Social Security Benefits Rising 1.7% For 2015, Top Tax Up 1.3%

The nation’s nearly 64 million Social Security recipients will get a 1.7% cost of living increase for 2015, while the maximum Social Security tax, which is linked to a different measure, will go up by just 1.3%, the government announced today.

The 1.7% boost means the average retired worker will see a $22 increase to $1,328 a month and the average senior couple will get a $36 boost to $2,176, the Social Security Administration said. The maximum monthly Social Security check for a single baby boomer claiming benefits in 2015 at the “full” retirement age of 66 will be $2,663, up from $2,642 in 2014. The increase will show up in regular Social Security checks in January and in payments made to 8 million beneficiaries of Supplemental Security Income (SSI) benefits on Dec. 31, 2014.

2015 MEDICARE PART B PREMIUMS & DEDUCTIBLES

Secretary of Health and Human Services Sylvia Burwell announced today that next year’s standard Medicare Part B monthly premium and deductible will remain the same as the last two years. Medicare Part B covers physicians’ services, outpatient hospital services, certain home health services, durable medical equipment, and other items.  For the approximately 49 million Americans enrolled in Medicare Part B, premiums and deductibles will remain unchanged in 2015 at $104.90 and $147, respectively. This leaves more of seniors’ cost of living adjustment from Social Security in their pockets.