Social Security Changes for 2015

March 11, 2015


While some of the updates to Social Security may or may/not have a large effect on your game plan for retirement, they are worth making note of.

Per the SSA website ( I have extracted some of the key changes that might be of importance to most couples as well as individuals.


Cost-of Living Adjustment, COLA, was 1.7 percent for 2015 beneficiaries.



Maximum Taxable Earnings in 2015 is $118,500 (2014 amount was $117,000)

Retirement Earnings Test (Exempt Amounts) in 2015 is $15,720 (2014 amount was $15,480)


The following table from the SSA ( gives an estimated average monthly change in benefits for several categories of beneficiaries.

Estimated Average Monthly Social Security Benefits Payable in January 2015:

1.7% COLA

1.7% COLA

All Retired Workers



Aged Couple, Both Receiving Benefits



Widowed Mother and Two Children



Aged Widow(er) Alone



Disabled Worker, Spouse and One or More Children



All Disabled Workers




The maximum Social Security benefit for a worker retiring at full retirement age in 2015 is $2663 per month (2014 maximum was $2642).


While some of these facts may not seem relevant at this point and time for some, we like to keep on top of these changes to allow encompass S.S. planning when we do retirement income plans for our clients.

The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.


            Brandon M. Smith, LPL Investment Advisor Representative
            Lifetime Planning, Inc.
            Securities offered through LPL Financial, member