2015 Social Security Changes

Social Security Changes in 2015

Here s what to look for in your benefits check and your paycheck deductions

You ll Get More Money

The cost-of-living-adjustment (COLA) for 2015 is 1.7 percent. This means Social Security recipients will see an average $22 more each month.

Maximum Social Security Benefit

$2,663 is the maximum monthly payment for those taking benefits at full retirement age. The average monthly retirement benefit for all recipients is $1,328.

The Taxman Cometh

The amount of wages subject to the Social Security tax will go up by $1,500 — to $118,500.

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You Can Earn More

Workers taking retirement benefits early at age 62 can earn up to $15,720 next year — or $240 more — without any temporary reduction in payments.

You ve Got Mail

Back by popular demand, paper statements of estimated benefits will be mailed out by the SSA (for those without an online account). Workers turning 25, 30, 35, 40, 45, 50, 55 and 60 will receive a statement three months before their birthdays.

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