SSA Announces 2015 COLA to be 1.7%
The Social Security Administration announced today the cost of living adjustment (COLA) for 2015 will be 1.7 percent, which marks the third year in a row the COLA will be below two percent. Increases have taken place every year since 1975, except for 1983, 2010 and 2011. There was an administrative change in 1983, and consumer prices did not experience typical increases in 2010 and 2011.
The average SSDI benefit will rise to $1,165 from $1,146, an increase of $19 per month (or $228 per year), according to the Social Security Administration. The COLA is based on third-quarter results reported by the U.S. Bureau of Labor Statistics’ Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W).
The chart below from the Social Security Administration details COLAs since 1975.
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