The Social Security Administration recently announced that monthly Social Security and Supplemental Security Income (SSI) benefits will increase 1.7 percent in 2015. The 1.7 percent cost-of-living adjustment (COLA) will begin for Social Security Disability and Retirement beneficiaries in January 2015. Increased payments for SSI beneficiaries will begin on December 31, 2014. SSI beneficiaries will now receive $733.00 a month, increased from $721.00. The Social Security Act states that the annual COLA is linked to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics.
If you are currently receiving Social Security benefits, you may soon receive award notices in the mail that will show your monthly payment. If you have any questions regarding your new payment, please don’t hesitate to contact our office. If you are not yet receiving benefits, but are interested in what your monthly benefit amount may be, you can create an account at www.socialsecurity.gov/myaccount.