Sigman Janssen Legal Blog

Lower Than Average COLA Expected for Social Security Beneficiaries in 2014

October 24, 2013

October 24, 2013

For those unable to work due to physical or mental conditions, Social Security Disability Benefits can be vital sources of income. However, the rising costs of services and goods that Americans use every day can make it difficult for recipients to make ends meet. The Appleton Social Security Lawyers with Sigman, Janssen, Stack, Sewall & Pitz explain this is why the Social Security Administration annually examines if a Cost of Living Adjustment (COLA) is needed for benefits.

The COLA is determined by examining the rates of inflation on certain products and services figured in the Consumer Price Index report. While these numbers have not been released for the current year, experts are estimating a COLA for 2014 of roughly 1.5 percent.

According to a story from the Marine Corps Times, the COLA will be one of the lowest in years, considering the average since the program was launched is roughly 4.1 percent. The average over the last ten years has been more than two percent. Lower gas prices in recent months have led to lower inflation rates, which are said to be one of the causes for a small COLA this year.

The law firm’s team of Appleton Personal Injury Lawyers recognizes how complex the process for determining Social Security Benefit amounts can be. That’s why the firm suggests speaking with an attorney prior to applying for benefits.