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Bishop Hails Social Security Benefit Increase

Press Release

Date: Oct. 22, 2014
Issues: Senior Citizens Entitlements and the Safety Net

Congressman Tim Bishop today hailed the announcement by the Social Security Administration that seniors will receive a 1.7 percent increase in Social Security benefits in 2015.

"Social Security is our contract with the American worker that helps guarantee them an income in retirement, however, many retirees struggle to live off of Social Security alone," said Congressman Bishop. "This increase will mean more money each month to pay for food, housing and health care costs. It is great news for our seniors."

The 2015 cost-of-living adjustment (COLA) will take effect beginning with benefits paid out in January 2015. It will mean $22 more per month for the average individual Social Security beneficiary and $36 per month for a couple where both partners receive benefits. This translates to $264 and $432 per year, respectively. Benefits will also increase for people receiving SSI benefits.

For 2014, beneficiaries received a 1.5 percent COLA. In 2013 and 2012, the increase was 1.7 percent for each of those two years. In 2011 and 2010, there was no increase.


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