Recently, the Social Security Administration announced that Supplemental Security Income (SSI) benefits for nearly 64 million Americans will increase 1.7 percent in 2015.
For those of you that are currently receiving Social Security benefits, you’re getting a raise next year! This isn’t a huge increase but every little bit helps, right?
For those that are approaching retirement, Social Security is a very important piece of your retirement income puzzle. It is critical to have all the facts and to make smart decisions about when to begin taking social security benefits and which benefits to take. This is not a decision to be taken lightly or to make without all the facts.
You have many benefits and strategies available to you. Some concepts that are important to understand are: spousal benefits, survivor benefits, restricted applications, “file and suspend”, delayed credits, and income caps. There is not a universally best strategy to take. Each person’s situation is unique and should be considered in context of their overall financial picture.
If you or someone you know would appreciate some advice about how to maximize Social Security benefits, LifeGuide’s Social Security Analysis Service may be very insightful! Don’t hesitate to give us a call. We are here to help.
Your LifeGuide Team
Social Security Press Release:
Wednesday, October 22, 2014
For Immediate Release
LaVenia J. LaVelle, Press Officer
Social Security Announces 1.7 Percent Benefit Increase for 2015
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 $118,500 from $117,000. 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.
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.