Wednesday, December 31, 2014

Social Security Benefits to Increase in 2015

Beginning in January, benefits from the Social Security Administration will increase by 1.7%. The increase coincides with the increase in cost of living expenses that have showed a constant increase of 1.7% over the last twelve months. The average worker will receive roughly $1,328 a month, which translates to about $15,936 a year. The Social Security Administration has also announced that the amount of income that workers pay Social Security taxes on will also increase due to the increase in average wages. This amount was $117,000 in 2014, but will increase to $118,500 for 2015.