Social Security announces benefit increase for 2014

This morning the Social Security Administration announced that monthly Social Security and Supplemental Security Income (SSI) benefits for nearly 63 million Americans will increase 1.5 percent in 2014.

The 1.5 percent cost-of-living adjustment (COLA) will begin with benefits that more than 57 million Social Security beneficiaries receive in January 2014. Increased payments to more than 8 million SSI beneficiaries will begin on December 31, 2013.

Read the full press release at http://www.socialsecurity.gov/pressoffice/pr/2014cola-pr.html

A fact sheet detailing specific Social Security and Supplemental Security Income (SSI) changes for 2014 is at http://www.socialsecurity.gov/pressoffice/factsheets/colafacts2014.html. This fact sheet includes the new annual retirement earnings test amounts for 2014 and an updated amount of maximum taxable earnings along with other automatic adjustments related to the cost-of-living adjustment increase.

The Centers for Medicare and Medicaid Services (CMS), announced earlier this week that the standard Medicare Part B premium will remain at $104.90 in 2014, the same as in 2013. The income-related monthly premium rates will also remain the same as they were in 2013. That press release is on the CMS website at http://www.cms.gov/Newsroom/MediaReleaseDatabase/Press-Releases/2013-Press-Releases-Items/2013-10-28.html.

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