Social Security, Federal Retirees to Get COLA of 1.5 Percent in 2014

Social Security beneficiaries will receive a 1.5 percent cost-of-living increase in 2014, slightly less than this year’s 1.7 percent hike, the Social Security Administration announced Oct. 30.

The annual announcement was delayed by about two weeks because of the government shutdown during the first half of October.

More than 57 million Social Security retirees, dependents and survivors will receive the increase beginning with benefits payable in January, while more than 8 million Supplemental Security Income recipients will begin receiving the COLA Dec. 31, 2013, SSA said in a statement. Some beneficiaries receive payments under both programs.

The 1.5 percent COLA ...