With Prices Higher, Soc. Security Boosts Benefits
The Social Security Administration announced last week that New York beneficiaries will get a 1.7 percent Cost of Living Adjustment (COLA) to Social Security and Supplemental Security Income (SSI) benefits beginning in January 2015.
The monthly benefit adjustment will on average equal an additional $22 a month, it was noted.
In a statement, Rep. Joe Crowley applauded the increase.
“For so many seniors in my district and nationwide, Social Security is more than just a retirement program–it is a lifeline,” Crowley said. “This COLA increase will bring some much-needed relief to the pocketbooks of seniors and beneficiaries, and will help many New Yorkers meet the rising costs of everyday expenses, like rent and utilities.”
Social Security was created during the Great Depression under the leadership of President Franklin Roosevelt, and today over 50 million Americans rely on the guaranteed benefits. An estimated 3.2 million of these beneficiaries are New Yorkers, it was noted.
To maintain purchasing power with inflation and the cost of living, the Social Security Administration has adjusted benefits automatically since 1975. The adjustment will take effect Jan 1, 2015.
The announcement comes following news that seniors on medicare will not see a jump in premium costs for Medicare Part B, which covers doctors visits and outpatient services, Crowley also noted.