Social Security Income Increases in 2015

In 2015, nearly 64 million Americans who receive Social Security or Supplemental Security Income (SSI) will receive a cost-of-living adjustment (COLA) increase to their monthly benefit payments of 1.7 percent.

The average monthly Social Security benefit for a retired worker in 2015 is $1,328 (up from $1,306 in 2014). The average monthly Social Security benefit for a disabled worker in 2015 is $1,165 (up from $1,146 in 2014).

For people who receive Social Security Income, the maximum federal payment amount increased to $733 (up from $721 in 2014).

Other Social Security changes in 2015 are also worth noting. For example, the maximum amount of earnings subject to the Social Security payroll tax will increase to $118,500 (up from $117,000 in 2014). A worker will earn one credit toward Social Security coverage after paying taxes on $1,220 in earnings in 2015 (up from $1,200 in 2014). As a reminder, eligibility for retirement benefits still requires 40 credits (usually about 10 years of work).

JD Miller

About JD Miller

John D. Miller is the founder/owner of Home Care Partners, LLC, a Massachusetts business providing private duty, personalized in-home assistance and companion care services to those needing help in daily activities and household functions. Phone: (781) 378-2164 Email: [email protected] Website: https://homecarepartnersma.com
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