A few weeks ago we reported that Social Security was expected to increase retirement, disability and Supplemental Security Insurance (SSI) benefits by 1.7 percent in 2015 and now the government agency has confirmed that.
When we reported the increase we did not speculate too much on exact increases because the increase was not confirmed, but now we can inform on exact increases recipients will receive.
Starting with SSI, the maximum monthly amount each month will increase from $721 to $733 in 2015. For a married couple, who both receive SSI, the maximum monthly payment will increase from $1,082 to $1,100.
Yes, you are reading that correctly, couples who both receive SSI actually receive less per individual than if they were two separate single people receiving SSI. Two single people receiving SSI could receive a maximum amount of $1,466 in 2015 compared to $1,110 for a married couple.
The same 1.7 percent increase will apply to Social Security Disability Insurance (SSDI) and retirement recipients. The average monthly benefit is about $1,100 per month. The increase would make someone now receiving $1,100 per month increase their monthly payments by about $19.
Something else that will increase in 2015 is the monthly amount a disabled worker can earn before they are considered to reach Substantial Gainful Activity (SGA). Anyone earning (gross income) at SGA or above from work-related activity is not eligible for disability payments no matter what conditions they may suffer from.
In 2014 SGA was considered to be $1,070. In 2015 that will increase to $1,088 those workers can earn up to before Social Security considers them ineligible for the SSDI program. .
Every new year brings some new changes to Social Security rules and regulations and as you can see, 2015 will be no different.
To learn more about the payment increases in 2015 click here.
