Social Security Announces 1.5% Benefit Increase for 2014

The Social Security Administration (SSA) has announced a 1.5 percent benefit cost-of-living adjustment (COLA) for 2014. This modest increase will help preserve the buying power of Social Security benefits for nearly 63 million Americans, including many people with intellectual and developmental disabilities (I/DD), who receive benefits under the Social Security and Supplemental Security Income (SSI) systems.

The COLA means that the average monthly Social Security benefit will increase by about $17, from roughly $1,160 currently to about $1,177.

Unlike in many past years, Medicare premiums will stay the same in 2014 for most beneficiaries. This means that Social Security beneficiaries will be able to keep more of their 2014 benefit increase. To read more, visit The Arc’s blog.

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