This week, the Social Security Administration (SSA) announced in a press release that there would be an increase in benefits staring in January 2014. All Social Security Retirement, Survivors, and Disability benefits will be increased by 1.5 percent. Supplemental Security Income (SSI) benefits will also be increased by 1.5 percent.
The increase is called a cost-of-living-adjustment (COLA) and is based on the Consumer Price Index. The purpose of the COLA is to ensure that Social Security and SSI Benefits rise relative to inflation.
In 2013, the average Social Security Disability payment was $1,131. In 2014, the average payment will be $1,148. In 2013, the maximum monthly SSI benefit was $710. In 2014, this has been increased to $721.
For more information on how the COLA is calculated click here to view the SSA’s website.
To view the full text of the SSA’s press release, click here.
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Overpayment issues happen fairly frequently. According to the Government Accountability Office, which oversees the Social Security Administration, an audit found that Social Security made $1.3 billion worth of overpayments in just two years.
Budget constraints and large Social Security disability backlogs are blamed for the overpayments issues because the backlogs delay reviews of income information that alert Social Security that it should stop payments.
Once Social Security is aware of an overpayment issue it will notify the recipient and advise of possible repayment options. Repayment options include paying back the overpayment over a period of time.
If a recipient disagrees with Social Security’s conclusion that an overpayment has occurred, recipients can appeal the decision and ask Social Security to either waive the entire amount of the overpayment or waive a partial amount of the overpayment.
To learn more about overpayments click here.
