Hello friends, There is a new update on the $1400 Ford stimulus checks for seniors. Social Security, SSI, and SSDI response. Recipients can expect to receive a monthly benefit boost of up to $200 per month. Lawmakers, including Chuck Schumer, Bernie Sanders and Elizabeth Warren are now pushing for a new Social Security reform bill. This bill will improve benefits for all Social Security recipients.
I’ve been here long enough to be witnessed to a lot of events that kind of lead us to where we are today. It hasn’t been that long ago when under a previous administration, the Obama administration, with Joe Biden as his vice president, where Energy Secretary Steven Chu said in a hearing, somehow we have to figure out how to boost the price of gasoline to the levels in Europe. And later he had to walk that back because of the backlash. But the issues that we’re facing today, that every American is facing today, is not new. This is not accidental. This is intentional. This is the desire of the left to shape the behavior of Americans because of their radical energy policies. And then more recently, in the markups of the appropriation bills, Supplemental Security Income.
Recipients will be getting not one, but two payments in September 2022, totaling $1,652. The first payment will be made at the start of the month on September 1, while the second one will be made at the end of the month on September 30. September is one of only two months that provide recipients two payments, the other being December. According to the Social Security Administration, the two payments will be worth $841 and will be given to all eligible individual recipients. For eligible couples, each couple will be given $1,261. Most payments throughout the year are given once a month. Exceptions to this are in January, May and October. Right now, Social Security payments are set to increase in 2023 due to increasing inflation across the United States. Recipients are taxed on their benefits, meaning increased payments could shoot them into a higher tax bracket. Recipients are taxed on their benefits, meaning increased payments could put them into a higher tax bracket, earning them less than before the increase. Social Security beneficiaries could see a 10.5 increase in their payments in 2023, driven by rising inflation, according to the Senior Citizens Leave. That means the average monthly retired benefit, which is currently $1,668, will increase by about $175.
Mary Johnson, an analyst for the organization, said those figures could be slightly higher if inflation runs hot in the next coming months, with a possible cost of living increase of 11.5%. If inflation cools, the 2023 increase may only be 9.8%. The downside, friends, is that it still may not be enough to cover seniors costs. If price hikes are not tamed in the coming months, higher income individuals may have to pay more for Medicare Part B premiums, which are typically deducted from Social Security checks and have increased each year since 2015. In 2022, those premiums increased to 14.5% to bring the standard monthly premium to $170.10 per month. An increase in Social Security pay could also place tens of thousands of low income retirees into a higher income bracket, meaning they may have to start paying taxes on their benefits when they had previously never done so. The more money provided to Social Security beneficiaries, the faster the program’s funds will be depleted. At its current level, Social Security will not be able to pay full benefits by the year 2035 if Congress does not act now. Friends, the keyword for this topic is Mount Liberty.
The trend called unretirement rebounded this spring to pre crisis levels. About two thirds of retirees would consider returning to work, and that’s according to a recent CNBC survey. The crisis prompted many people to accelerate their retirement, with 62% of retirees saying they left the workforce earlier than planned and 67% indicating they left at least two years early. Additionally, 42% of respondents in a nationwide Retirement Institute survey said they plan to file for Social Security benefits early and continue to work, up from 36% in 2021. The work opportunities are there. Even though job openings fell in June, there were still 1.8 open jobs available per worker. Social Security beneficiaries who go back to work may stand to earn more short-term and can ultimately increase their monthly benefit checks.
So you do plan to return to work. You should notify the Social Security Administration right away. That way, the agency can start to reduce your checks now. If you do not do so, you could be in for an unwelcome surprise early next year when the IRS reports your earnings to the Social Security Administration. If that happens, you may get an unexpected letter from the Social Security Administration notifying you that they are stopping your benefit right away until any earnings penalty from the prior year is made up. That may disrupt your cash flow if you are not expecting it. If you are between the age of 62 and your full retirement age and return to work after claiming benefit, you will be subject to an earnings penalty.