Social Security checks for seniors will be increasing in 2015 by 1.7%. Not much, I know, but at least they are going up! In addition, earning limits are increasing. Those between 62 and 66 will now be able to make $15,720 without loosing benefits. Those who turn 66 in 2015, won’t lose benefits if they earn $41,880 before they reach that age. And as before, there’s no earnings cap after age 66.
In addition, Medicare Part B costs are NOT increasing. Those premiums will remain at $104.90 a month in 2015. That’s the third year of no increase.
However, higher income seniors still have to pay the higher premiums as they did before. And for them, the Part D add-on does climb a little. The federal government considers high income seniors to be those whose modified adjusted gross income for the previous year was greater than $170,000 for couples, or $85,000 for a single person. Modified adjusted gross income is figured by adding tax-exempt interest, EE bond interest used for education, and any excluded foreign earned income to taxable income. These additional charges could be as much as $301.60 for higher income senior.
But for most seniors the news is good: No increase in Medicare Part B and a small increase in Social Security benefits.