Most of our readers are probably used to seeing negative news about the Social Security Administration and the distribution of benefits. There aren’t many news organizations out there that make a point of reporting about all the good that these benefits do for people, or on how this amazing social financial benefits network has helped millions of Americans make ends meet each and every day.
However, there was one break in the clouds recently. Reports have indicated that Social Security benefits will see an increase next year of 1.7 percent.
According to the reports, the increase will be seen not only in Social Security Disability benefits, but also in retirement benefits and Supplemental Security Income benefits. All told, more than 58 million benefits recipients can expect to see a bump in the amount of their monthly benefits beginning next year.
The increase is based on what is known as the cost-of-living adjustment. This calculation is completed annually, and it is tied to the Consumer Price Index. That is all just a technical way to say that the increase is based on how much it actually costs a person to live in this country — that cost is going up, and, as a result, so is the amount of Social Security benefits.
It is good to see the media take some time to report on a positive development in regards to the Social Security Administration. It has been a tough year, news-wise, for the SSA. Of course, there are some who say that this 1.7 percent benefits increase is insignificant. But, according to the reports, on average benefit recipients can expect to receive about $20 more per month.
Source: News Press, “Social Security benefits will increase 1.7 percent in 2015,” Christina Cepero, Oct. 22, 2014