The 1.5 percent cost-of-living adjustment (COLA) will begin with benefits that more than 57 million Social Security beneficiaries receive in January 2014.
Across the entire country, everyone receiving a Social Security retirement, survivors or disability benefit will receive a letter about the 1.5 percent cost-of-living increase for 2014. This letter will explain how much they will get per month in 2014 along with other important information.
Keep this letter. It is very important. Use it when you need to prove the amount of your Social Security benefit. Whether used to obtain financial help from housing and energy assistance programs or to qualify for a new vehicle bank loan, keeping this letter will simplify the process. Put it with your other important financial documents.
The letter contains much more than just the amount of your Social Security amount. It includes your monthly benefit before any deductions, the amount deducted for your Medicare Part B coverage, other deductions if any, and the net amount received each month. On the letter, this information will look something like this:
How Much Will I Get And When?
??????? Your monthly amount (before deductions) is ___________.
??????? The amount we deduct for Medicare medical insurance is ___________.
(If you did not have Medicare as of Nov. 14, 2013
or if someone else pays your premium, we show $0.00.)
??????? The amount we deduct for your Medicare prescription drug plan is ___________.
(If you did not elect withholding as of Nov. 1, 2013, we show $0.00.)
??????? The amount we deduct for voluntary federal tax withholding is ___________.
(If you did not elect voluntary tax withholding as of
Nov. 14, 2013, we show $0.00.)
??????? After we take any other deductions, you will receive
Perhaps you already received this letter. If not, you should receive it soon. It is likely that you, your spouse and your friends will receive your individual letters on different days.
Keep this letter with your other important financial documents. It is very important. Use it when you need to prove the amount of your monthly Social Security benefit.