2015 Cost of Living Adjustment for Social Security BenefitsPosted January 9, 2015 by Premier Disability Services, LLC® With the New Year quickly approaching, the Social Security Administration has announced the 2015 cost of living adjustment (COLA) for beneficiaries receiving Social Security Disability and/or Supplemental Security Income benefits. The 1.7 percent cost of living adjustment will start for Social Security Disability beneficiaries in January of 2015. For recipients of Supplemental Security Income, the cost of living adjustment will begin on December 31, 2014.
The 2015 COLA will increase the average Social Security Disability benefit paid to disabled workers from $1,146.00 to $1,165.00. The monthly benefit rate for Supplemental Security Income will increase to $733 for an eligible individual and $1,100 for an eligible couple.
For more information on the 2015 cost of living adjustment, Social Security has created a frequently asked questions page on their website. The link to this FAQ page is below.
By: Thomas A. Klint of Premier Disability Services, LLC®