$1,194 Monthly for SSI Benefits – Supplemental Security Income | Full Details SSI, Supplemental Security Income

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$1,194 Monthly for SSI Benefits - Supplemental Security Income | Full Details SSI, Supplemental Security Income
$1,194 Monthly for SSI Benefits - Supplemental Security Income | Full Details SSI, Supplemental Security Income
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$1194 per month for SSI Beneficiaries Supplemental Security Income. 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, in this topic, I’m gonna be specifically talking about SSI Supplemental Security Income Beneficiaries. Now, I Do know that there Are A Lot Of you here In The community receiving Other Benefits like Social Security Retirement, SSDI, Social Security Disability Survivors, VA and RRB. However, in this topic, I do want to focus on SSI, but I do have a lot of other topics here on the channel dedicated to those other benefits as well.

Now, I want to focus on SSI in this topic simply because this is a very important program that sends out monthly benefits to about 8 million beneficiaries each and every month. And there are some unique characteristics about this program that I want to focus on right here in the topic and talk about how this may translate into a $1,194 per month benefit for all 8 million beneficiaries. Let’s get into it and discuss all the details.

As I am you’re one and only daily advocate and I’m very much dedicated to you and this community to continue doing all the research. Breaking it all down into these short topics. So you can stay updated with what is actually going on right now. Especially during this very busy time and as we continue to get all these new announcements out of the administration. The President.

Lawmakers. Congress. And anything in regards to new packages. Proposals. Reform.

Amendments. And anything along the lines of money. Benefits. Programs. Raises to benefits and anything else out there that we can get our hands on right here.

Right now. While money is very. Very tight. Especially for the low-income and of course. Fixed income Beneficiaries.

I’ll continue to be here for you each and every day right by your side, as that’s my dedication and my commitment to you and of course, this community. All right, thanks again. Let’s jump into it and discuss all the details, what you need to know, and how these benefits may be getting a massive, massive boost for SSI Supplemental Security Income. All right, so let’s quickly talk about some details here that I do think some of you are probably very aware of.

But let me throw this all out there because there are some interesting things that are going on right now when it comes down to the SSI program. All right? So I’m going to throw something out there. And again, I know that many of us have talked about this before, I know that you’re aware of this, but let me talk you through the situation because this is actually kind of interesting how this is playing out. All right, so let’s quickly talk about the SSI Restoration Act.

Now, if you’re not sure what this is, it’s a piece of legislation that is currently in Congress right now where they want to change SSI in a variety of different ways, including raising benefits up to the Federal Poverty Line. Number one, they also want to remove the marriage penalty, which many of us are very much in agreement of, removing the marriage penalty, as well as they want to increase the asset levels for all beneficiaries as well, among some of the other provisions within it. However, these three that I just laid out for you are by far the most popular provisions within there that many of us want to have implemented immediately, right? Well, let me tell you the details behind all this because it’s pretty interesting to see this whole situation playing out. All right, so here we are buzzing our way through 2022.

Right now, in 2022, the Federal Poverty Line calculates out to $1,132 on a monthly basis. Now, remember, one of the provisions that they want to do within the SSI Restoration Act is to raise monthly benefits up to the Federal Poverty Line again, in 2022, as of right now, is $1,132 per month. However, here’s what’s interesting about it. If Congress does not come forward and pass the SSI Restoration Act or a separate piece of legislation to raise benefits up to the Federal Poverty Line sometime between now and the end of the year, guess what? As we adjust higher in 2023 to the new Federal Poverty Line, which is likely going to be around $14,339 for the year or $1,194 for the entire or per month, I should say, if they do not do that this year, as in the SSI Restoration Act or some type of separate piece of legislation to raise benefits up to the Federal Poverty Line, guess what?

Just by waiting these extra next couple of months here until 2023, we’d automatically build in another $62 or thereabout raise per month or about $750 more throughout the course of the entire year in the event that they actually implement the SSI Restoration Act in 2023. Does that kind of make sense on this? So here’s what it comes down to. Right now, the Federal Poverty Line is $13,590 for the year of 2022. However, the Federal Poverty Line generally does increase a little bit each and every year.

