The SSA has announced a 1.7% increase to the benefits paid to recipients beginning in January 2015.
Click here to obtain a copy of the announcement.
Click here to view information about Medicare premiums for 2015.
Since the increase is now verifiable information, we must include this increase when determining household income for households that receive social security.
To determine the benefit amount after the increase you can either:
- Multiply the benefit amount by the COLA % to get the amount of increase. Then add the amount of increase to the current benefit to determine the current benefit
- Multiply the benefit amount by 1 plus the COLA expressed as a decimal. (1.7% increase = 1.017)