The federal government announced on October 22, 2014 that the Social Security Cost of Live Adjustment (COLA) for 2015 will be 1.7%. This will increase the monthly pension for the average retired worker by $22 per month. This is up from the 2014 increase of 1.5%, but less than the 3.6% increase of 2102.
Owners and managers of properties that are required to determine the income of residents should use the 1.7% increase when projecting the income of applicants and residents. Payments will begin in January and will also affect persons receiving SSI, VA pensions, Civil Service Pensions and Railroad Retirement.