Many people ring in the new year with champagne. People who receive Social Security or Supplemental Security Income (SSI) get to ring it in with a COLA. For 2014, more than 60 million Americans will get a 1.5 percent cost-of-living adjustment (COLA) in their monthly benefit payments.The 1.5 percent increase begins with benefits for more than 57 million Social Security beneficiaries in January 2014, and payments to more than eight million SSI recipients in late December 2013.
Some other changes that take effect in January of each year are based on the increase in average wages. For example, the maximum amount of earnings subject to the Social Security payroll tax will increase to $117,000, up from $113,700. Of the estimated 165 million workers who will pay Social Security taxes in 2014, about 10 million will pay higher taxes as a result.
Learn more by reading the press release at www.socialsecurity.gov/pressoffice/pr/2014cola-pr.html.
Source: Social SecurityOnline