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Social Security Payments In 2014
There is good news for Americans that receive Social Security and Supplemental Security Income (SSI) benefits because there will be a Cost-of-Living-Adjustment (COLA) increase for 2014.
It was recently announced that the the COLA increase for 2014 will be 1.5%. The increase in payments will begin December 30, 2013 for about 8 million SSI beneficiaries and during the month of January for the nearly 55 millions Social Security beneficiaries.
This means that after several years of no increase, Social Security recipients will get an increase in their monthly Social Security benefits.
Many retired people are very dependent on Social Security and have counted on an increase in COLA over the years, so this is very good news.
Federal law requires that the Social Security Administration base annual Social Security payments on the Consumer Price Index (CPI) for Urban Wage Earners and Clerical Workers, which measures inflation.
The inflation in the third quarter of each year is compared to the inflation during the same period in the previous year. If inflation is negative, then there is no increase in the Social Security payments. That is what happened for the past two years.
Unfortunately, regardless of what the forumla displays, the real cost of living is going to go up and is definitely affecting seniors on a fixed income.
Due to the increase in average wages the maximum earnings amount subject to Social Security taxes will increase from $113,700 to $117,000. About 10 million people out of around 161 million workers will pay higher Social Security taxes because of the increase in the taxable maximum.
The amount of earnings that you will need to earn one social security credit will increase from $1,160 to $1,200 in 2014.
The Average Estimated Monthly Social Security Benefits Payable In January 2014.
These estimates are based on the 1.5% COLA increase:
All retired workers: $1,294
Older couple that both recieve benefits: $2,111
Older widow(er) that is alone: $1,243
Widowed mother with two children: $2,622
All disabled workers: $1,148
Disabled worker with a spouse and with one or more children: $1,943
Later in 2014, Social Security will quit providing benefit verification letters in their local offices. You can get an instant letter online by creating your personal my Social Security account on the Social Security government website or you can call the Social Security toll free number at 1-800-772-1213 and request one be mailed to you.
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