10.8% increase for Social Security beneficiaries, including retirement, disability, SSDI, survivors, SSI, and VA benefits. I have all the details and what You need to know right here in the topic, so let’s get right into it. All right, now, all of this information continues to change very, very rapidly with the current environment that we’re living through and all of this new economic data that continues to hit the wire However, as a result of all this New information, it’s actually turning into some pretty good news for about 70 million beneficiaries of those benefits I just mentioned a few seconds ago. So I do want to get into it and discuss all the details of a new report that was just released suggesting potentially 10.8% increase to your monthly benefits going forward. So let’s get into it and discuss All of these details.
I am your one and only daily advocate and I’m very much dedicated to you and this community to continue to keep you updated each and every day with all of this new information as it is hitting the wire, especially as it pertains to money, benefits, raises to benefits reform, new bills, checks, stimulus, and anything else that may be coming up right here, right now that we can take advantage of, including all of these other programs out there that are dedicated to the low income and fixed income beneficiaries. So again, thanks so much for joining me. Please make sure to subscribe down below if you haven’t done so yet, so you don’t miss any topics going forward during this very busy time. And I’ll continue to be here for you, right by your side to help you out in any way that I possibly can and keep you updated with what is actually going on right now. All right, thanks again.
Let’s jump into it and discuss this new information and what is being mentioned about this massive raise to monthly benefits. All right, so I do know that the vast majority of you here in the community are fixed income beneficiaries of any of those benefits that I mentioned at the beginning of the topic, which is great Well, as a result of all of This economic data that continues to come out, all of these new changes that are continuously hitting the wire, like I said, it’s actually turning into a little bit of a good news type of situation for all of these fixed income beneficiaries. So I want to talk you through the details of a new report, some of the estimates, as in the preliminary numbers that are floating around as far as how massive a raise could be to your monthly benefits going forward based on what is currently happening right now. All right, so as we know all of the analysts and experts that are watching all of this play out right here before our very eyes are projecting that inflation will continue to rise throughout the course of 2022 and, of course, into 2023 But wait, I thought the Federal Reserve Was doing something about this to lower all this inflation.
Well, they’re trying. But again, as I explained in a topic a few days ago, as a result of what they’re currently doing, they’re using the wrong tools to try to get ahead of all this inflation. The tools that are needed are like a standard ratchet set, and they came to the party with a screwdriver and a hammer. My point is they came with the wrong tool. So what they’re trying to do right now is probably not going to slow all this inflation down, but as a result of what is going on, we may be seeing a pretty massive boost to monthly benefits. So let me talk you through the Details of this report Here’s what the report is suggesting. With all of this inflation that’s going on right now and what is currently going on in the economic environment here in the United States, we could be seeing up to a 10.8% raise to monthly benefits for all those beneficiaries I mentioned just a few seconds ago. Now, this is massive This could possibly be the biggest raise ever. Seriously, ever. The last biggest raise that we saw Was over 11% in 1980 1%. Well, we might be very close to that. We may be challenging those numbers. Now, again, that’s probably going to be a little bit higher than what we’re going to be seeing going forward. But 10.8% is pretty close to over 11% that we saw back over four decades ago in 1981. So this is going to be pretty interesting to watch this play out But as we are here, right here.
Right now, within these very important months, that the Social Security Administration will be calculating and gathering all this information to determine what the raise will be in 2023 as a result of the cost of living adjustment. Now, I know some of you down in the comments section, I’ve seen your messages saying we need the money now. We can’t wait until 2023 I totally get it.
We do need the money right now. However, we also want to watch out into the future at the same time to see where is this going? What is going to be happening with monthly benefits going forward? Are they actually going to be increased at potentially a record pace? Are we going to see a little 5.9% like we saw this year in 2022, or what are we going to see going forward? Well, all the numbers right now are suggesting anywhere between 8.6%, 9.1%, 9.3%, and all the way up to 10.8%. Now, here’s the thing. Even some of these smaller numbers, like 8.6%, these numbers were just a couple of months ago. But the thing is, like I said, literally every single month these numbers continue to ratchet up by half a percentage, .1%. I mean, these numbers are continuously moving higher and higher. So it’s all going to come down to what actually happens here with the inflation situation. If the Federal Reserve actually takes some Of this inflation down, which I doubt it, it’s probably not going to happen. Maybe a little teeny tiny bit, but for the most part it’s probably not going to happen all that much. So as a result of that, we could be seeing this massive, massive raise to monthly benefits going forward for all of you who receive those fixed income benefits. So it may be a little bit encouraging. And again, I just want to throw this out there If we have to look for a Silver lining in anything, this may actually be it.
Because what other silver linings are there out there right now? There’s not a whole lot, I can tell you that much. There’s a few things out there that may be floating around, but I can tell you this much. Those ones that are including like one time checks or monthly stimulus checks or things like that, those are all ideas and proposals that are floating around. However, this one that we’re talking about right here is already a done deal. Now, of course, we don’t know what the numbers are going to be, but this is something that the Social Security Administration does administer every single year and it has nothing to do with Congress, doesn’t need to go through congressional approval. It is already something that is built into the finances of Social Security as they adjust for the annual cost of living every single year as a resulted By the Cola rays So that’s what’s really nice about this is we already know that a raise will be coming. How much is going to be the next question. Right.
But again, that’s what’s pretty encouraging about this because we don’t need to wait for Congress to do whatever they do, taking forever to get things done This is already a deal that we Already know will be happening. The only variable now is how much is it really going to be? Well, as of right now, the range is about 8.6% to 10.8% based on the latest information. Wow Right And that is based on the current inflation. Now again, we saw some data points to go here before we get the kind of the last pieces of the puzzle. But once we get those, it’s all going to be in and then we’ll be able to calculate exactly how much that raise is going to be Right.
So pretty incredible information here. But again, this is all based on inflation. And again, it’s kind of like one of these things where it’s bad realistically, because we’re all paying significantly more for virtually everything. But at the end of the day, it may be a little bit of a good thing when it comes down to the raise for monthly benefits. Anyway, pretty interesting report I want to share with you right here on the topic and let you know what they’re currently thinking as of right now. Who knows, maybe in the next two months or so, they might ratchet this number up even more. I can’t even imagine. Could you imagine that? How cool would it be to get 1015? I think would be very optimistic. But again, it’d be pretty nice right at the same time if they actually gave out a 15% raise. But I honestly don’t think it’s going to be that. But I would not be surprised to see nine and a half, ten and a half, possibly even 11%. But it’s all going to be predicated on what happens here over the next few data points. Anyway, I’ll keep you posted as I do get more information.
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