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Social Security recently announces increase in benefits for 2015


The Social Security Administration (SSA) recently announced a cost-of-living increase in Social Security benefits for next year. An increase for beneficiaries is intended to cover the higher cost of consumer goods. According to the SSA information, benefits will increase by 1.7 percent in 2015. Approximately 64 million individuals who receive disability and retirement income benefits will be impacted by the SSA's news concerning the cost-of-living adjustment. Individuals who receive Supplemental Security Income (SSI) (disability benefits for indigent, disabled, blind or elderly individuals that lack sufficient income and resources) will see the increase at the end of the year.