We are now in the fourth quarter of 2014, which is a good time to start looking at what 2015 might bring in the world of Social Security disability. Although no official word has come out, it is expected that Social Security retirement and disability benefits will increase in 2015.
Social Security is expected to release an official announcement later in October about what the exact increase will be, but the Senior Citizens League has already done its own projection.
According to the Senior Citizens League, Social Security recipients can expect to receive a benefit increase of 1.7 percent, a slight increase over 2014’s 1.5 percent increase. Despite the increase over last year’s amount, it is still below average increases over the past few decades.
Social Security’s increase is based on the latest consumer price index data. Over the last five years the annual increase has only averaged 1.4 percent due to the slow growth of inflation. The increase will mark the fourth consecutive year beneficiaries will get more money every month. In 2010 and 2011 there were not increases.
According to Social Security, the average monthly benefit in 2014 for retirement pay was about $1,250 per month. The 1.7 percent increase would bump this up to about $1,271 dollars a month. The average monthly amount for a disabled worker is currently $1,145 and the increase would bump this up about $1,164 per month.
Those who receive Supplemental Security Income (SSI), a needs-based program, will also receive an increase when 2015 arrives. Currently the maximum monthly amount for SSI is $721. The Cost Of Living Adjustment (COLA) would increase the maximum monthly payment to $733. To learn more about possible increases to Social Security benefits in 2015 click here.
To learn more about Social Security’s monthly averages for all types of benefits click here.
