Social Security Announces 1.7% COLA Increase for 2015

The Social Security Administration announced today that monthly Social Security and Supplemental Security Income benefits will increase 1.7 percent in 2015.social security cola benefit increase for 2015

The average Social Security benefit will be $1,302 next year, a $22 increase.

The 1.7% Cost of Living Adjustment (COLA) will begin for Social Security beneficiaries in January 2015. Increased payments to SSI beneficiaries will begin on December 31, 2014. The Social Security Act ties the annual COLA to the increase in the Consumer Price Index as determined by the Department of Labor’s Bureau of Labor Statistics. The COLA is calculated by comparing consumer prices in July, August and September each year to prices in the same three months of the previous year. Benefits go up if prices go up.

After no COLA increases in 2010 and 2011 and a 3.6% increase in 2012, the COLA increase for the past 3 years has remained steady at 1.5-1.7%.Historical COLA increases: 

January 2005 — 2.7%
January 2006 — 4.1%
January 2007 — 3.3%
January 2008 — 2.3%
January 2009 — 5.8%
January 2010 — 0.0%
January 2011 — 0.0%
January 2012 — 3.6%
January 2013 — 1.7%
January 2014 — 1.5%
January 2015 — 1.7%

Loyd J. Bourgeois
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Disability and Personal Injury Attorney
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