[Nfbf-l] Social Security Announces 1.7 Percent Benefit Increase for 2015

[Sherri]

Monthly Social Security and Supplemental Security Income (SSI) benefits for 
nearly 64 million Americans will increase 1.7 percent in 2015, the Social 
Security Administration announced today.


The 1.7 percent cost-of-living adjustment (COLA) will begin with benefits 
that more than 58 million Social Security beneficiaries receive in January 
2015.  Increased payments to more than 8 million SSI beneficiaries will 
begin on December 31, 2014. The Social Security Act ties the annual COLA to 
the increase in the Consumer Price Index as determined by the Department of 
Labor's Bureau of Labor Statistics.



Some other changes that take effect in January of each year are based on the 
increase in average wages.  Based on that increase, the maximum amount of 
earnings subject to the Social Security tax (taxable maximum) will increase 
to $1,850 from $1,700.  Of the estimated 168 million workers who will pay 
Social Security taxes in 2015, about 10 million will pay higher taxes 
because of the increase in the taxable maximum.



The Substantial Gainful Activity (SGA) level for blind recipients will 
increase to $1,820 per month.

Information about Medicare changes for 2015 is available at 
www.Medicare.gov.



The Social Security Act provides for how the COLA is calculated.  To read 
more, please visit www.socialsecurity.gov/cola.









Sherri

Character is the side of yourself you choose to show the world.
Integrity is what you do, what you say and how you act when you think no one 
is paying attention.
Sherri Brun
NFBF Newsline Chair
flmom2006 at gmail.com