Social Security benefits to increase in 2015

By
Monday, October 27, 2014

Coin stacks increasing with arrow

Cost of Living Adjustment

The Social Security Administration announced October 22 that beneficiaries of the nation’s various social security programs will receive a 1.7 percent increase in benefits in the coming year.

The increase is slightly more than the 1.5 percent increase beneficiaries received in 2014.

In addition to the more widespread Old-Age, Survivors, and Disability Insurance program, the change also impacts the more than 10 million people receiving Social Security Disability Insurance and more than eight million people receiving Supplement Security Income.

Benefits through SSDI average about $1,145 per month and SSI benefits average $535 per month.

Under federal law, the annual increase must be calculated each year, based on its cost-of-living adjustment (COLA) system, which is tied to the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.

“This modest increase will help preserve the buying power of Social Security benefits for nearly 64 million Americans, including many people with intellectual and developmental disabilities who receive benefits under our nation’s Social Security system,” the Arc wrote in a statement on its blog.