$636 and $912 Raise for Social Security, SSDI, SSI Monthly Benefits – Social Security Full Details

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$636 and $912 Raise for Social Security, SSDI, SSI Monthly Benefits - Social Security Full Details
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$636 to $912 more for beneficiaries receiving monthly benefits from Social Security retirement disability, SSDI survivors, and SSI benefits. I have all the details for you on this topic.

Right now, I’m doing all the research so that you don’t need to I distill it all down into these short topics, which I deliver a few times each and every day so that you can get all the latest updates hot off the wire as they are being released. And as I’m finding them for you right here each and every day during my daily research. So again, thank you so much for visiting our site. I really do appreciate it. I’m here for you in any way that I possibly can be.

All right. So as all of us understand, prices continue to rise on essentially everything right now because of this massive, massive inflation. Well, as a result of that, fixed income benefits are also set to expand pretty substantially once again as a result of the massive inflation.

It’s a pretty good thing going forward. Well, according to the preliminary estimates and what people are saying right now, the average fixed income benefit could rise anywhere between an average of $636, up to $912 per month for about 70 plus million Social Security retirement, SSDI survivors, and SSI beneficiaries. That would be absolutely amazing, right? For a lot of people, that would almost be an extra benefit for the entire year. That would be huge for a lot of people right now.

So I want to run through some of these numbers and talk about where this is coming from, the actual calculations, and the breakdown. I promise I’ll make it quick. I know that there’s a lot of people here that don’t really enjoy the mathematics behind all of this, but I promise I’ll break it down for you. We’ll make it quick. We’ll run through the numbers, and then, of course, we can talk about all of this in much more detail.

However, this is very interesting because just the other day I was out in a separate video talking about how the experts and analysts that are watching all of this right now are actually anticipating that we could be seeing a 7.6% raise for all of these millions of beneficiaries. By the way, the entire list of beneficiaries I’ve been mentioning throughout this video, Social Security, you know, the whole list. Right. All right. So that’s what they’re actually anticipating is we could potentially be seeing a 7.6% raise, which would be absolutely huge.

A raise that we have not seen in many decades since the early 80s was the last time we saw something even remotely close to this. So that would be huge for millions of beneficiaries right now. Right? So very cool stuff. However, as I also mentioned the other day, according to what some analysts and experts are saying right now, we could potentially even see 10% or even more inflation sometime in mid-2022.

Well, if that’s actually the case, we could be seeing these numbers even ratchet higher and possibly even much bigger than what we’re going to talk about right here in this video. But again, I don’t want to jump ahead of it myself here with all this stuff, but I’m just saying that based on what they’re saying, we could be seeing numbers even bigger than this. Now, again, it’s kind of a good and a bad. Realistically, it’d be good to see a nice, big, healthy raise to all the benefits. But at the same time, 10% inflation would be really bad.

That would not be a good thing. Right. So anyway, let’s run through these numbers here for you. I’ll make it relatively quick, I promise. And then we will talk about this in more depth here in just a second.

All right. So I’m going to be using round numbers for all of this just because honestly, everybody’s benefit is very different. So I do want to use round numbers. It’ll get you relatively close. But again, it’ll show you the breakdown of all of these numbers.

All right, so let’s run through all of these. If you’re receiving a monthly benefit of $700, applying a potential 7.6% raise would give you an extra $53 per month or $636 for the entire year. That’s pretty nice right there. In fact, that’s almost a full benefit on top of what you’re already receiving, right? It would almost be like an extra bonus benefit.

Pretty nice. That’s awesome. I love that. Also, if you’re receiving an $800 benefit, applying the 7.6% raise, that would give you an extra $60 per month or $720 for the entire year. Again, absolutely amazing.

Now, let’s quickly talk about SSI Beneficiaries. The maximum SSI benefit here in 2022 is $841 per month. However, applying a 7.6% raise to that would give you an extra $63 per month or $756 for the entire year. Again, just shy. It’s about $90 less, roughly about $90 less than another full benefit for the entire year.

Absolutely amazing, right? That’d be pretty nice right there. Also, if you’re receiving a $900 monthly benefit, applying a 7.6% raise to that would give you an extra $68 per month or $816 for the entire year. Again, absolutely incredible. That would be so nice for so many people.

Let’s run through one more example here really quickly. If you’re receiving a $1,000 monthly benefit, again, applying the 7.6% raise would give you an extra $912 per month, sorry, $912 for the entire year, which is actually $76 per month. So again, very, very nice benefit right there. But again, we also understand that this is all in conjunction with the inflation numbers, it’s all pegged to inflation. So realistically, even though it comes out to being more money at the end of the day, at the end of the month, at the end of the year, realistically, it is just supposed to be keeping up with the cost of living.

