Social Security Benefits Increase 2014 - The United States Social Security benefits will increase by 1.7 percent as per the report release by the Social Security Administration. The said increase will be effective in 2015.
The Wall Street Journal stated US citizens who collect Social Security Benefits will see a modest increase in their checks next year to cover higher consumer expenses. The annual cost-of-living adjustment of 1.7 percent next year is an increase from the 1.5 percent this 2014.
As per CNN Money, the rise in the Social Security Benefits is still less than the increase given way back in 2012 which is 3.6 percent. Because of the recession, retirees or Senior Citizens haven't received any increase for 2 years prior. The 2014 announcement give way for Social Security checks to increase which translates into $22 more each month for the average retired worker.
Social Security Administration said in 2015, the social security benefit for an average worker is $1,328 per month or $15,936 per year. More than 58 million recipients will see the increase in their checks starting January.
Forbes reported the maximum monthly Social Security check for a single baby boomer claiming benefits in 2015 at the "full" retirement age of 66 will be $2,663, up from $2,642 in 2014. The increase will show up in regular Social Security checks in January and in payments made to 8 million beneficiaries of Supplemental Security Income (SSI) benefits on Dec. 31, 2014.
Since 1975, by law the Social Security Cost of Living Allowance (COLA) has been linked to the Consumer Price Index (CPI) for Urban Wage Earners and Clerical Workers (CPI-W).
It is set each October based on the CPI-W for the 12 months ended September 30, which was announced by the Bureau of Labor Statistics Tuesday morning. While advocates for the elderly contend CPI-W understates the true increase in costs the elderly face, deficit hawks have pushed for linking COLAs to an even lower measure of inflation known as the chained CPI.
The Social Security Benefits Increase 2014 report of the 1.7 percent inflation of the benefits next year, the seniors will still face sharper increase for utility and grocery bills among other essentials. Housing costs are also rising faster than the increase, making it hard for the retirees who don't have their own home.
Although the 2014 announcement of the increase on social security benefits in 2015 is not that huge, at least the seniors and the retirees will get additional amount for their benefits.
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