$1415 minimum Social Security monthly benefit. I have all the details and everything you need to know right here on this topic. As I am your one and only daily advocate, and I’m very much dedicated to you and this community to do all the research so that you don’t need to and to break it all down into these short topics so that you can get the latest details hot off the wire each and every day as this information is being released.
It’s a busy time that we’re living through right now. Things are changing very rapidly, and I want to make sure that you’re getting all of these updates as this information is hitting.
So I think many of us right here in this community, since many people here are fixed income beneficiaries, we are wondering when is Congress finally going to do something for the low income and those people living on a small fixed income from Social Security retirement, SSDI, survivors, SSI, VA, and RRB, as well as low income, low-income seniors, elderly people with disabilities, and struggling Americans right now with everything going on? Well, believe it or not, there actually is a piece of legislation out there right now that actually points toward raising benefits for Social Security beneficiaries to a minimum of $1,415 each and every month, which is exactly what I want to talk about in this video, simply because some of this information has actually changed as of recently. So I want to talk through all the latest details on this and what the changes have actually meant for all these fixed income beneficiaries. And I can tell you this much. It actually changes in a good way.
We typically don’t see that these days. Right, But there’s actually some beneficial information here that is actually beneficial to the fixed income beneficiaries. Again, some pretty cool and exciting stuff here. So I do want to talk through the details on this.
Now, remember, this is one piece of legislation at the current moment. There are many pieces of legislation that are floating around out there. It’s basically just waiting for Congress to finally do something. And just like many of us right here in this community, we are patiently twiddling our thumbs, waiting and waiting for Congress to do something because realistically, they have our livelihoods in their hands. Kind of sad, right?
But that’s the truth of the matter. Basically, our livelihoods and everything that goes on in our lives is in the hands of about 535 people. Yeah, right. Anyway, I don’t know. It just seems really weird and scary to me.
But anyway, let’s talk through all the details on this and discuss some of these changes and how this is actually pretty good stuff. All right, So I do want to talk about one piece of legislation here. This is in regards to the Social Security 2100. Now, I can also talk about some pieces of legislation that were actually introduced by the President Biden, as well as Bernie Sanders, as well as some other people out there in Congress, other lawmakers.
There are many different pieces of legislation out there right now as it pertains to Social Security and reforming this very important program. However, specifically, I do want to talk about the Social Security 2100. Now, we have talked about this in a little bit of detail in previous videos. However, it’s been quite a while since we’ve talked about it in any amount of great detail. So I do want to talk about it in one of the provisions within the Social Security 2100, which was actually brought to the floor in the House by Representative John Larson.
So this is actually a pretty cool piece of legislation. There are a lot of good things in here. There are about a dozen different provisions within the Social Security $2,100, which actually shores up the program. It actually raises benefits. It actually reforms the benefits.
And there are a lot of different things in this program that is actually very beneficial to about 65 to 70 million beneficiaries on Social Security. So a lot of really good stuff. Right? So again, it’s only a matter of time until Congress actually brings us to the floor once again, which according to my research, they should be doing that pretty much any week here. So coming up really quickly here.
All right. Anyway, let’s talk through the details on this. So one of the provisions within the Social Security 2100 is raising benefits to a minimum guaranteed benefit of 125% of the federal poverty line. Now, you might be wondering. Okay, sounds pretty, sounds nice.
What does this actually mean? Let me shake this out for you. So here’s the deal. The federal poverty line generally adjusts each and every year. The federal poverty line typically adjusts higher every year.
Well, in 2021, the federal poverty line was $12,880. However, in 2022, the federal poverty line has now bumped up to $13,590, an increase of $710 of annual income to determine somebody being above or below the federal poverty line. Now, again, the federal poverty line can also be identified as the federal poverty guideline. And there are a bunch of different names for it, but essentially, it’s the same number 13,590 right here in 2022. Now, here’s the thing.
If we divide this out on a monthly basis, it comes out to $1,132. However, remember what I just said here a second ago. One of the provisions within the Social Security $2,100 is to raise the minimum guaranteed benefit to 125% of the federal poverty line. So we need to run some more math here. By the way, I kind of like playing with numbers.
