$540 Extra Per Month for Social Security Benefits Read Full Details

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$540 Extra Per Month for Social Security Benefits Read Full Details
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$540 extra per month for Social Security beneficiaries. I have all the details and what you need to know right here on this topic.

So in this topic, I want to discuss a recent report that was released. There was would translate into, on average, an extra $540 per month for Social Security beneficiaries. Just to put that into perspective, that would calculate out to over $6,000 throughout the course of the entire year. Now, we’re talking about some pretty serious money here. So let’s get into it and discuss the rest of the details, however, really fast. And so I can keep you updated each and every day as I’m doing all this research, breaking it all down into these short topics to help you out in any way that I possibly can by keeping you updated with everything going on during this very busy time and pointing out any kinds of reports, money programs, checks, stimulus, benefits, anything else that may be popping up right now that you can take advantage of. I certainly want to point that out for you and help you out in any way that I possibly can.

It’s a busy time right now. Things are popping up every single day and things are changing very rapidly.  So there are a lot of moving parts about this report. So we’re going to talk through many different parameters here and how this whole thing wraps up into an average of an extra $540 per month for Social Security beneficiaries. There’s a lot of numbers here. There’s a lot of moving parts. But I want to bring this all together and let everybody know to bring this to your attention, because we certainly need to pay attention to what is going on with monthly benefits. As I mentioned before in the previous topics, your monthly benefits are very important. The statistics show across the board, not just those of you right here in this community, but the statistics are showing basically everybody that receives fixed income benefits, 40% of the beneficiaries out there rely on their benefits as the vast majority of their monthly income. So you can see here these benefits are very important, Right? So anytime that we’re talking about benefits or anything like this, we certainly got to pay attention very, very closely to what is actually happening.

All right, Anyway, let’s get into this report. So this report was actually released by the Senior Citizens League. Now, again, we want to listen to them closely because just like this channel here, they are also advocates for those people living on a fixed income like Social Security. And again, any time they come up with reports or announcements or any kind of things like this, we certainly want to pay attention when they speak or when they make announcements. But anyway, the report is going on to show that since the year 2000, the average Social Security benefit has actually depleted by 40%. In other words, the purchasing power of your dollars since 2000 have depleted by 40%. So because of rapidly rising inflation and everything going on and benefits not keeping up with inflation, so the dollars have essentially depleted. Let me give you just a quick illustration of this. Let’s just say back in the year 2000, so about 22 years ago, give or take a few months, but we’re going to say 22 years ago, let’s just say that you had a $100 bill and all of a sudden we fast forward with that same $100 bill from back in $2,000.

So 22 years ago, of course, you’re still going to have the same $100 bill, right? It’s still going to be the same $100, but the purchasing power of that $100 is going to be about 40% less today. In other words, that $100 today is only worth about sixty cents on the dollar versus what it was worth 22 years ago. Is that kind of makes sense? So it’s the same 100, but yet what you can buy with it is just about 40% less. That’s what it’s coming up with. So here’s what’s happening. Over that same 22 year period of time, purchasing power has depleted by about 40%. You know what I mean? So at the same time, expenses have increased for the average Social Security beneficiary by about 130%. So the purchasing power is decreasing. Meanwhile, the expenses that the average Social Security beneficiary is paying for has increased during that same period of time by 130%. So you can kind of see the disconnect here. It’s not really making sense, right? The numbers are not coming out. Money is becoming worth less and expenses are increasing. Therefore, it’s creating this massive divide between how much people are getting and how much money is going out the door.

That’s what we’re starting to kind of see that these programs are really behind the curve and they got some major problems ahead of them, like Social Security. Right. We’ve talked about all this before, but here’s what it comes down to. Just because of this discrepancy over the last 22 years, again, anything that is prolonged over long periods of time like this, 22 years. So again, over two decades of time, this is what’s happening. The average Social Security beneficiary should be getting, on average, an extra $540 or a few pennies below that. So it’s just under $540 per month. Extra is what the average Social Security beneficiaries should be getting right now as a result of what this report is showing. So there’s some pretty big stuff right here. So again, this one actually calculated out to over $6,000 throughout the course of the entire year that the average Social Security beneficiaries should be receiving every single year. Over $6,000 a year, over $540 per month on average is what it would actually calculate out to if these Social Security benefits would have been keeping up with the actual expenses of these beneficiaries. So you can see this is massive right now, I do know that many of you here in the community are receiving maybe $800, maybe $900, maybe $1,000 a month or maybe even less, maybe 600, $700, something like this.

