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Search Tags: COLA
The Social Security Administration announced Wednesday morning that the cost-of-living adjustment, or COLA, for 2014 will rise 1.5 percent.
When it comes to cost-of-living adjustments for retirees, bigger is always better, right? Or is it? Either way, some changes may be coming in the way the government tracks inflation, Senior Correspondent Mike Causey says.
Preliminary figures suggest next year's benefit increase will be roughly 1.5 percent, according to an analysis by The Associated Press. The increase will be small because consumer prices, as measured by the government, haven't gone up much in the past year.
Millions of federal retirees will have to wait to find out the size of next year's cost-of-living adjustment. The Labor Department says it won't report inflation statistics on time this month, which will delay the Social Security Administration's COLA calculation.
Picture yourself floating in a deep, dark swamp, Senior Correspondent Mike Causey says. There doesn't appear to be any danger, except the pair of eyes watching you from the surface of the swamp. But what harm could they do? Ever hear of the federal version of the "Creature from the Black Lagoon?"
How can you tell the difference between a current government worker and a retired civil servant? One of them is smiling, Senior Correspondent Mike Causey says. Think about it, prices have gone up, taxes have gone up, health premiums have gone up -- but feds at the Pentagon, HUD, Interior and other agencies haven't had a raise in three years.
Feds who are already retired (and those who plan to retire someday soon) have several worries, Senior Correspondent Mike Causey says. For those about to take the plunge, the concern is the backlog of applications at the Office of Personnel Management. For those already on the roles the fear is that future benefit increases will be downsized each year.
When it comes to those annual cost-of-living adjustments, a growing number of federal workers and retirees actually get diet COLAs each January. And that would get worse -- and extend to all retirees under a White House plan that has strong congressional backing, Senior Correspondent Mike Causey says.
Federal, military and Social Security retirees get a cost-of-living adjustment like clockwork each and every year, even during years when federal workers do not get pay raises. But the 2014 cost-of-living adjustment for retirees is up in the air and on attack on two very different fronts, Senior Correspondent Mike Causey says.
Senior Correspondent Mike Causey wants to know: If I chopped a couple of bucks off each of the future cost-of-living adjustments made to your federal retirement or Social Security benefits would you even notice? Or, would you pick up the fact that over time that is a lot of money that you will never see.