The Social Security Administration (SSA) recently announced that they will be adjusting payments upwards (COLA) 1.7% for seniors in 2015. While that only amounts to about $22 more a month for most recipients, over a year it adds up!
Here are some additional important changes to expect for 2015:
The maximum social security benefits payment is also edging up to $2,663. In addition, the wage amount that is subject to SS tax is increasing by $1500 (to $118,500 annually). But workers taking SS benefits early can also earn more without having their monthly payment reduced. In 2015, you’ll be able to earn $15,720, which is $240 more than what you could last year.
Finally, the SSA is returning to sending out paper benefit statements. You’ll get one every five years between the ages of 25 and 60. Expect the benefits statement to arrive approximately three months before your birthday.
Looking for ways to save money? Check out our post on Seven Important Ways for Seniors to Save Money!