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.
History of COLA Increases Since 1975