Social Security COLA 2014

Controversy Arising Around How Annual COLAs Are Determined

by Staff | November 4th, 2013

November 4, 2013

The federal government recently announced recipients of Social Security benefits would be receiving one of the smallest cost-of-living adjustments (COLA) in the history of the program. The Social Security Disability Lawyers with Fleschner, Stark, Tanoos & Newlin say the announcement as has sparked controversy regarding how the COLA figure is reached.

An article from The Huffington Post explains COLA’s are a raise in benefits that is determined each year for Social Security beneficiaries by examining rates of inflation on certain products and services United States citizens depend on. Currently, the government determines rates of inflation through a Consumer Product Index (CPI) report; however, many feel the report skews numbers in a manner that prevents Social Security recipients from getting the raise they deserve.

Some experts point out that another form of the CPI, the CPI-E, examines rates of inflation focused on the elderly and shows rates of inflation significantly higher than those recorded by the current CPI. The difference is due to the typically higher medical costs the elderly face and could be losing thousands of dollars per year.

Despite these numbers, the President is pushing for a form of the CPI, known as a chained CPI, which would decrease Social Security COLAs even more.

The law firm’s team of attorneys recognizes how difficult getting a fair amount of benefits from the Social Security Administration can be.  That’s why the firm suggests speaking with an attorney if you are considering applying for such benefits.

Social Security Disability Recipients Will Receive Increase In Payments Next Year

by Staff | October 30th, 2013

October 30, 2013

The rising costs of living in today’s society can make it extremely difficult for those who collect Social Security disability benefits as their main source of income to make ends meet. The Social Security Disability Lawyers with Fleschner, Stark, Tanoos & Newlin explain that a little relief for these individuals is on the way next year in the form of an increase in benefit payments.

An article from Federal News Radio explains that each year, the federal government examines the rates of inflation on certain products and services that are necessary for everyday living. These fluctuations are then used to determine a Cost-of-Living-Adjustment, or COLA, for Social Security recipients.

Typically, these COLAs can range anywhere between a two and 10 percent increase. Over the last several years though, the increases have been much smaller. The federal government announced this year will be no different, with Social Security recipients getting a 1.5 percent increase in benefits next year.

This is one of the lowest Social Security COLAs in the history of the system. Experts say that recent decreases in gas and fuel costs can be pinpointed as a leading cause for the COLAs being so low.

Fleschner, Stark, Tanoos & Newlin and their team of attorneys recognize how complex the process of determining the amount of benefits an individual will collect from Social Security can be and urges those individuals considering applying for such benefits to discuss their case with an attorney.