So at the end of the day, are we really ahead any more than it would really actually be money coming out of our pockets? Well, that can all be debated, but I think many of us here in the community would probably say no. At the end of the day, we’re pretty much right where we started because everything just costs more. So realistically, all that money is just going right out the door, buying all the things that we need every single day anyway, right? The food items, I don’t need to go through the list.

You know what? All the items are essentially everything is more these days. It doesn’t even matter what you buy, right. It’s all more. I think that’s a pretty good statement right there.

I think all of us understand it’s a very much more expensive than it previously was a year ago. Six months ago, two years ago. I mean, it’s unbelievable. I think all of us would be having a heyday, if we could go back two years with the money that we have now and go back two years ago, we’d feel like we’re getting a screaming deal on everything. Wouldn’t it be, I mean, seriously, if we could go back and revisit the prices that we saw in, say, early 2020, I feel like we’d be like, wow, this is amazing.

We can get so much for our money these days. If only we could go back to those days. But honestly, those days are history. We’re not going back to those prices, unfortunately, even though they continue to tell us, oh, this inflation will come down and prices will come down. Sorry, they’re not coming down.

I’m just being real with you right now. That’s not how it works. Prices are not coming back down to where they were. Now, again, I know that’s not what people want to hear, but I’m being real with you. I got to be a realist and I got to be honest with you, and that’s just what’s going to happen.

Prices may come down, maybe a percentage point, maybe two if we’re really lucky. But realistically, this inflation may come down as a result of the ratings of inflation. Those may come down, but as a result of the prices that we really see out in the stores, those are pretty much set in stone. They might come down a teeny tiny bit, but for the most part, they’re not going to come down much. So anyway, again, just being real with you, we got to face the facts as far as what is actually going on now, a couple of other things that we got to mention as well, some people may say the elephant in the room.

Yeah, we could say the elephant in the room in this case. Now we have to mention also this race would also. Yes. Would also probably prompt a massive Medicare Part B premium increase, just like we saw this year in 2022, the 14.5%. Oh, yeah.

Which, by the way, they said that they were going to be lowering that. Yeah, so much for that. Right. Remember those talks that we heard all about after the 14.5% Medicare Part B premium came in for 2022? Shortly thereafter, we saw all these people coming out, lawmakers coming out, the administration calling on this, basically, all these people coming out saying, hey, Centers for Medicare and Medicaid Services, you got to roll that back.

You got to repeal some of that. You got to lower the Medicare Part B premium. And there was all this talk about it, and it was such a great idea that they were going to lower the premium by about ten or $11. Did they do it? No.

Has their money even talk about it lately? Well, sure enough, coincidentally, I haven’t seen a word about it in probably, I don’t know, a month and a half. Probably more than that. Month and a half. I want to say maybe two months ago was the last time I saw any substantial information about it.

Interesting how that works, isn’t it? Yeah, they talk about it, make a big deal, and then all of a sudden they feel like, oh, the people forgot, let’s just forget about it now. Yeah. Kind of interesting how that is. But anyway, I don’t know, I find it a little bit irritating, I guess I could say, when we’re trying to find a little bit of relief and they say all these things and they act like they’re going to do something and then ultimately they do absolutely nothing.

But anyway, that’s something else that we have to also keep in mind, too, is that the Medicare Part B premium would probably be pretty substantial once again. So who knows what 14.5% this year? Who knows? It might even be more than that. That would be huge.

Also, one more thing as well. I see this down in the comments section a lot as well. Many of you reaching out saying, yeah, the raise would be really nice but at the same time you know what it’s going to do?

It’s just going to deplete my snap benefits by 20, $30 a month, or whatever once again. So yes, unfortunately, this is one of those things that may actually happen. So anyway, we can only cross our fingers and hope that Congress will actually do something here that they’ll implement some kind of additional checks, maybe simulations, checks, monthly raises, permanent raises to benefits. Who knows what monthly checks? I mean, seriously, there are so many different options right now.

Congress could act on just about anything and seriously, all the relief would be very welcomed right now. But anyway, these are the numbers that I’m finding out there with my research. I wanted to break it down for you, let you know how this all plays out, what it would actually lead to in the form of all these benefits, the averages, the information that I’m finding for you, and this is kind of the breakdown so I want to lay it out for you in this video. I hope this helps you out again. I’m going to continue watching everything very closely as I always do as I get more information.

Of course. I’ll be right here for you with those details, the updates, the breakdowns, everything you need to know.

Enjoy and I’ll catch you again later in the next topic.

 

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