On October 30, 2013, in an announcement that had been delayed for some weeks by the partial shutdown of the federal government, Social Security released the cost-of-living adjustment (COLA) for 2014.
Monthly payments will be increased by 1.5% for 2014. The new rates will take effect on December 31, 2013 for the more than 8 million beneficiaries of the Supplemental Security Income program for those with disabilities; the remaining 57 million Americans receiving Social Security payments will start seeing the increase starting in January 2014.
The administration is required by law to adjust monthly cash benefits for Social Security recipients to account for current inflation numbers.
The maximum benefit an individual could receive from SSI in 2013 was $710; this will increase to $721 in 2014. Couples currently receiving the maximum benefit will be bumped from $1,066 each month to $1,082.
Intended to account for increased cost-of-living expenses, the annual COLA has varied significantly over the last few years. 2010 and 2011 saw no increase in response to a low inflation rate. 2012, on the other hand, saw a relatively large adjustment of 3.6%. The 2014 increase is closest to the one in 2013, which was 1.7%.
If you have been wrongfully denied Social Security disability benefits and are ready to explore your options for appeal, don’t delay: schedule a no-cost consultation with a Austin Social Security attorney as soon as you are able. Contact the law firm of Morgan & Weisbrod today by calling 877-898-1581or filling out our online form.
Additionally, be sure to request our free and informative book, Social Security Disability: What You Need to Know.