Federal COLA adjustment is a 1.5 percent increase for 2014

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Retired federal workers and military members will get a 1.5 percent boost in their benefits in January as a cost of living adjustment, Federal Times says.

Called COLAs, the cost-of-living adjustment will impact millions of people who receive federal retirement benefits, veterans benefits and Social Security.

Federal Times says that this years COLA is one of the smallest in recent memory. It's lower than last year's adjustment which was 1.7 percent.

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