The Cost of Living Adjustment (also known as COLA Increase) for 2015 has been announced and published in the federal register. The increase is paid out to all Social Security Beneficiaries including those on SSI, SSDI (Social Security Disability), RSDI (Social Security Retirement) and DAC (Social Security Disabled Adult Child). The 2015 Social Security COLA Increase for 2015 is 1.7 percent.
How Much Social Security Will I Get in 2015
For SSI, Eligible individuals that receive $721 a month in 2014 will receive $733 starting January 2015 with the new cost of living increase. Eligible couples under SSI that received $1,082 in 2014 will begin receiving $1,100 in 2015 under the COLA Increase.
- Those getting $800 in benefits for 2014 will receive $813 a month in 2015
- Those receiving $900 in benefits for 2014 will receive $915 a month in 2015
How To Figure Out 2015 Social Security Earnings
To figure out your 2015 Social Security Earnings simply grab a calculator and type in your 2014 Monthly Earning and then multiply it by 1.017. Round the result down to the whole number below and that should be your monthly income for 2015 under the new cost of living adjustment.
Remember these numbers are just for Federal Earnings. Some states supplement federal earnings and have different rules for enacting increases.
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