In 2015, Social Security recipients will see a 1.7 percent
cost-of-living increase in benefits. This small increase comes on the
heels of several years of other small to non-existent increases: in
2014, Social Security recipients received a 1.5 percent increase, and
no increase at all was given in 2010 or 2011.
Although
any increase is better than nothing, such a small change won’t go
far for most Social Security recipients. The average Social Security
recipient collects about $1,300 each month, so a 1.7 percent increase
is about $22.00 more each month.
Every
year, the Bureau of Labor Statistics adjusts Social Security benefits
to match any cost-of-living increase measured by the Consumer Price
Index.
Some
seniors will see their Medicare Part D premiums go up; for those who
do see premium increases, the Social Security raise may offset the
increase.
To contact an estate planning lawyer at Hook Law Center, call 757-399-7506.
