A Social Security increase this 2014 is expected on the national level, but it will be at an all-time low, as the 1.5% increase is the least amount of increase in decades (over 40 years). The CS Monitor affirms this Sunday, Oct. 13, that tame inflation is a chief cause of such a low financial benefit enhancement.
The Social Security increase next year is anticipated to be 1.5% due to relatively tame levels of inflation, so among the literally millions of recipients of Social Security checks in 2014 — including federal retirees, the elderly, and disabled veterans — should anticipate extremely minute increases in upcoming benefits this upcoming January.
According to U.S. preliminary estimates, the benefit increase will be the very smallest since automatic increases were first implemented back in 1975. This small amount is likely a result of consumer prices, at least those that have been measured by the national government, have failed to go up very much this year (hence the tame inflation being a chief cause of the slight change).
The officially stated amount of the new cost-of-living adjustment (abbreviated as COLA), won’t be formally announced until the U.S. Department of Labor unveils the recent inflation report set for this Sept. Although the release was expected to come on Wednesday, the government shutdown has delayed these anticipated results.
Regarding the Social Security increase at only 1.5% in estimations for the 2014, COLA is most often shared with the public during the month of October in order to allow benefits programs to plan for allotted payments in January. The Social Security Administration has not provided any official indication that the raises (no matter how small) would be postponed due to the partial government shutdown, but at least in the eyes of Social Security recipient advocates among the elderly, veterans, and disabled, the report concludes that these delays are “certainly unwelcome.”