The Social Security Administration also announced Wednesday that the maximum amount of earnings that workers pay Social Security taxes on will increase from $117,000 to $118,500 in 2015, based on the increase in average wages.
Monthly Social Security and Supplemental Security Income (SSI) benefits for nearly 64 million Americans will increase 1.7 percent in 2015.
The 1.7 percent cost-of-living adjustment (COLA) will begin with benefits that more than 58 million Social Security beneficiaries receive in January 2015. Increased payments to more than 8 million SSI beneficiaries will begin on December 31, 2014.
http://www.ssa.gov/
http://www.ssa.gov/news/cola/
http://money.cnn.com/2014/10/22/retirement/social-security-cola/index.html
