Social Security Administration Announces 1.5 Percent Cost-of-Living Adjustment for 2014
November 4, 2013
Making ends meet can be difficult for those unable to work due to mental or physical conditions. The Little Rock Personal Injury Lawyers with Rainwater, Holt, & Sexton explain that help is available to these individuals through Social Security Disability benefits. But over time, rising inflation rates can cause benefits to become insufficient.
This problem prompted the Social Security Administration to implement a program that allows a yearly cost-of-living adjustment (COLA) to be made to every beneficiary’s payments. The COLA is figured by examining rates of inflation for certain products and goods deemed vital to everyday life.
The federal government recently announced that in 2014, Social Security recipients could expect to see a COLA of 1.5 percent. This figures out to be approximately $19 extra dollars per month for each recipient, one of the lowest COLAs in the history of the program.
This year’s low number has prompted many to call for changes to be made to the way the program calculates the COLAs. However, no plans for changes have been finalized.
Rainwater, Holt & Sexton and their team of Arkansas Social Security Disability Lawyers recognize how difficult it can be to receive benefits from the Social Security Administration. That’s why the firm suggests discussing your case with an attorney if you are considering applying for Social Security benefits.