RING IN THE NEW YEAR WITH A COLA

Happy New Year from Social Security! Put down the champagne and ring in the New Year with a COLA! And we don’t mean the soda. In 2015, nearly 64 million Americans who receive Social Security or Supplemental Security Income (SSI) will receive a cost-of-living adjustment (COLA) increase to their monthly benefit payments of 1.7 percent.
 
The average monthly Social Security benefit for a retired worker in 2015 is $1,328 (up from $1,306 in 2014). The average monthly Social Security benefit for a disabled worker in 2015 is $1,165 (up from $1,146 in 2014).
 
For people who receive SSI, the maximum federal payment amount increased to $733 (up from $721 in 2014).
 
Other Social Security changes in 2015 are also worth noting. For example, the maximum amount of earnings subject to the Social Security payroll tax will increase to $118,500 (up from $117,000 in 2014). A worker will earn one credit toward Social Security coverage after paying taxes on $1,220 in earnings in 2015 (up from $1,200 in 2014). As a reminder, eligibility for retirement benefits still requires 40 credits (usually about10 years of work).
 
Information about Medicare changes for 2015 is available at www.medicare.gov.
 
The Social Security Act outlines how the COLA is calculated. To read more about the COLA, please visit www.socialsecurity.gov/cola.
 
To learn more about other changes in 2015, read our fact sheet at www.socialsecurity.gov/news/press/factsheets/colafacts2015.html.
 
 

6total visits,1visits today

leverton

I have been involved with publishing and marketing for the past 32 years. I enjoy helping people find ways to share their voice. I have found ways to do this through the written word, articles and various media outlets. Area-Info.net is an avenue to help everyone have a voice who wants a voice. If you have questions about how you can have your voice heard, I would be happy to schedule a time to consult with you.

You May Also Like