Social Security COLA 2014

Social Security Recipients Will See Increased Payments Next Year

by Staff Blogger | October 30th, 2013

October 30, 2013

For the roughly 58 million people who depend on Social Security Disability benefits as their main source of income, increases in the costs of products and services can cause making ends meet extremely difficult. The Nashville Social Security Disability Lawyers with Ponce Law explain relief may be coming for many of these individuals next year.

The federal government announced earlier today that payments to Social Security recipients would go up by 1.5 percent in 2014. An article from News Channel 5 states the increase is being made as part of the Cost-of-Living-Adjustment (COLA program and will work out to a roughly $19 per month increase in benefits.

Each year, the federal government examines the fluctuations in costs of certain items deemed necessary for everyday life, such as food, water, electricity, and fuel. Experts then use the rates of inflation to determine an annual COLA to offset the increased prices.

Next year’s increase is listed as one of the smallest COLAs in the history of the Social Security program. COLAs have averaged around 4.1 percent over the past decade.

Michael D. Ponce & Associates and their team of Nashville Personal Injury Lawyers recognize how complex the process for determining how much an individual will receive in Social Security benefits can be. That’s why the firm suggests discussing your case with an attorney if you are considering applying for Social Security benefits.