1. The Cost of Living Adjustment Means More Money for You
The cost-of-living-adjustment (COLA) for 2015 is 1.7 percent. The average Social Security recipient will receive about $22 more each month.
2. The Maximum Social Security Benefit Increases
For those waiting for full retirement age the maximum monthly payment increase to $2,663. The average monthly retirement benefit for all recipients is $1,328.
3. The Wage Limit Subject to Taxes Increases
The amount of wages subject to the Social Security tax will go up by $1,500 — to $118,500.
4. Early Retirees Will Earn More
Workers taking retirement benefits early at age 62 can earn up to $15,720 next year — or $240 more — without any temporary reduction in payments.
5. Paper Statements Will Again Be Mailed
Paper statements of estimated benefits will again be mailed out by the SSA (for those without an online account). Workers turning 25, 30, 35, 40, 45, 50, 55 and 60 will receive a statement three months before their birthdays.