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On Oct. 22, the federal government announced that the Social Security Cost of Living Adjustment (COLA) for 2015 will be 1.7 percent. This is up from the 2014 increase of 1.5 percent, but less than the 3.6 percent increase of 2012. Next year will mark only the eighth time the COLA has been less than 2 percent. Payments will begin in January and will also affect persons receiving SSI, VA pensions, Civil Service Pensions, and Railroad Retirement.
