$1,488, up to $1,816 for Social Security beneficiaries, including retirement and disability, SSDI benefits, the new average benefits beneficiaries could be seeing. 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, yet again, another new report has been released in regards to the average benefits Social Security beneficiaries could be seeing as a result of this massive raise that we’re currently looking at. So let’s get into it and discuss all the details and all these numbers as far as the averages, as far as beneficiaries could be receiving with this new raise.
I’m doing all the research each and every day. Breaking it all down into these short topics and watching all this new information that is hitting the wire every single day as things are being announced very regularly and we continue to get all these new reports and all these other announcements out of the administration. The President, Lawmakers Congress And anything that Congress is currently working on. Including all these new bills Packages Proposals Amendments Reform to very important fixed income benefits. As well as anything in regards to money checks. Raises to benefits programs or anything else out there Right now Of course, I want to make sure that you stay updated and you’re aware of what is actually going on right now, just like the report we’re going to talk about right here in this topic, because we’re looking at a potential pretty massive average raise for Social Security beneficiaries.
All right, so a lot of talk about this recently. A lot of new information is coming out, but realistically, this is a very important situation because we’re looking at a potentially historic raise that we haven’t seen for Social Security beneficiaries in over 40 years. This is kind of a big deal. Realistically, the last time we saw anything like this was way back in the early eighty s.
So therefore it’s pretty important right? At the same time, it’s going to impact your benefit, it’s going to impact your bank account, your lifestyle, how much money you get for your benefit. It’s going to impact you in a pretty big way. However, this new report is now coming out talking about how much the average benefit for Social Security beneficiaries, like I said, specifically focused on retirement and SSDI. Now don’t worry if you’re somebody receiving Survivors or SSI or VA, things like this Yes, I do have other dedicated topics here on the channel for you as well, and this will also impact you as well. However, these average numbers that they are giving in this report are specifically focused on these two groups, Social Security retirement and SSDI. However, these are just the averages. Again, I can always come back in a separate topic and run down some averages on these other programs as well, like Survivors and VA and SSI. I can give you averages on those as well to give you some better perspective on what these numbers could look like for you.
But here’s what it comes down to. I want to break down those numbers for you because this is kind of important to pay attention to. All right, so right now in 2022, the average Social Security retirement beneficiary is getting $1,657 every single month. That’s as of right now. Well, in accordance with the new report that was recently out and the announcements out of the Senior Citizens League anticipating potentially up to a 9.6% raise for Social Security beneficiaries, they’re actually anticipating with this And this report is actually showing that the average Social Security retiree this year in 2022 at $1,657 would likely be bumped up at this rate of 9.6% raised. Which by the way is a lot. That’s a very big race historically would actually be bumped up by $159 per month Up to $1,816 every single month.
Which by the way Just to put that into perspective. A $1,816 monthly benefit would just be a little bit less than $22,000 a year Not bad, right? I mean, seriously, when you put it in a perspective that way, thinking just under 22 grand a year, that’s pretty nice, right? So it’s actually just a tad under $21,800 is about what that number actually calculates out to.
So just shy of sorry, $21,800 So, yeah, a little bit less than 22 grand a year. That’s a lot, right? Not bad. Not bad at all Right. And by the way, an extra $159 to be exact per month based on these calculations would be about what is that, about $1,900, $1800 a year more? Yeah, it’s about $1900 a year more based on these numbers and this raise. So just this raise alone could bump up the average beneficiary of Social Security retirement by almost two grand a year, right? Not bad, right?
Not bad at all. Right, so there you go. There’s your little bit of a stimulus check. Now obviously this is not a stimulus check. I’m just simply saying this is the average raise for Social Security beneficiaries as a result of the annual raise.
All right? Now let’s quickly talk about SSDI Social Security disability. Now, one quick side note here. I’m specifically talking about Social Security disability, not SSI. SSI is totally different.
SSDI and SSI are two very different programs. I’m not talking about SSDI right now. Sorry. I’m not talking about SSI. I am talking about SSDI right here, right now.
Now, for those of you receiving SSI, I actually have posted a topic previously breaking all these numbers down for you and letting you know what your benefit could look like based on the same percentage raised 9.6%.
It’s just not that long ago, but I broke down all the numbers for you as well for SSI Supplemental Security Income. However. Now, let’s quickly talk about SSDI Social Security disability insurance benefits. Now, as of right now in 2022, the average SSDI beneficiary is getting $1,358 right now in 2022 on average per month. However, check this out.
Again, applying this 9.6% raise in accordance with what this report is actually saying right now, they’re anticipating that these benefits, the average benefit for SSDI by the way, again, would be raised by $130 per month from $1,358 currently, another 130 on top of that would bring it up to $1,488 every single month. Again, not bad, right? So this is on an annualized basis just under $18,000 a year. Again, not a bad sum of money, right? So just a couple of $100 below $18,000 a year.
So not bad. Seriously, not bad at all. And again, this one just that $130 per month raise again on average. And again, these are the average benefits according to the announcements that they’ve made and things like this. And this is what it would actually calculate out to you in accordance with the actual raise that they’re talking about right now of 9.6%.
But again, to be totally fair, it could adjust higher and it could adjust lower between now and when we get the official announcement out of Social Security in not that long, honestly, in mid October. So it’s coming fast here, right? So it could be adjusted higher or lower, anything in between. So again, I’ll keep you posted on that. But even this $130 extra more per month right now for SSDI beneficiaries that this could be implemented, that would still translate into what is the mental math on that?
About $1,500 more per month, roughly. Just kind of doing some mental math on that. So again, not bad, right? It’s actually a little bit more than $500 a month, sorry, for the entire year more. So again, this is a pretty nice little raise that we’re talking about here.
That’s what I’m saying. This is substantial information. We’re talking about like a significant raise to benefits. We haven’t seen anything like this since the early eighty s nineteen eighty one was the last time that we are going to get anywhere close to the race that we’re likely going to be getting this coming year. In 2023 that will be announced in auto Social Security in October of this year.
So that’s what I’m saying. I know that some of us are thinking, seriously, why are we talking about this? It’s a few months out. You’re right. It is a few months out.
But guess what? It’s going to be here fast. It’s going to be here very fast. Before you know it, we snap our fingers and all of a sudden it’s like, wait, it’s Thanksgiving already. Wait, it’s the holidays already.
Wait. It’s New Year’s already. You know what I mean? It goes very fast. And we want to pay attention to what’s going on here because like I’ve said so many times, these numbers, these percentages, these raises, everything like this directly translate into the amount of money you’re getting on a monthly basis.
Your monthly benefit, your lifestyle, your livelihood, how much money you have coming into each and every month, how much money you have available to you to spend and to spend on the living expenses that you have each month. It all pertains to a lot of different things. So let’s just put it this way. Let’s put some contrast behind this. If there was zero raise, would you be kind of upset?
I’m thinking all of us would be probably pretty upset these days if there was not a raise at all, right? So again, let’s put some contrast behind it. If there’s a big raise, we’re going to be happy. If there’s a little raise or zero raise, we’re going to be probably pretty upset. I’m just going to be real with you right now, right?
I think all of us are looking forward to a pretty nice, healthy race after years and years of teeny, tiny, pathetic raises that have done literally nothing for us, right? So anyway, these are the averages out there. Again, I know that everybody receives a different benefit. Some people receive $600 a month Some people receive $720, Some people receive $839 Some people receive $921 Some people receive $1,002, and Some people receive $4,000. I mean, seriously, it’s different across the board, and every number in between is always achieved by somebody out there as well.