x » SOCIAL SECURITY COLA FOR 2014Spectrum Enterprises



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. 


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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