Social Security Lawyers Explain 2015 1.7% Increase:
Good news for Social Security recipients! Monthly Supplemental Security Income (SSI) benefits will increase 1.7 % in January, 2015.
This 1.7% increase is the result of a “cost-of-living” or COLA adjustment. It is based on the increase in the “Consumer Price Index for Urban Wage Earners and Clerical Workers”. In other words, when general goods and services go up in price, the government increases Social Security benefits to “keep up” with the higher cost of living.
How Do I Get My Social Security Increase? Orange County Lawyers
When Social Security COLA adjustments are made, it is an automatic increase. So you need not do anything. Checks issued on or after December 31, 2014 should include the 1.7% Social Security Insurance (SSI) increase.
How Much More will My SSI Check be in 2015? Orange County Lawyers
Not good at math? No problem! Just use this easy formula to get an approximate figure:
Amount You Currently Receive x 1.017 = Approximate Amount You Receive in 2015
Example: $610.20 Current Amount x 1.107 = 620.57 Approximate Amount In 2015
Of course, the government formula is a little more complicated than this easy formula. The monthly amounts for 2015 are determined by increasing your (unrounded) annual payment for 2014 by 1.7% – then dividing the new (unrounded) amount by 12 and then rounding down to the next lower multiple of $1.
Example: $610.20 Current Amount x 12 = $7,322.40 Annual Amount x 1.017 = 7,446.88 / 12 =620.57, rounded down = 620.00 Approximate Amount In 2015
Maximum Monthly SSI increases in 2015Orange County Lawyers
The monthly maximum SSI (Social Security) amounts increase in 2015 to:
- $733 for an eligible individual,
- $1,100 for an eligible individual with an eligible spouse; and,
- $367 for an essential person.
In January 2015, the maximum amount of earnings subject to the Social Security tax (called “taxable income maximum”) will also increase. In 2014 up to $117,000 of income was taxed for Social Security. In 2015, this amount will be raised to $118,500.
Nobody likes to see taxes increase. But, the money to pay for increased pay-outs has to come from somewhere! And, it is estimated that out of the 168 million workers who will pay Social Security taxes in 2015, the increase will only affect about 10 million (6%). So, if you make less than $117,000 this increase will not affect you.
Our Social Security Lawyers Get Maximum BenefitsOrange County –
If you have been disabled and you live in Orange County, the greater Los Angeles area or anywhere in Southern California, we offer a free consultation with an experienced California social security lawyer to help you understand your rights and obtain the maximum workers’ social security benefits. No matter what stage of the process you are in, we are here to offer you free advice and assist you in getting the maximum benefits for which you qualify.