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SOCIAL SECURITY COLA FOR 2014

October 30, 2013: The Social Security Administration has announced the Cost-of-Living Adjustment (COLA) for 2014.  According to ssa.gov:

“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.”

You can add the 1.5% COLA by multiplying the current award amount by 1.015.

For management staff, be sure to apply this COLA to benefits for the appropriate number of months. 

Example:

Mrs. Smith would like to move in on December 1, 2013.  Her 2013 gross Social Security monthly amount is $928.  You will calculate her Social Security income as follows:

$928 x 1.015 = $941.92 (2014 monthly amount)

$928 x 1 = $928 (December 2013)

$941.92 x 11 = $10,361.12 (January – November 2014)

$928 + $10,361.12 = $11,289.12 (12 months)

If you have already processed files for move-in for January 2014, it is recommended that you review the household income and apply the COLA to benefits issued by the Social Security Administration since it is a known anticipated change in income.

 


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