Monthly Social Security and Supplemental Security Income (SSI) benefits will increase 1.7 percent in 2015, the Social Security Administration has announced. The 1.7 percent cost-of-living adjustment (COLA) will begin with benefits that Social Security beneficiaries receive in January 2015, while increased payments to SSI beneficiaries will begin on December 31, 2014.
Certain other changes that take effect in January of each year are based on the increase in average wages. Based on that increase, the maximum amount of earnings subject to the Social Security tax will increase to $118,500 from $117,000.
A fact sheet is available showing the effects of the various automatic adjustments. You can also review additional information regarding how the COLA is calculated.