For two years in a row, Social Security recipients are going to be presented with only a slight increase in benefits.
According to a projection by the Associated Press, the 2014 raise will be around 1.5%. This would be the smallest increase since the benefits were automatically raised in 1975.
The government’s defense as to why the increase was small is because consumer prices haven’t gone up much within the last year.
The cost-of-living adjustment (COLA) can’t be determined until the Department of Labor releases the September inflation report, which was supposed to be released on Wednesday, October 9; it was delayed due to the government shutdown.
In spite of this setback, the Social Security Administration has not said that increases would be delayed for next year. Social Security benefits continued to be distributed during the shutdown.
If you are considering filing for Social Security income or disability insurance, you may consider seeking legal representation in San Antonio. An experienced attorney from the Chris Mayo Law Firm may ensure a quick and fair processing of your Social Security disability claim. Please get in touch today by calling (210) 999-9999.