As your trusted Massachusetts elder law attorney’s office, we have some great news! At the beginning of the year, Social Security benefits rose for over 60 million Americans. The monthly Social Security and Supplemental Income increased 1.7%, slightly higher than the 1.5% increase in 2014.
These increases were made as a Cost of Living Adjustment, and are determined by the rate of inflation over the past year. The increase is supposed to make up for the rising costs of goods and services.
On average, this amounts to about $22 per month for the average American.
What Does This Change?
Ultimately, not much will change. The small increase will provide a small amount of financial relief, but not enough to make a large difference. Retirees who were previously struggling will not find the increase to provide much relief. Potential retirees still working to sort their finances won’t be pushed into retirement by this small increase.
What Other Changes Are There?
Several other changes were made this year to social security payments:
Higher maximum taxable earnings.
Larger earning limits.
Higher maximum benefits.
Statements are being automatically sent via the mail again (they were suspended in 2011 for cost-cutting measures).
What Steps Do I Need to Take?
The benefit will be received automatically. You don’t need to take any steps, and your loved ones should be receiving the increased rate for 2015 already.
However, 2015 is the perfect time to meet with your local Massachusetts estate planning lawyer to begin planning your financial future. A skilled Massachusetts nursing home attorney will be able to sort out you or your loved one’s estate and will.
With your estate worth more than ever, it’s the perfect time to focus on the future!