Social Security recipients to gain 1.7% more funds next year

Citizens of the United States who regularly receive Social Security benefits every month will notice that their monthly benefits will slightly increase starting in January 2015 to cover the price of inflation, The Wall Street Journal reported on October 22.

The Social Security Administration announced that the cost-of-living adjustment was pegged at 1.7% for 2015, matching earlier estimates from the Department of Labor. To be specific, retirees will see the increase in their January payment while those who receive Supplementary Security Income (SSI) will start receiving slightly increased payments on December 31.

In contrast to 2015’s 1.7% increase, this year’s benefits increased by 1.5%, and in 2013, there was another 1.7% rise.

Filing for Social Security disability benefit claims is usually a long and tedious process. If you need help throughout the process in Indianapolis, one of the attorneys at the Hankey Law Office may guide you through your paperwork. Call our offices at (800) 520-3633 today to make an appointment.