Social Security Announces a Cost-Of-Living Adjustment for Beneficiaries

The Social Security Administration announced this week that the 63 million Americans receiving Social Security Retirement, Disability and Supplemental Security Income benefits will receive an increase of 1.5 percent in 2014. This Cost-Of-Living increase will take place on December 31, 2013, for Supplemental Security Income recipients. Social Security Retirement and Disability recipients will see the increase go into effect beginning in January 2014. This means that the average Social Security recipient will receive an increase payment of approximately $19 per month, making the average monthly payment $1,294.00 for Social Security recipients. The reason the Cost-Of-Living increase is so low this year is due to the fact that inflation has been low.

 Additionally, the maximum amount of earnings subject to Social Security tax will be increased from $113,700 to $117,000. This means that approximately 10 million people will pay higher taxes as a result of this increase in taxable maximum.

 This news happens to come the same week that 47 million Americans saw their Food Stamps cut by approximately 5%. This means that an average family of four, who traditionally received $668.00 per month, will now see their monthly check lessened by about $36.00.  The reason for this decrease is that the increase allotted in the Supplemental Nutrition Assistance Program from the stimulus package in 2009 has expired.

 Got a question that you need answered? Please check out our website at www.westcoastdisability.com . We try to provide you with valuable information on our website that may help you navigate the Social Security Disability process. Also, feel free to shoot us an email at info@westcoastdisability.com or call us at (800) 459-3017.