$1,194 Monthly for the Low Income Social Security, SSDI, SSI beneficiaries- Full Details

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$1,194 Monthly for the Low Income Social Security, SSDI, SSI beneficiaries- Full Details
$1,194 Monthly for the Low Income Social Security, SSDI, SSI beneficiaries- Full Details
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$1,194 per month for the low income. I have all the details and what you need to know right here in the topic. I want to talk about some very important numbers that will be changing and updating specifically for focused on the low income and of course fixed income beneficiaries.

I want to get into it and discuss how this is going to impact millions upon millions of people As I am your one and only daily advocate. I’m doing all the research each and every day. 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 as we continue to get all these new announcements out of the administration The President Lawmakers in Congress And especially with all these new packages. Proposals and new bills reform to these very important benefits. As well as anything in regards to money Benefits Programs Checks and anything else out there right now that we can possibly get our hands on.

let’s get into it and discuss these numbers and why they’re going to be updating, as well as why this may actually be a good thing for the low income and of course some fixed income beneficiaries. So let’s get into the details. All right, so as we continue to work our way through 2022, the year is zipping right on by and before we know it, we’re going to be into 2023. These are some very important details that we want to pay attention to because as always, things will be changing yet again.

And now, just so that we’re all on the same page here, this does not have anything to do with the annual cost of living adjustment. No, we can talk about that in a separate topic, but rather this is something else, a baseline number that we want to take into consideration because this directly relates to the low income and fixed income beneficiaries. About 100 million people fall into this category. So like a third of our population, it’s pretty important stuff, right? Just fixed income beneficiaries alone account for about 70 plus million beneficiaries.

So you can see here some very important details, right? All right, so let me talk you through the details about this. I’m going to go through a bunch of different numbers here. Stick with me on this. But again, I think it’s all going to make sense here in just a second.

But I want to run through some of the numbers to give you some perspective on these numbers that we’ll be giving you here in just a second. All right, so here’s what it comes down to. In 2021, the federal property line was $12,880. In 2022, it’s $13,590, a difference of $710 or 5.50%. Okay?

Now let’s take this into consideration because these are some very important numbers. Now, if you’re somebody who is low income or living on a fixed income, you probably recognize that a lot of your benefits are based on the federal poverty line, right? So, for example, like Snap benefits or utility assistance or Internet assistance or water assistance or housing assistance, literally so many different things out there. Food assistance, all of these programs have the federal poverty line as a baseline. Usually it’s anywhere between like 100% of the federal poverty line, 125% of the federal poverty line, 200% of the federal poverty line.

They have some kind of metric around the federal poverty line. So this is a very important metric that we need to watch because virtually all of these assistance type programs are pegged off of the federal poverty line. All right, so here’s what it comes down to. Right now, like I said, in 2022, the federal poverty line is $13,590 or $1,132 on an ongoing monthly basis. That’s what it divides out to.

Now, again, I have seen down in the comments section, some of you pointed out the math doesn’t come out on this. Well, it does come out. I’ve rounded a little bit because when it comes down to these benefits and when it comes down to the federal poverty line, stuff like this, they don’t deal with change, they don’t deal with pennies. However, they just round numbers off. So that’s what I did here as well.

So, yes, it’s off by a couple of dollars. But again, I just rounded it so that we’re on the same page here, because they don’t deal with change, right? They don’t deal with decimals or they deal with round numbers. So that’s what we’re dealing with. And yes, I have seen your comments down below saying it doesn’t come out with the math.

Well, it actually does. It’s just it’s being rounded here. And that’s what they typically do with these programs. And I think many of you here in the community know that. But anyway, all right, so now let’s look out to 2023.

And again, I know it’s a few months out from now, but the fact of the matter is you still got to look out to this because it’s going to be very impactful for the low income and fixed income. And this may be yet again beneficial because as we continue to look forward. Sometimes when you get a raise from the annual cost of living adjustment, all of a sudden, for example, your income adjusts higher. And then guess what they do? They reduce your snap benefits because now your income is a higher percentage of the federal poverty line, right?

Therefore, they say, hey, you don’t need as much food assistance. You kind of get what I’m saying here. So as the higher that the annual oh, sorry, the higher that the federal poverty line goes, the better that it actually is for the low income and fixed income. So let me run out some numbers for you for 2023 and kind of put this into perspective of why this is so important to look at, all right? So let’s again throw in an assumption here, which would be let’s assume that the federal poverty line of 2022 adjusts at the same rate that it did for 2021 into 2022 5.50%. All right? Now let’s run the numbers. Don’t worry, you don’t need to. I’ve already ran the numbers for you So here’s what we come out with 13,590 in 2022 multiplied by 1.50 comes up to $14,339 throughout the course of the year. So that is what it’s projected to be as the federal poverty line for 2023. Now, as we divide this out on a monthly basis, it comes out to $1,194 each and every month. And again, why do we care about this? Here’s what it comes down to.

It’s very important because, like I said just a minute ago, so many of these programs out there food assistance, utility assistance, housing assistance, water assistance, all kinds of different programs that are out there right now are pegged off of internet assistance. That’s another one that’s out there. A lot of these programs are pegged off of the federal poverty line, like I said, 100%, 125%, 120%, 150%, 200% of the federal property line. They generally say these are the guidelines of those people who can get assistance from these programs. So very important, as this federal poverty line adjusts higher, it just simply means more people can get assistance or less people will lose assistance as your benefits get adjusted higher again because of the annual cost of living adjustment right?

Now, let me throw up their little quick golden nugget for you, too. Let me throw this one out there. And this is actually very interesting. Some of these programs out there right now in these pieces of legislation that are floating around congress want to adjust these fixed income benefits up to the federal poverty line. Guess what? If that happens in 2022, the maximum benefit would be $1,132. If they wait until 2023, then guess what happens? It adjusts higher by another $62 a month to $1,194, kind of. See what I’m saying here? So if they drag this thing out into 2023 and actually implement some of these pieces of reform to actually raise benefits up to the federal poverty line.

It would actually be more beneficial at a rate of $749 throughout the course of the year, or $62 a month more if they did in 2023 versus 2022. Can you see what I’m saying here? So it’s a very important metric that we need to watch closely as this number continues to adjust higher. But again, in all fairness, now, I did use an assumption from 2021 into 2022 of that increase of 5.52%. Now, assuming that that’s going to be the same increase that we go from 2022 into 2023, then that’s what it’s going to be.

However, remember, this could adjust higher, it could adjust over. Maybe they’re going to adjust it higher by say, 4%, or maybe they adjusted higher by 7%. It all depends on how they run the numbers on this to see what the federal poverty line is going to be going into this next year. Now, again, I know it’s a few months out from now, but the fact of the matter is we need to be proactive. We need to see what is coming down the line rather than just standing on the tracks.

You know what I mean? So watch out, because you’ve got to pay attention to what is coming here because it’s going to all impact us in some way, shape, or form. And ultimately, it’s very important to watch here because it all impacts our money, our benefits, our lifestyle, and of course, our wallets in our bank account.

I want to lay these situations out for you so you can understand what’s going on, what’s coming down the line, and of course, how this may impact you. Your money, your benefits, your lifestyle, your wallet, your bank account, and of course, your future and your livelihood and your lifestyle. These are very important. At the end of the day, it all comes down to benefits, who’s going to get what? How much are you going to get and how long is it going to be and how much is a potential raise going to be?

 

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