Social Security

Social Security 2014 COLA update. Current projection about 1.7% increase

2013 9-17-13

The 2014 Social Security COLA is based on the increase in the CPI-W from 2012 to 2013 for the months of July, August and September.

The average for July and August 2012 is 226.312

The average for July and August 2013 is 230.221

The difference is an increase of 1.727. This indicates a Social Security COLA of about 1.7% The calculation is rounded to the nearest 1/10th of one percent.

Remember, we still need September 2013 to complete the calculation. That number will be available around October 15 and the actual COLA will be determined.

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6 replies »

  1. Im new to the Social Security benefits..just started in October 2013..I read about the COLA raise..can someone tell me how to figure out how much of an increase I will get?/ this is so confusing..just like the ObamaCare..insurance thing..

    • You don’t have to figure out anything. It’s all automatic, but just add 1.5% to your current monthly gross benefit for 2014. So of you were getting $100, you will get $101.50 dollars next year.

  2. In reviewing the social security estimate in the article I believe the average for 2012 should be subtracted from the average for 2013 and then divided by the average for 2012. The number 1.697% would indicate the 2013 average was used in the division. If my calculations are correct, it should be 1.727% which would be rounded up SS incresase (according to formula) to 1.8%. Of course we will have to wait another month to see what the Sept CPI is before we get excited but every ,01% counts.

  3. Dick… It seems that nothing draws more comments than any mention of a social security COLA adjustment. Add this to the previous post re: richest in congress and you are guaranteed a raft of comments. Was the intention to rile up the masses? Maybe a followup post about the benefits of term limits. Just sayin. LOL

    • You are certainly right about the comments. But you know, logically there is no connection whatsoever. Congress does not determine each years COLA as some people think. People believe what they want to believe and the facts be damned. There are people who still believe the Medicare premium will be $247 in 2014 and caused by Obamacare no less.

      In recent years we have demonized the wealthy, but frankly I don’t care who is wealthy or how much they have as long as it was acquired honestly. And whose fault is it who is in Congress, the very people who elect them. Interestingly, some of the wealthiest politicians receive the most support from labor unions who claim to represent the average working American.

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