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SOCIAL SECURITY ANNOUNCES 1.7% INCREASE FOR 2015

Published January 16th, 2015 in Uncategorized

Monthly Social Security and Supplemental Security (SSI income) benefits from nearly 64 million Americans will increase 1.7% in 2015, the Social Security Administration recently announced.

The 1.7% cost of living adjustment 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.

Other changes that will take effect in January of each year based on the increase in average wages. Based on that increase the max amount of earnings is subject to social security tax “taxable minimum”(will increase to 118, 500 from 117,000) of the estimates 168 million workers who will pay social security taxes in 2015, will get higher taxes because of the increase in the higher minimum.

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