Social Security Announces 1.7
Percent Benefit Increase for 2015
Monthly Social Security and
Supplemental Security Income (SSI) benefits for nearly 64 million Americans
will increase 1.7 percent in 2015, the Social Security Administration announced
today.
The 1.7 percent cost-of-living
adjustment (COLA) will begin with benefits that more than 58 million Social
Security beneficiaries receive in January 2015. Increased payments to more than
8 million SSI beneficiaries will begin on December 31, 2014. The Social
Security Act ties the annual COLA to the increase in the Consumer Price Index
as determined by the Department of Labor’s Bureau of Labor Statistics.
Some other changes that take
effect in January of each year are based on the increase in average wages.
Based on that increase, the maximum amount of earnings subject to the Social
Security tax (taxable maximum) will increase to $118,500 from $117,000. Of the
estimated 168 million workers who will pay Social Security taxes in 2015, about
10 million will pay higher taxes because of the increase in the taxable
maximum.
Information about Medicare
changes for 2015 is available at www.Medicare.gov.
The Social Security Act provides
for how the COLA is calculated. To read more, please visit www.socialsecurity.gov/cola.
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