The Social Security Administration announced today that benefit amounts will be increasing 1.5% starting in 2014. The 1.5% increase is based on the Cost of Living (COLA), and is one the smallest increases since automatic COLA increases started in 1975.
It is not a big increase, but is better than 2009 and 2010 when there was no increase at all. The largest increase was 14.3, which happened in 1980.