Social Security Benefits Increase

     For the upcoming 2014 year, Social Security benefits for 58 million people will increase 1.5%. This is one of the small numbers of increase since the automatic adjustments were adopted in 1975. This number is smaller than it has been in recent years as a result of less consumer spending. (NBC)

     This upcoming year's increase is down from the 2013 increase of 1.7%. In 2012 there was a rather high increase of 3.6%, which has been the only significant rise in benefit in recent years. The recent 2014 adjustment will add roughly $19 a month to Social Security checks, raising the monthly benefits to an average of $1,294. (CNN)

     Social Security is funded by a 12.4% tax on the first $113,700 earned by a workers wages. This threshold will increase to $117,000. "Wages above the threshold are not subject to Social Security taxes." (NBC)

http://www.nbcnews.com/business/social-security-benefits-rise-next-year-less-2-percent-8C11496419

http://money.cnn.com/2013/10/30/news/economy/social-security-benefits/index.html?hpt=hp_t2