For the second consecutive year, Social Security beneficiaries will see their benefits increase by under 2%. The annual cost-of-living adjustment (COLA) of 1.5% for 2014 was announced today, the smallest increase ever since the automatic adjustment system was first established nearly 40 years ago. This COLA increase is slightly lower than the 1.7% increase implemented for 2013, and an average recipient should expect to receive an additional $19 per month under this increase.