$1,132 and $2,264 for Low Income SSI Beneficiaries – Supplemental Security Income – Monthly Benefits in Regards to SSI, Supplemental Security Income

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$1,132 and $2,264 for Low Income SSI Beneficiaries - Supplemental Security Income - Monthly Benefits in Regards to SSI, Supplemental Security Income
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$1,132 up to $2,264 each and every month for low-income SSI beneficiaries. I have all the details and what you need to know right here on this topic. as I am your one and only daily advocate, as I’m doing all the research each and every day, boiling it all down into these short videos so that you can stay updated during this very busy time as this information is hitting the wire.

All right, So I do completely recognize that the vast majority of you in this community are receiving a small fixed income benefit, whether it is from Social Security retirement or SSDI survivors, SSI, VA, and RRB, as well as low-income seniors, elderly people with disabilities, and just all-around a lot of really, really great people here, right in this community. Which is also why I am very much dedicated to doing all this research and to finding any kinds of programs, money, benefits, anything else out there, or even pieces of legislation that will help raise your monthly benefit, as well as get you additional money during this time, which, let’s be real, everybody needs additional money very badly right now, whether it’s in the form of stimulus checks, raises to benefits, programs, money, whatever it happens to be.

We don’t really care where it comes from. Right, We just need the extra money coming in right now. However, I do want to talk about a couple of pieces of legislation that are out there right now specifically focused on SSI, Supplemental Security Income, and how this could actually increase your monthly benefit in a pretty big way. Now, one thing I want to throw out there really quickly, as I just mentioned, I do know that there are a lot of other beneficiaries here, like Social Security retirement or SSDI or survivors or VA.

I get it. But here’s the thing. I do want to talk about those programs in a separate topic. So don’t worry. I haven’t forgotten about you at all.

Don’t worry. I’m thinking about all of you in this community, literally all day, every single day, as I’m doing all this research. But I do specifically want to focus on SSI in this program in this topic. But here’s the thing. One thing we want to remember as well.

Ssi is technically not Social Security benefits, even though this program is administered by the Social Security Administration. Right. Sounds a little bit confusing. But here’s the thing. Basically, Social Security is a program that’s been around for many decades.

They’re very good at distributing monthly benefits to millions of beneficiaries. So basically, when it came down to it, as far as the SSI program, Supplemental Security Income, they were basically looking for an agency to actually distribute these payments for seniors, for low-income disabled individuals, things like this. And they thought, hey, Social Security is pretty good at this. They’ve been doing it for years. Why not have them administer all of these SSI payments on an ongoing monthly basis?

That is why Social Security actually administers the SSI program, but rather, SSI is not technically Social Security. But either way, it doesn’t really matter. The fact of the matter is about 8 million people draw on SSI benefits every month. And this is a pretty big thing here. This is a very important program for seniors.

And like I said, for individuals with disabilities, therefore, it’s a very important program. So I do want to talk through some piece of legislation here that could increase your benefits in a very, very big way for all SSI beneficiaries as well as Social Security beneficiaries. There are some legislation out there as well to help you out. But again, we’ll cover that in a separate topic because honestly, that is a topic in itself right there. So we can come back and talk about that in a separate topic.

All right, So let’s talk about this. Now. There’s a piece of legislation out there right now called the SSI Restoration Act. I know I’ve talked about it a few times before, but I do want to focus on one major element of the SSI Restoration Act in this topic that could ultimately open the door for much bigger benefits for a big like a large portion of people that receive these benefits each and every month.

So let me tell you the details on this. Now, again, there are many different provisions within the SSI Restoration Act to ultimately raise benefits, raise the asset levels, and do all kinds of great things with the program. So here’s one thing that I want to point out. One of the major things that they want to do in the program. Number one is to raise benefits to 100% of the federal poverty line, which, by the way, happens to be $1,132 on an ongoing monthly basis.

Right now, that is the monthly number, whereas the annual number for the federal poverty line is $13,590. So basically what I did is I took the 13 5 90, divided it by twelve, and came up with $1,132 every single month. However, let me break that down for you a little bit more closely. That is one of the provisions in the SSI Restoration Act, raising benefits to 100% of the federal poverty line. But that’s not the full story.

