SSA announces a Cost-of-Living Adjustment (“COLA”) for 2015

The Social Security Administration has announced a 1.7 percent benefit increase for 2015. This cost-of-living (“COLA”) adjustment will begin on December 31, 2014 for Supplemental Security Income (“SSI”) beneficiaries. Social Security Disability Insurance (“SSDI”) and Social Security recipients will see this COLA adjustment in their January 2015 benefit payments. This COLA adjustment will affect the nearly 64 million Americans who receive monthly Social Security and Supplemental Security Income benefits.

 Additionally, the maximum amount of earnings subject to Social Security tax will be increased from $117,000 to $118,500. This means that approximately 10 million people will pay higher taxes as a result of this increase in taxable maximum.

 For more information on the 2015 COLA adjustment, please see http://www.ssa.gov/news/#!/post/10-2014-2.

 Got a question that you need answered? Please check out our website at www.westcoastdisability.com . We try to provide you with valuable information on our website that may help you navigate the Social Security Disability process. Also, feel free to shoot me an email at megan@westcoastdisability.com or call us at (800) 459-3017 x 103.