (also known as COLA Increase) for Social Security Recipients would be. The Cost of Living Adjustment is paid out to all social security recipients, including those on SSI, SSDI (Disability) and RSDI (retirement) in order to cover the increased expenses in the last year.
How Will The 2015 COLA Increase Be Determined
Social Security determines the Cost of Living adjustment for 2015 by looking at the cost of living for Urban and Clerical Workers (CPI-W) from the third quarter of 2013 and comparing it to the CPI-W for the 4th quarter.
When Will the 2015 Social Security COLA Increase Be Announced
The Social Security COLA Increase for each year is typically announced in late October, however it is easily determined by looking at the CPI-W for the third quarter as its released by the Bureau of Labor Statistics.