RING IN THE NEW YEAR WITH A COST OF LIVING ADJUSTMENT (COLA)

By Kirk Larson

Social Security Washington Public Affairs Specialist

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. The average monthly Social Security benefit for a disabled worker in 2015 is $1,165. The State of Washington the average payment is a little higher at $1,398 for a retired worker and $1.168 for a disabled worker.

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 http://www.medicare.gov.

The Social Security Act outlines how the COLA is calculated. To read more about the COLA, please visit http://www.socialsecurity.gov/cola.

To learn more about your own Social Security benefits visit http://www.socialsecurity.gov/myaccount/ – Over 15 million people have already created their own online account.

Share this story!
WOMEN AND SOCIAL SECURITY – SOME THINGS YOU NEED TO KNOW
In 2012, 49.6 percent of all elderly unmarried females receiving Social Security benefits relied on Social Security for 90 percent or more of their income....
This Week’s Most Viewed Story
And the most viewed article of the past week is......

Related

Keeping Fiduciaries Out of Trouble
Fiduciaries hold responsibilities and obligations beyond simple check-the-box tasks....
‘Tis the season to celebrate Seattle style!
Seattle is pulling out all the stops for the holidays with a lineup of events and activities guaranteed to get you in a festive mood...
Michael G. Smith, Artistic Director of Cirque du Soleil’s “Volta”; Sharing Creative Knowledge With the Next Generation
Michael G. Smith, Artistic Director of Cirque du Soleil’s “Volta”; Sharing Creative Knowledge With the Next Generation...
You don’t have to be a celeb to enjoy the star-studded Swiss cities of Lausanne and Montreux
It's hard to imagine what a noted British poet, a famous film actor, a celebrated French fashion designer and the lead vocalist of the rock...
Calling All 55+ Volunteer Enthusiasts
It is the last event of the year...
Seattle’s Outdoor Music Season
Summer festivals include old favorites from Northwest Folklife to Bumbershoot, plus new waterfront concert venues Downtown and in Tacoma...

BE IN THE KNOW

NWPT-Subscribe

Recent Posts

Introducing Greek Spoon Sweets
From the Streets to the Starting Line: Patrick Busche’s Remarkable Road to Recovery
Seattle’s Light-Rail Era Begins
Sequim Lavender Festival
Echoes of Their Unspoken Love from Around the World

BE IN THE KNOW

NWPT-Subscribe

Recent Posts

Introducing Greek Spoon Sweets
From the Streets to the Starting Line: Patrick Busche’s Remarkable Road to Recovery
Seattle’s Light-Rail Era Begins
Sequim Lavender Festival
Echoes of Their Unspoken Love from Around the World