Cost of Living Adjustment (COLA) for the New Year

The Social Security Administration (SSA) adjusts benefit amounts each year depending upon the cost of living according to the Consumer Price Index (CPI), a yardstick for how much basic goods and services cost the average consumer. The calculation is called a Cost of Living Adjustment (COLA), and it is calculated by comparing the CPI from the third quarters of the previous two years. In other words, the SSA compared the CPI from the third quarters of 2012 and 2013 to arrive at its 2014 figure.

The SSA has settled on a 1.5% COLA for the 2014. The COLA will apply to Social Security and Supplemental Security Income (SSI) recipients. For context, the SSA’s COLA was 1.7% in 2013 and 3.6% in 2012.

Based on the 2014 COLA, the average monthly benefits for disabled workers and their families in the coming year will range from $1,148 to $2,622.

published on Nov 18, 2014 @ 12:15 pm author

author: Fred Fleming

comments: 0

category: Social Security Disability Attorney Blog tags

tags: Benefit, COLA, Consumer Price Index, Cost of Living Adjustment, CPI, Family, Social Security, Social Security Administration, SSA, SSI, Supplemental Security Income

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Cost of Living Adjustment (COLA) for the New Year

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