Good News For Seniors In 2015

Changes in the New Year Could be Beneficial to Seniors

As the old year ends and a new year begins, it’s fun to look back on the past and count our blessings and think about the times we’ve had, but also to look forward and consider what the future may hold. The following are a few things seniors can look forward to in 2015.
 

An increase in Social Security Checks:
In January 2015, more than 58 million Social Security recipients will see a bump in their checks, according to The Social Security Administration. Recipients will receive 1.7 percent bigger checks, which translates into $22 more each month for the average retired worker. This change will increase the average monthly benefit for retired workers in January 2015 from $1,306 before the cost-of-living adjustment to $1,328 after. The average benefit for retired couples who are both receiving benefits is projected to increase by $36 to $2,176 per month.
     
Medicare ‘Part B’ Premiums Won’t Rise in 2015:
For the third year in a row, Medicare beneficiaries won’t be facing higher Part B premiums. Part B covers doctor’s visits, outpatient care, durable medical equipment and other non-hospitalization type medical services. This coming year, it’s remaining a pretty good deal for seniors, a continuing trend.
     
An Increase in the Allowable Amount Deposited into Retirement Savings:
Investors can defer paying income tax on up to $18,000 contributed to a 401(k) and $5,500 deposited into an individual retirement account in 2015. For savers ages 50 and older, these limits jump to $24,000 in a 401(k) and $6,500 in an IRA. Alternatively, you could contribute the same amounts to a Roth 401(k) or Roth IRA and prepay the tax now at your current rate, then withdraw the money tax-free in retirement. Low and moderate income households may also be able to claim the saver’s credit on their 401(k) and IRA contributions.
     
A Drop in Gas Prices:
According to the U.S. government’s Energy Information Administration, gas prices will average about $2.60 per gallon in 2015 — even lower than the initial November prediction of $2.94 per gallon. In eight states (Mississippi, Alabama, Louisiana, Texas, Oklahoma, South Carolina, Missouri and Tennessee), prices could even slip below $2 per gallon. If it seems to be good to be true, consider some gas stations in Texas and Oklahoma are already offering gas below $2 per gallon in December.
     
Certain Food Items May be Less Expensive:
Since 2013, butter prices in the U.S. doubled, reaching an all-time high of $2.85 per pound in September. By October, butter had fallen to $2.53 per pound and dropped by a third in November, with lower overall dairy prices predicted by the USDA in 2015. The cranberry sauce for your Thanksgiving feast in 2014 may also have cost a bit less, and prices may continue to drop. News of cranberry excess surfaced as early as 2013, and to deal with the cranberry surplus — nearly at 100% with 16 million barrels — the U.S. government just purchased 680,000 barrels’ worth in juice, sauce, and dried berries for distribution in food banks and schools.
     

Happy New Year!
 
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