So again, this would have changed your benefit in a big way if these benefits would have actually kept up with the actual cost of living. We do know because I think all of us are experiencing this. The annual cost of living adjustment that we get each and every year is way behind the curve. For example, let’s use this year, 2022. The 5.9% that they announced back in mid-October of 2021, 5.9% at the time seemed pretty good. But here we are in mid-2022 already, and we’re already behind the curve by about 3%. So you can kind of see here it’s already behind. This is a perfect example of exactly what is going on. Now, extrapolate this over the last 22 years and you can see exactly how this whole thing would shake out. And one thing we have to remember as well, each and every year that you get a raise on your monthly benefits from the cost of living adjustment, that’s actually compounded, right? Every single year that you get a raise, it’s based on a percentage. So as we continue to calculate that percentage based on a higher benefit, every single year, it compounds.

Every single year, the benefit continues to increase a little bit more because the benefit is calculated off of a higher benefit amount. Therefore, using percentages, there’s a little bit of compounding that happens. Well, if we neglect that compounding over 22 years of time, you can see the average beneficiary is at $540 every single month. That’s pretty big. Now, here’s something else I want to point out as well. Let’s just say that all of these benefits would have actually kept up with the pace of the cost of living over the last 22 years. Here’s what I calculated. Again, on average, the average Social Security beneficiary receiving an extra $540 per month. Guess what that would actually calculate out into across the board for 65 million Social Security beneficiaries. Now, to be totally fair, once again, in the last 22 years, there have not always been 65 million Social Security beneficiaries. There’s been 45 million, 50 million, 55,000,060, 65. It continues to increase as we continue to move forward into the future. So to be totally fair, it always hasn’t been 60 to 65 million Social Security beneficiaries. However, let’s run the numbers right now, just as an example, 65 million beneficiaries.

Right. Here right now, every single month, receiving benefits. If we apply an extra $540 per month for 65 million beneficiaries, guess how much that would cost Social Security right here, right now if they were to implement this right now on a monthly basis, an extra $35.1 billion every single month is what it would cost to send this out. So we’re talking about insolvency issues, right? Well, we’d be looking at a major insolvency issue right here, right now. That would be on top of us very fast if this were the case Right? So maybe again, I’m not here to speculate. I’m not here to have all these conspiracy theories, things like this. I’m not that type of person. But here’s what I want to point out for you. If this were the case, as in if they would have been paying out the necessary benefits going forward for all of these years, the Social Security trust funds probably would have been depleted a long time ago. Right. Because like I said, an extra $35.1 billion on a monthly basis just based on 65 million beneficiaries as of right now and an extra $540 per month. Again, I’m not here to say that this is true.

I’m just simply saying maybe with some of this done by design, I don’t know the answer to that. I’m not the person behind the scenes. But I’m just simply saying seems a Little bit weird because we know that Social Security has some problems ahead as Far as insolvency, things like that But it kind of makes you wonder Was maybe a little bit of this Plan by design just to keep the Program solvent for a little bit longer Again, I have no clue. I’m not really sure Or maybe it was just a simple Calculation error, as in benefits were not Keeping up with the real cost of living. This is probably really what happened is That benefits just truthfully, we’re not keeping up with the true cost of living Unfortunately, over a long period of time. Because of compounding and because of time, it just calculated out to the fact.

That benefits should be multiple hundreds of Dollars higher, on average, $540 per month higher. So anyway, that’s probably really what it. Calculates out to is just honestly just the real numbers not actually keeping up. Rather than something by design. I can’t really believe that would be the case. If that’s the case, then obviously that Would be really sad. Anyway, this is what the report shows And I wanted to bring that to Your attention because this is some pretty.

Big stuff right here So anyway, I know that this is The time that people need more money, more benefits, higher benefits, stimulus checks, anything else that we can get right now.

Of course, I’ll continue watching everything closely Including all of these reports that continue To pop up like this.

I don’t know. I find it very fascinating and find it very interesting that all this is Still going on right here, right now.

share this topic with your friends, family, and on social media.

I’ll see you again. bye

 

 

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