Social Security Increases for 2015

The Social Security Administration has announced that Social Security benefits will increase by 1.7 percent in 2015, which translates to an average increase of $20.00 for the typical Social Security recipient. The 1.7 percent cost of living increase will become effective on January 1, 2015, but recipients should expect to receive a new Social Security award letter in the mail this December. For Medicaid recipients who are utilizing a pooled income trust, it is important to factor this adjustment into your income calculations for 2015. If you have questions about how this increase may affect you, contact an Elder Law attorney for more information.

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