Social Security COLA Increase
Monthly Social Security and Supplemental Security Income (SSI) benefits will increase 1.7% in 2015. The 1.7% cost-of-living adjustment (COLA) will begin with benefits received in January 2015. Increased payments to SSI beneficiaries will begin on December 31, 2014.
Security Amounts for 2015
The Social Security Administration has announced the new amounts for 2015. The gross Social Security benefits increase for 2014 by 1.7%.
The amount of earnings subject to Social Security taxes increases to $118,500 (up from $117,000 for 2014).
Earnings limitations for taxpayers who have not reached full retirement age (before having to repay Social Security benefits) increases to $15,720 ($1,310/month) (up from $15,480 ($1,290/month) for 2014).
Earnings limitations for taxpayers who reach full retirement age in the current year (before having to repay Social Security benefits) increases to $41,880 ($3,490/month) (up from $41,400 ($3,450/month) for 2014). (“Full retirement age” is age 66 for those born in 1943-1954.)
The maximum monthly Social Security benefits increases to $2,663.
The full Fact Sheet can be found on Social Security’s web site www.socialsecurity.gov.