The Social Security Administration (SSA) Tuesday announced a 1.7% cost-of-living benefit increase for 2015.
Most Social Security beneficiaries (58 million) will receive the benefit increase in January, SSA said. The 8 million Supplemental Security Income recipients will see increased payments as of Dec. 31.
Cost of Living Adjustments (COLA) are based on the Consumer Price Index for Urban Wage Earners and Clerical Workers, a measure intended to calculate changes in the buying power of a dollar. This year’s adjustment is low from a historic perspective, although it represents an improvement over 2010 and 2011, when there was no COLA. The average annual adjustment over the previous 10 years was 2.5%.
Jo Ann Jenkins, CEO of AARP, called the adjustment “modest” in a press release, although she said the extra money would be an important weapon against poverty for many retirees facing increased food, utilities, and healthcare costs.
She also took the opportunity to note the political implications of Social Security, particularly with the mid-term elections coming up in a couple of weeks.
“Because most retirees depend upon their earned benefit for at least half of their retirement income, we hope Americans of all political stripes will ask candidates where they stand on Social Security and Medicare,” she said.
Other changes will go into effect based on the increase in annual wages. Starting Jan. 1, the maximum amount of earnings subject to Social Security tax will be $118,500, up from $117,000. That change is expected to affect about 10 million people.
Social Security Recipients Get 'Modest' Increase
Most Social Security beneficiaries (58 million) will receive the benefit increase in January. The 8 million Supplemental Security Income recipients will see increased payments as of Dec. 31.
The Social Security Administration (SSA) Tuesday announced a 1.7% cost-of-living benefit increase for 2015.
Most Social Security beneficiaries (58 million) will receive the benefit increase in January, SSA said. The 8 million Supplemental Security Income recipients will see increased payments as of Dec. 31.
Cost of Living Adjustments (COLA) are based on the Consumer Price Index for Urban Wage Earners and Clerical Workers, a measure intended to calculate changes in the buying power of a dollar. This year’s adjustment is low from a historic perspective, although it represents an improvement over 2010 and 2011, when there was no COLA. The average annual adjustment over the previous 10 years was 2.5%.
Jo Ann Jenkins, CEO of AARP, called the adjustment “modest” in a press release, although she said the extra money would be an important weapon against poverty for many retirees facing increased food, utilities, and healthcare costs.
She also took the opportunity to note the political implications of Social Security, particularly with the mid-term elections coming up in a couple of weeks.
“Because most retirees depend upon their earned benefit for at least half of their retirement income, we hope Americans of all political stripes will ask candidates where they stand on Social Security and Medicare,” she said.
Other changes will go into effect based on the increase in annual wages. Starting Jan. 1, the maximum amount of earnings subject to Social Security tax will be $118,500, up from $117,000. That change is expected to affect about 10 million people.
Physicians Foundation seeks medical groups, doctors for new grant-funded projects to address patient drivers of health
VIDEO: The Costs of EHR
ACIP 2023 Vaccination Schedule Update, At-a-Glance
VIDEO: The Challenges of EHR Adoption
One tip for physicians making a New Year's Resolution for 2022
Of Corrections, Comebacks and Cognitive Dissonance
Physicians Foundation seeks medical groups, doctors for new grant-funded projects to address patient drivers of health
VIDEO: The Costs of EHR
ACIP 2023 Vaccination Schedule Update, At-a-Glance
VIDEO: The Challenges of EHR Adoption
One tip for physicians making a New Year's Resolution for 2022
Of Corrections, Comebacks and Cognitive Dissonance
Physicians Foundation seeks medical groups, doctors for new grant-funded projects to address patient drivers of health
VIDEO: The Costs of EHR
ACIP 2023 Vaccination Schedule Update, At-a-Glance
VIDEO: The Challenges of EHR Adoption
One tip for physicians making a New Year's Resolution for 2022
Of Corrections, Comebacks and Cognitive Dissonance
Physicians Foundation seeks medical groups, doctors for new grant-funded projects to address patient drivers of health
August 22nd 2023VIDEO: The Costs of EHR
April 15th 2015ACIP 2023 Vaccination Schedule Update, At-a-Glance
February 28th 2023VIDEO: The Challenges of EHR Adoption
April 14th 2015One tip for physicians making a New Year's Resolution for 2022
January 3rd 2022Of Corrections, Comebacks and Cognitive Dissonance
March 15th 2021