Social Security Benefits to Increase by 1.7 Percent in 2015

Washington – The Social Security Administration announced Wednesday that Social Security benefits will increase by 1.7 percent in 2015.

Nearly 64 million Americans will be impacted by the increase when it comes into force in January 2015. Of those, 58 million are Social Security beneficiaries. Others to be impacted are those receiving Supplemental Security Income, who will see the increase starting on December 31 of this year.

“Millions of seniors nationwide worked for decades to make this country a better place, and we owe it to them to make sure they are getting the benefits they’ve been promised,” said U.S. Rep. Pete Gallego. “I am glad to be able to say that our seniors are getting a much deserved raise.”

The increase is a part of the annual cost-of-living adjustment (COLA), which is tied to the Bureau of Labor Statistics’ Consumer Price Index (CPI). CPI measures the cost of a set basket of goods and services over time. COLA helps make sure that seniors receive an increased amount of money based on how much goods cost.

Many seniors rely on Social Security benefits as their sole source of income, which makes this increase even more important. The Social Security Administration’s announcement ensures that seniors do not get left further behind by rising prices.

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