Social Security Benefits to Increase by 1.7% in 2015
On Oct. 22, the Social Security Administration announced the annual Cost of Living Adjustment (COLA) for benefits. The fact sheet for the 2015 Social Security changes show:
- Based upon the inflationary formula, benefits will increase by 1.7 percent, beginning in January 2015;
- An average monthly retiree benefit of $1,328;
- An average payment to individuals with disabilities of $1,165;
- The new monthly SSI standard will be $733; and
- The COLA will also affect eligibility thresholds for certain Medicaid programs, including many Medicaid waivers which set eligibility at 300 percent of the SSI standard.
According to the fact sheet the estimated average monthly Social Security benefits payable in 2015 are summarized as follows:
| Before 1.7% COLA | After 1.7% COLA | |
|---|---|---|
| All Retired Workers | $1,306 | $1,328 |
| Aged Couple, Both Receiving Benefits | $2,140 | $2,176 |
| Disabled Worker, Spouse and one or more Children | $1,943 | $1,976 |
| All Disabled Workers | $1,146 | $1,165 |
Contact: Cheryl Udell, cudell@leadingageny.org, 518-867-8871