Q:

Was there a cost of living increase for Social Security in 2014?

A:

Quick Answer

In 2014, Social Security and Supplemental Security Income beneficiaries received a 1.5 percent cost-of-living adjustment to their benefit payments. This was calculated to compensate for inflation as measured by the most recent annual increase in the U.S. Consumer Price Index.

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Full Answer

Estimated average payments for all retired workers increased to an average of $1,294 per month in 2014, with all beneficiaries expected to receive a modest increase in benefits payments. Payroll tax deductions for both Social Security and Supplemental Security Income remained the same in 2014, although the maximum taxable income limit for Social Security increased to $117,000 annually. In 2015, the cost-of-living adjustment for Social Security beneficiaries was 1.7 percent.

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