Social security payouts to recipients will be going up this year by more than they went up in 2014. The payouts are automatically adjusted based on the Consumer Price Index for Urban Wage earners and Clerical workers. In recent years we have seen payouts not increase at all, as in years 2010 and 2011 but 2015 will be an increase across the board on Social Security Payouts.
- In 2015 the social security payout will be increasing 1.7%.
- Most of us pay 6.2% of our earnings into social security until the cap of 117,000.00 is reached. In 2015 this cap is increasing to 118,500.
- Also new in 2015 are larger earning limits, beneficiaries under age 66 can earn up to 15,720 before $1 of every $2 paid out is withheld. Those that are turning 66 in 2015 can earn up to $41,880 before $1 of every $3 paid out is withheld.
- Those that are turning 25, 30, 35, 40, 45, 50, 55 or 60 will receive a paper statement in the mail in 2015 to detail their projected benefits.
- The maximum payout for a recipient was $2,642/month in 2014. This will increase to $2,663/month in 2015.
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