I have a calculator that I play with, and I enjoy running numbers. And that is something that I’ve done for you right here. So I do have all the calculations for you, and I’ll tell you what they all are. So here’s what we’re going to do. We’re going to take the $13,590, which is once again the federal poverty line right here in 2022.
We’re going to multiply 13, 590 by one point 25, which is 125%. It comes up to $16,987 on an annualized basis. That is what the income would be on an annual basis. So over the course of the entire year, income of $16,987 over the course of one year is 125% of the federal poverty line. However, now we need to figure this out on a monthly basis.
Right? So let’s take the $16,987 divided by twelve, which comes up to $1,415. That’s where we’re getting this map from. That is where these numbers are coming from. So the longer that Congress has dragged their feet on this thing and the more that they drag this out and the more that the federal poverty line adjusts higher, it actually translates into a higher monthly guaranteed minimum benefit for those beneficiaries, as discussed in the Social Security $2,100.
Pretty interesting stuff, right? So this is actually an increase of $74 per month over last year. Again, let me break this down for you just in case you’re interested. Like I said, I love playing with numbers. I really enjoy kind of calculating this whole stuff out, figuring everything out right down to the dollar.
Because realistically, as I mentioned yesterday in one of my videos, honestly, when we talk about benefits, we’re talking about your money, your benefit, and your future, as well as your livelihood. So when it comes down to the dollars and the cents, it all makes sense here. Seriously, honestly, in my opinion, it is our future. It’s our dollars. It’s our money.
It’s our benefits. So, yeah, we want to make sure that we’re getting every last dollar. Right? So let me tell you the details on this. So again, like I said a couple of minutes ago, last year the federal poverty line was $12,880.
Dividing that out on an annualized. Oh, sorry. On a monthly basis was $1,073 each and every month. Right. However, this year the federal poverty line on a monthly basis is $1,132 each and every month.
So again, a nice little rise there on a monthly basis. Right. So again, some pretty cool stuff. However, here’s the difference. Last year, the federal poverty line, like I said, the $12,880 sorry, multiplied by one point 25 comes up to $16,100.
Dividing that out by twelve months came up to $1,341, which would have been last year 100%. Sorry, let me take that back. 125% of the federal poverty line at the time last year. However, since the federal poverty line has now adjusted higher. In 2022, we went from last year being $1,341 to now $1,415, which is an actual difference of $74 every single month.
Pretty not bad, right? So, yeah, just because Congress did not pass this through last year, essentially, it’s going to effectively give the beneficiaries a raise of $74 a month just because the federal poverty line adjusted higher. So not like such a bad thing after all. Right. However, I’m not like laughing at the situation.
I’m simply saying, Congress, when you drag your feet, you pay. Right? But anyway, my point is, let’s be real. We all needed this money. We all needed the raise.
We all needed the benefit boost a long time ago, like two years ago. Let’s be real. Two years ago when Congress actually introduced that $200 per month raise. Remember that whole thing? Yeah.
Oh, man, that was a sad situation. It sounded so great at the time. Of course, we don’t need to talk about it forever because honestly, I don’t think it’s happening. The $200 boost anyway. But two years ago, when that was originally introduced in late March of 2020, man, that sounded like a good thing.
But now these days. Yeah, Unfortunately, I don’t think that’s coming back the $200 per month raise. Anyway, we’ve talked about that in separate topics.
So anyway, this is the math. This is the breakdown of the Social Security 2101 of the provisions within it to raise the minimum guaranteed benefit up to 125% of the federal poverty line. Now, again, to be totally clear, this is not all that is encompassed within the Social Security 2100. There’s actually some other really good stuff in there as well. But this is just one of those provisions within the piece of legislation.
Either way, I can come back and talk about the Social Security 2100 in greater detail in a separate topic. But I want to break this one down for you on this topic, so hopefully this one helps you out. And again, I’m here for you in any way that I possibly can be. Please leave your comments, your questions, and your feedback down below.
And of course, I can make dedicated topics as necessary so again I hope you’re having a nice day. Enjoy your day and I’ll catch you again later.