The Social Security Admin. has just announced that the nation’s 63 million Social Security recipients will get a 1.7% cost of living increase for 2015. The increase will take effect in January.
The 1.7% boost means the average retiree will see a $22 increase to $1,328 a month and the average senior couple will get a $36 “raise” to bring themto $2,176.
I don’t know about you… but my “inflation” last year seemed to be a lot more than 1.7%!
Those not yet taking Social Security will see their Primary Insurance Amount (PIA) rise by the same 1.7% (this is the amount you should collect at your Full Retirement Age (FRA) which is based on your year of birth.
It remains to be seen how much Medicare Part B premiums will be rising. It’s possible that the increase in premiums will offset much of the 1.7% COLA.
By the way…
The maximum monthly Social Security check for a single baby boomer claiming benefits in 2015 at the “full” retirement age of 66 will be $2,663, up from $2,642 in 2014.
To learn more about Social Security and making the right filing decisions, you can get my book: “Social Security Income Planning” at this link on Amazon.com:
http://goo.gl/SejKgE
all the best… Mark