Let me tell you the details behind this. So in 2021, the Federal Poverty Line was $12,880, which actually calculated out to $1,079 per month. This year, it jumped up by $710 from 12,080 last year, up to $13,590 this year, or $1,132 each and every month. Well, next year in 2023, if we apply the same calculations as in the same boost that came from 2021 into 2022, which is actually 5.52%. Well, if we run that same calculation from this year 2022 into 2023, we come up with a number of $14,339.

In 2023 would be the new federal poverty line based on the same calculations and the same assumptions from 2021 into 2022. All right, well, $14,339 divided out on a monthly basis comes out to $1,194 each and every month. That’s what we’re looking at. So again, when it comes down to the SSI Restoration Act, here’s what’s kind of cool about it. The main provision in there raising benefits up to the federal poverty line, would be if they don’t do it this year, as in raising benefits from $841 per month, which is the maximum benefit for SSI beneficiaries.

If they don’t do that this year, we’d be jumping into that higher benefit next year in 2023. In the event they implement the SSI Restoration Act. You can kind of see how this is getting kind of cool pretty fast here right now. Again, are they going to do this? I’m going to be honest with you.

I don’t have a clue if Congress is going to do it this year, if they’re going to do it next year, or if they’re going to do it at all. But the fact of the matter is, we do know that there are numerous different lawmakers out there right now who are in support of raising benefits up to the federal poverty line, removing the marriage penalty, and, of course, increasing asset levels for all these millions upon millions of beneficiaries. Here’s the deal. The President even said it himself, and I’d like to quote him on this simply because he said it. And we have to continue to remember what the President said.

But the President did say that no older adults or people with disabilities should ever need to live in poverty in America. Well, guess what? What does SSI do? What does Supplemental Security Income do? It sends out monthly benefits to those individuals who are age 65 or older who have limited income and limited resources.

It also sends out benefits to those individuals who are younger than the age of 65 and who have disabilities. So, yet again, what does this program encompass? It encompasses older adults and of course, people with disabilities. And of course, these benefits are below the federal poverty line. So you can kind of see here, the President has said that before that no older adults or people with disabilities should ever need to live in poverty in America.

Guess what? News flash. This is living below the federal poverty line, right? So that major provision of raising benefits up to the federal poverty line would implement a pretty nice, substantial boost to monthly benefits in a pretty big way. Now, it totally depends on how much the annual cost of living adjustment is going to be for these monthly benefits and how much these benefits are going to be raised by But we could be looking at anywhere between about a raise to these monthly benefits, even after the cost of living adjustment is calculated into these benefits. We could be looking at a pretty substantial raise here for SSI in the event that they actually do come forward and increase benefits with the SSI Restoration Act. Right? But again, remember, I want to throw this out there as well. Even if they don’t come forward and pass the SSI Restoration Act, they can always come and do this in a separate piece of legislation.

They could come forward with their own new branded piece of legislation, just like what they did from that bill that we saw back in early 2020, where we saw the three lawmakers come out and introduce the bill to raise benefits by $200 a month. Nothing ever happened with it. And then all of a sudden, not that long ago, a couple of months ago, we had Bernie Sanders and a handful of other Democratic senators come out and introduce the Social Security Expansion Act, yet again, introducing a $200 per month raise. So that’s my point. We could see this come out again in a separate iteration.

Again, a separate piece of legislation to raise benefits up to the federal poverty line or somewhere thereabout. Anyway, it’s pretty encouraging. But again, if they do come forward with this, this year, we’d be looking at $1132 a month, $1,132 a month. Or if they do it next year, we’d be looking at $1,194 a month with the new adjusted higher federal poverty line. Kind of see how this is all calculating out.

A lot of moving parts, a lot of different things that are changing, and, of course, a lot of numbers. But the numbers are looking pretty good these days. Anyway, as I do get more details, of course, I’ll be right here for you, breaking it all down, letting you know what’s going on and how it’s going to impact you, your money, your benefits, your lifestyle, of course, your bank account, your wallet, and of course, anything else going forward. Share the topic with your friends, family, and social media.

 

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