Retirees Will Likely See Low Benefit Increases Next Year

5 years 10 months 1 week ago Wednesday, October 16 2013 Oct 16, 2013 Wednesday, October 16, 2013 3:52:00 AM CDT October 16, 2013 in News
By: Nick Thompson, KOMU 8 Reporter
loading

COLUMBIA - Retirees eligible for Social Security benefits will likely receive another historically small increase in their benefits in 2014, according to early projections.

The Social Security Administration uses the Sept. Consumer Price Index (CPI) to calculate a Cost-of-Living Adjustment (COLA) for the next year. The CPI measures changes in what prices consumers pay for certain goods and services. The federal government uses the CPI as an inflation indicator.

The U.S. inflation rate has hovered around 2 percent in recent years, so the COLA has not changed much. In three of the last four years, recipients have seen little or no increase in benefits.

In 2010 and 2011, Social Security recipients did not receive a benefit increase after the COLA was calculated. In 2012, beneficiaries received a 3.6 percent increase.

In 2013, recipients saw a 1.7 percent increase in their benefits after the government calculated the COLA.

The American Institute for Economic Research estimates the COLA will lead to another small benefit increase for 2014 of about 1.5 percent.

 

 

More News

Grid
List
ST. LOUIS (AP) — St. Louis police and the U.S. Marshals Service have found and taken into custody two people... More >>
3 hours ago Friday, August 23 2019 Aug 23, 2019 Friday, August 23, 2019 7:22:00 PM CDT August 23, 2019 in News
JEFFERSON CITY - A scare over a recent Facebook threat has a neighborhood rethinking the safety of their children. ... More >>
7 hours ago Friday, August 23 2019 Aug 23, 2019 Friday, August 23, 2019 3:43:00 PM CDT August 23, 2019 in News
COLUMBIA - Forty-five cats, two birds, and three dogs are currently being housed at the Central Humane Society after a... More >>
7 hours ago Friday, August 23 2019 Aug 23, 2019 Friday, August 23, 2019 3:36:00 PM CDT August 23, 2019 in News
FULTON – Students at Westminster College are getting some high tech help from the school: free iPads and Apple Pencils.... More >>
8 hours ago Friday, August 23 2019 Aug 23, 2019 Friday, August 23, 2019 2:48:00 PM CDT August 23, 2019 in News
COLUMBIA- People in Boone and Callaway Counties have been receiving calls from people saying they need to pay money for... More >>
8 hours ago Friday, August 23 2019 Aug 23, 2019 Friday, August 23, 2019 2:31:00 PM CDT August 23, 2019 in News
COLUMBIA - A tweet with video showing what appears to someone throwing something at a downtown church prompted police to... More >>
8 hours ago Friday, August 23 2019 Aug 23, 2019 Friday, August 23, 2019 2:18:00 PM CDT August 23, 2019 in News
JEFFERSON CITY- Gov. Mike Parson tweeted about a big campaign announcement on his personal Twitter account Friday. ... More >>
9 hours ago Friday, August 23 2019 Aug 23, 2019 Friday, August 23, 2019 1:19:00 PM CDT August 23, 2019 in News
JEFFERSON CITY (AP) — Missouri’s top election official is firing back after abortion-rights advocates sued him for allegedly impeding... More >>
12 hours ago Friday, August 23 2019 Aug 23, 2019 Friday, August 23, 2019 10:47:00 AM CDT August 23, 2019 in News
JEFFERSON CITY - The Cole County Prosecutor's Office added new charges to the case of a man accused of stabbing... More >>
15 hours ago Friday, August 23 2019 Aug 23, 2019 Friday, August 23, 2019 7:49:00 AM CDT August 23, 2019 in News
COLUMBIA - Animal control officers, helped by Columbia police, removed dozens of animals from a home on August 21. ... More >>
16 hours ago Friday, August 23 2019 Aug 23, 2019 Friday, August 23, 2019 7:06:00 AM CDT August 23, 2019 in News
COLUMBIA - Pride is coming to Rose Music Hall Saturday. The free event kicks off at 1 p.m. with... More >>
18 hours ago Friday, August 23 2019 Aug 23, 2019 Friday, August 23, 2019 4:30:00 AM CDT August 23, 2019 in News
COLUMBIA — The Missouri Department of Health and Senior Services is encouraging at-risk people to get vaccinated for hepatitis A... More >>
1 day ago Thursday, August 22 2019 Aug 22, 2019 Thursday, August 22, 2019 9:20:00 PM CDT August 22, 2019 in News
JEFFERSON CITY - Three months ago today, Jefferson City was hit by a tornado that ran from 54 Highway and... More >>
1 day ago Thursday, August 22 2019 Aug 22, 2019 Thursday, August 22, 2019 6:46:00 PM CDT August 22, 2019 in News
COLUMBIA - An incident at a Columbia Walmart Thursday afternoon that left shoppers fearing an active threat turned out to... More >>
1 day ago Thursday, August 22 2019 Aug 22, 2019 Thursday, August 22, 2019 6:05:00 PM CDT August 22, 2019 in News
COLUMBIA (AP) — Abortion-rights advocates on Thursday sued Missouri's top election official, alleging his actions and state laws denied them... More >>
1 day ago Thursday, August 22 2019 Aug 22, 2019 Thursday, August 22, 2019 4:02:00 PM CDT August 22, 2019 in News
COLUMBIA - MU is offering grief counseling to any student, faculty or staff member after a student died on Wednesday.... More >>
1 day ago Thursday, August 22 2019 Aug 22, 2019 Thursday, August 22, 2019 3:31:00 PM CDT August 22, 2019 in News
COLUMBIA - Missouri and several other states across the country are combating a shortage of veterinarians who are qualified to... More >>
1 day ago Thursday, August 22 2019 Aug 22, 2019 Thursday, August 22, 2019 2:30:00 PM CDT August 22, 2019 in News
COLUMBIA - After 10 years of MU enrollment hitting historic highs to major drops, downtown businesses have learned to adapt.... More >>
1 day ago Thursday, August 22 2019 Aug 22, 2019 Thursday, August 22, 2019 1:41:00 PM CDT August 22, 2019 in News
Columbia, MO
Broken Clouds 69°
12am 69°
1am 68°
2am 68°
3am 67°