Monthly Social Security and Supplemental Security Income (SSI) benefits for nearly 63 million Americans will increase 1.5 percent in 2014, the Social Security Administration announced today.
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.
Some other changes that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax (taxable maximum) will increase to $117,000 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 of the increase in the taxable maximum.
I just read an article that said the Fed wants an inflation rate if 4-6% to help boost the economy. They say that inflation will help businesses make more money to pay down old debt. True, but then you have to give everyone raises, the cost of overhead goes up and it’s an endless cycle. Goofballs.
You’re welcome?
Whoopi, damn dooo-that is less than the amount that Allient raised my budget amount. What a bunch of crap. Everything is going up at the grocery store and even Walmart has raised it’s prices. 1.5% is a damn insult when they give away billions to other country’s and to the welfare baby’s.