SeniorJournal.com - Daily News for Senior Citizens

  FRONT PAGE Aging • Health • Alzheimer's - Mental • Nutrition • Medicare & Medicaid Politics  • Fitness  • Social Security • Alerts • Sex Health • Features • Retirement  Elder Care  >Search  >Senior Links

 

Social Security News

Social Security COLA for 2015 Looks Like 1.5, Maybe 1.7, Percent

Posting by Social Security Office of the Actuary looks like Trustees' projection of cost-of-living for next year was correct

Woman placing coins into coin purseOct. 19, 2014 - Senior citizens are going to receive a Social Security cost-of-living adjustment (COLA) of about 1.5 percent for 2015 according to projections releases today by the Office of the Chief Actuary at the Social Security Administration. Based on current projections the increase could, however, be as high as 1.7 percent or as low as 1.4%. This is also consistent with projection in the Trustees’ Report issued earlier this year. The official pay raise for seniors may be announced as early as Wednesday but no later than October 30.

The Senior Citizens League, which has a history of accurate predictions of the COLA, said on October 1 that it will be 1.7 percent.

“That would make the sixth consecutive year of record low COLAs,” states TSCL Chairman, Ed Cates. “That’s unprecedented since the COLA first became automatic in 1975,” he notes.

Stephen Ohlemacher with the Associated Press writes that it "will be less than 2 percent."

Cost-of-living adjustments (COLAs) are based on increases in the Consumer Price Index for Urban Wage Earners and Clerical Workers (CPI-W). The CPI-W is determined and published by the Bureau of Labor Statistics, Department of Labor.

This next COLA, effective for December 2014, will be based on the increase in the third-quarter average CPI-W for 2014 over the average CPI-W for the last base quarter. The last base quarter is the third quarter of 2013, the last year in which a COLA became effective. The average CPI-W for this quarter is 230.327. See the CPI-W data below.

Month

CPI-W

Mar 2014

232.560

Apr 2014

233.443

May 2014

234.216

Jun 2014

234.702

Jul 2014

234.525

Aug 2014

234.030

Sept 2014

?

Month

CPI-W

Jul 2013

230.084

Aug 2013

230.359

Sep 2013

230.537

Oct 2013

229.735

Nov 2013

229.133

Dec 2013

229.174

Jan 2014

230.040

Feb 2014

230.871

 

Annual reports by the Board of Trustees for the Social Security Trust Funds show estimates of future COLAs. Below are estimates based on 3 sets of economic assumptions from the 2014 OASDI Trustees Report, the latest available report.

“The Board of Trustees regards the intermediate estimates as their best estimates,” according to the Office of the Actuary.

Effective month

Month first payable

Low cost

Intermediate

High cost

Dec. 2014

Jan. 2015

1.7%

1.5%

1.4%

Dec. 2015

Jan. 2016

3.0%

2.0%

1.4%

Dec. 2016

Jan. 2017

3.4%

2.2%

1.5%

 

“Since 1975, Social Security's general benefit increases have been based on increases in the cost of living, as measured by the Consumer Price Index. We call such increases Cost-Of-Living Adjustments, or COLAs. We determined a 1.5-percent COLA on October 30, 2013. We will announce the next COLA in October 2014,” according to the Trustees’ Report.

Social Security program information

>>  COLA History 

>>  How the COLA is applied to Social Security retirement benefits

>>  Effect of the 1.5-percent COLA on average Social Security benefit amounts

>>  Benefit tables where special eligibility rules apply

 

 

Related Archive Stories

 
 

Read more Social Security News also check Medicare and Senior Politics


Majority of American Senior Citizens Would be in Poverty Without Social Security

New supplemental poverty report from Census Bureau drops 2.3 million more seniors below poverty level – medical expense the significant factors

By Tucker Sutherland, with materials from U.S. Census Bureau - Oct. 17, 2014

Social Security Says Seniors Get 1.5 Percent Benefit Increase for 2014 - Average Up $19

Average monthly benefit goes to $1,294; up $19 a month - Oct. 30, 2013

 

Financial Relief for Volkswagen Diesel Owners

You may be eligible for money damages if you owned or leased one of these VW, Porsche or Audi vehicles.

In the major scandal of 2015, Volkswagen cheated you and the world. They rigged diesel emission controls so you, nor regulators, would know how much pollution their cars were adding to our environment.

They were caught and have reserved $7.3 billion to help "make it right" with victims.

If you owned or leased one of these vehicles, contact us now.

 Beth Janicek, Board Certified Personal Injury Attorney Janicek Law attorneys are actively pursuing these cases against VW. Do Not Wait...

Janicek Law Firm, PC

Free Consultation

(Call toll free)

1-877-795-3425 or Email

Vehicles Involved

VW Jetta (2009–2015)

VW Jetta SportWagen (2009–2014)

VW Golf (2010-2015)

VW Golf SportWagen (2015)

VW Beetle (2012–2015)

VW Passat (2012-2015)

Audi A3 (2010-2015)

VW Touareg (2009–2016)

Porsche Cayenne (2015)

Audi A6, A7, A8, Q5 Quattro (2016)

 

Search for more about this topic on SeniorJournal.com

Google Web SeniorJournal.com

Keep up with the latest news for senior citizens, baby boomers

Click to More Senior News on the Front Page

Copyright: SeniorJournal.com

 

 

 

Published by New Tech Media - www.NewTechMedia.com

Other New Tech Media sites include CaroleSutherland.com, BethJanicek.com, SASeniors.com, DrugDanger.com, etc.