New Figures: 2014 Social Security Benefit Set to Increase by Only 1.5%

NEW ORLEANS, October 23, 2013 /PRNewswire/ --



Social Security, Veterans' benefits and federal pensions are set for a minimal rise in the New Year, according to new figures. PaydayLoan-Lenders.com comments on these findings.

The Associated Press has shared details of analysis that projects a 1.5% rise in Social Security benefits in 2014. PaydayLoan-Lenders.com, the consumer finance site and short term loan finding service, has commented on these figures.

Despite millions of Americans being reliant on Social Security, veterans' benefits and federal pensions, the increase will offer little extra in the form of financial support. The government justification for the minimal cursory increase of benefits is because consumer prices, as measured by the government, have remained more or less stable within the last 12 months, apparently not necessitating more than the 1.5% increase.

As such, this will mark the second consecutive year in which benefits have been on the receiving end of one of the lowest ever recorded raises since the procedure of automatic raises was introduced in America, in 1975. Although the precise details of the cost-of-living adjustment (COLA) will not be revealed until the U.S. Labor Department releases September's inflation report which has been delayed due to the partial government shutdown, the Associated Press reveals that it will affect nearly a fifth of the nation.

Sam Malka, spokesperson for PaydayLoan-Lenders.com commented on the APs calculations and their implications in the following statement.

"There are almost 58 million retired Americans, disabled workers, individuals and children that receive Social Security benefits. They represent not just a supplement to these people - for many, these benefits are their total income. Currently, the average monthly payment is $1,612. A 1.5% increase would only increase the average payment by a paltry $17. The Associated Press' figures show that times are not going to get easier for low income Americans in 2014."

The statement continued by addressing how the site can assist. "We are happy to provide a free introduction service for those who live in payday loan friendly states and need to borrow extra money from top online lenders, fast. All credit backgrounds and income levels are considered and it is free to apply."

In addition, the COLA also will impact more than 3 million disabled veterans, 2.5 million federal retirees and survivors and upwards of 8 million Americans that receive Supplemental Security Income, which is a disability program for low-income Americans.

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SOURCE PaydayLoan-Lenders.com