A slight Social Security increase in benefits will equate to 1.5 percent for millions of recipients and disabled veterans. This is happening for the second consecutive year, Washington Post reports Oct. 13.
This equates to a small benefit of about $17 more for the average monthly payment of $1,162. The 2014 small Social Security increase is due to consumer prices. They haven't gone up much this year, according to the report. Cost-of-living (COLA) adjustments won't be determined until the Labor Department generates the inflation report for the month of September. This is yet another delay in the government shutdown process. As of now, the report is put off until further notice over the shutdown. Typically the report is released in October so it gives Social Security and additional benefit programs time to modify payments in January. Social security benefits have continued to go out in light of the shutdown, however.
About 58 million U.S. citizens receive Social Security, with 3 million of those being disabled veterans, about 2.5 million federal retirees (and their survivors) and the more than 8 million people who get Supplemental Security Income.
If prices go up for COLA and other prices rising throughout the months of July, August, and September. They are compared to the previous year's increase during the same months When they substantially rise, the Social Security increase is higher, staring with payments going out in January of the next year.