The Social Security Administration announced a 1.7% COLA increase for monthly Social Security and Supplemental Security Income (SSI). This means that the 64 million Americans receiving Social Security benefits will see about 22 additional dollars in their check each month. The increase will take effect in January 2015. A COLA is a “cost of living adjustment”. SSI benefits are adjusted to reflect increases, if any, in the cost of living as measured by the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W) prepared by the Bureau of Labor Statistics . If you need to apply for retirement or disability benefits, you can do so online. This video has helpful hints and tips as you go through the application process.