That is one cool thing about it. But let me tell you more details. That would be for anybody, whether it’s married or single, doesn’t matter. Everybody under SSI would be raised up to that level. Next, one more thing they want to do in this program or in the SSI Restoration Act.

And I’ve had some special requests reaching out, asking for a dedicated video talking about this removal of the marriage penalty. Yeah. If you’re an SSI, Beneficiary, or you are married to somebody who maybe receives SSI, you know what I’m talking about? Because there’s a penalty. If you’re somebody who receives SSI and you are married or you become married, whatever like that, you or your partner or whoever receives SSI, whether it’s both of you or one of you, your benefits will be reduced in a pretty big way, right.

In fact, I’ve had some private conversations with a few of you here on the channel, and I’ve seen the destruction to your SSI benefits just simply because you’re married. Not a good thing. Well, a lot of lawmakers also agree with this. They’re saying this rule was put in place back in the early 70s. And why are we still dealing with a marriage penalty 50 years later after the SSI program was actually implemented back in the early 70s?

1972 is when SSI came into effect and they had the marriage penalty in there. It’s never been removed. Here we are 50 years later. I think it’s probably time for a little bit of reform. What do you say?

Right. Let’s fix this program up and make it a little bit more reasonable for the times that we’re currently living in. But anyway, one of the things they want to do is remove the marriage penalty. Let me break this down for you and tell you what it would actually mean if there is a removal of the marriage penalty. Guess what?

No more penalty for being married. Well, that’d be a pretty cool thing right there. Let me break it down for you. Here’s what it would mean. If you’re somebody who is married and you receive SSI or both of you receive SSI, you’re probably dealing with the penalties right now of the marriage penalty.

Not a good thing, right? As a married couple, the maximum benefit you can get right now is a little over one $200 a month as a married couple receiving SSI. However, check this out. In the removal of the marriage penalty and the boosting of benefits to the federal poverty line would do two things. Number one, it would raise both of your benefits to the federal poverty line, $1,132 a month.

Now check this out. Let’s just say right now the maximum benefit is just call it one, $200 a month. It’s around there. Let’s just call it 1200 for easy math purposes. Okay

So now your benefits have been raised to the federal poverty line and the marriage penalty has been removed. Well, check this out. You go from getting a maximum benefit right now of about $200 a month as a married couple all the way up to 1132 individually or $2,264 as a married couple. $1,132 per person multiplied by two is $2,264 for a married couple. Receiving SSI.

Not bad, right? You would be effectively getting a raise of $1,000 every single month just by removing the marriage penalty and boosting the benefits to 100% of the federal poverty line. So just doing those two provisions alone within the SSI Restoration Act would effectively give you a raise of $1,000 a month. I don’t know that alone. Can you see what I’m saying here?

That alone is very powerful. An extra $1,000. Just imagine if you’re a married couple, quick little shout out to Mark, you know who you are. I’ve had some private conversations with Mark and his wife. Again, I don’t want to give all their details, but this is their situation and I’ve seen the numbers.

They’ve shared the numbers with me. It’s not pretty. I can tell you this much. It’s not a good thing they are suffering from the marriage penalty. But here’s the thing.

Check that out, Mark. Let me know. What would it do to your life if your benefit all of a sudden got jacked up by an extra $1,000 a month? I don’t know. An extra $1,000 a month could be the difference between having enough food on the table every month, paying all the utilities, paying for your phone, putting a little gas in the car, and maybe even grabbing yourself a new pair of shorts and a T-shirt for the summer.

I don’t know. Just saying. You know what I mean? That’s a huge difference. That’s across the entire year by the way.

So anyway, as you can see here some pretty powerful pieces of legislation out there. But to be totally clear here, just so that we’re all on the same page, we’re still waiting for Congress to actually implement this and move forward with this. This is something that a group of senators are currently working on. And at this point all we can really do is wait for them to actually implement this. But it is something.

 

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