Q:

What is the cost-of-living adjustment for Social Security in 2015?

A:

Quick Answer

The cost-of-living, or COLA, adjustment for Social Security recipients that went into effect in January of 2015 was 1.7 percent of the benefit amount, according to the Social Security Administration. The raise affects both Social Security and Supplemental Security Income, or SSI, benefits.

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Full Answer

The COLA increase for 2015 was based on the Consumer Price Index, or CPI-W, from the period beginning in the third quarter of 2013 and ending in the third quarter of 2014, notes the SSA. All beneficiaries receive the increase in their benefit checks automatically and do not have to do anything for the increase to be added to their monthly benefits.

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