7.9% Raise for Social Security, SSDI, SSI – Big Raise for Social Security, SSDI, SSI Monthly Beneficiaries

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7.9% Raise for Social Security, SSDI, SSI - Big Raise for Social Security, SSDI, SSI Monthly Beneficiaries
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7.9% raise for millions of beneficiaries receiving Social Security retirement, disability, SSDI survivors, SSI, and VA benefits. I have all the details for you on this topic.

All right. 7.9% is the new magical number that is floating around out there right now. Let me break this down for you and let you know where this number is coming from and what this would actually mean for millions and millions of beneficiaries and what we can possibly see a little bit later this year in 2022. All right, so let’s break this down a little bit and stick with me on this because honestly, there’s a lot of moving parts with everything going on right now. And realistically, we’ve been talking a lot lately about energy and oil prices as well as gas prices, because here’s why.

All of these prices and the increases that are going up on everything right now are impacting the price of literally everything. Energy prices are just laying the SmackDown on everything right now. So as a result of that, we’ve got to watch everything closely because everything is going to be impacted by energy prices, oil prices and gas prices, and especially diesel prices, too, because as we’ve talked about in previous topics, the products, the goods, the things that we buy on our store shelves, how do they get there? Yes, by diesel-powered vehicles called semis. Right?

I think all of us know that. Right. So we’ve got to watch this stuff very closely. Anyway, let me break it all down for you and let you know where this 7.9% raise is coming from and how they’re actually arriving at these numbers. All right.

So as I mentioned, this would all pertain to those fixed income beneficiaries of Social Security, retirement, SSDI survivors, SSI, and VA beneficiaries. So here’s the deal. Over the last few weeks here. And realistically, the last couple months, even, we’ve seen a lot of different numbers floating around out there as far as how much arrays could be for these millions and millions of beneficiaries. In fact, a few weeks ago, I was out with a topic that said six sorry, 7.6% was the numbers floating around them.

Even at the same time, we’ve been seeing some numbers floating around at 10%. But as of recently, the new number that I just mentioned and then I just saw was 7.9%. So here’s where this is coming from and here’s what this would look like going forward. Now, this is actually pretty interesting. So stick with me on this.

Here’s what this is all pertaining to. So basically, what it comes down to is the cost of living adjustment. The Cola raise, as many of us recognize it as, is pegged off of the inflation data that comes out in the three months, including July, August and September. Well, according to what we’re looking at right now, the most recent inflation data that we just saw come out a couple of days ago came out at 7.9%. That’s massive.

This is the biggest number that we’ve seen since early 19, 82, 40 years ago was the last time that we saw inflation this hot very long time ago. And this is very high. However, here’s what’s going on. This inflation data that we just found right here or that was just released a couple of days ago, the 7.9%. This is based on the month of February.

However, a lot of this gas and oil increases came into effect early in March. So the point is, a huge percentage of the actual inflation data that comes out each and every month is paid off of energy prices. So when we get the March reading in about a month from now, when we get that March reading, it’s going to be probably mid 8% range. So the last reading was 7.9%. The next reading, I would not be surprised one bit if we see a reading of probably 8.4%.

That’s just my estimation. As of right now, I’m going to throw down 8.4% is what we’re going to see inflation at year over year in about a month from now when the March number comes out, mostly because of energy prices as well as everything else going up as a result of these energy prices. Right. Like I said a minute ago, everything is essentially pegged to oil prices, gas prices, and diesel prices. So that’s why I’m saying we’re going to see a very hot inflation number coming in in April for the month of March.

Like I said, it comes out for the prior month. So anyway, let’s talk through this a little bit further now. So the 7.9% that just came out, this is the latest inflation data, of course. But here’s the thing. According to what analysts and experts and everybody is saying right now, according to what they’re seeing, we’re still moving up our way on the mountain, right?

We’re looking at the inflation data and coming out right now. We’re still moving up the mountain. We have not even reached the peak yet, whatever that’s called. The summit. That’s what it’s called, the summit.

We have not even reached the summit of the mountain yet. Right. We’re still moving up to one side. So the point is, according to what everybody is saying right now and the reports that I’m finding, everything that I’m reading about this. They’re anticipating that we’re probably going to reach 10% inflation, possibly even higher based on everything going on right now globally and right here in the United States.

Therefore, here’s what they’re anticipating. We’re probably going to peak out with inflation somewhere around the June, July, possibly even August timeframe. Well, if that’s the case, the timing on the peaking of the inflation may be timed kind of perfectly for when they start gathering the data to actually start calculating the cost of living adjustment for all of these millions of beneficiaries. By the way, it encompasses about 70 million beneficiaries. So here we are.

I’m filming this video in mid-March right now. So we’ll have to see what happens in the coming months here as we continue going forward. But as this inflation data continues to rise over the coming months here and we potentially peak sometime in maybe June, July or possibly even August, it’s probably not going to be August. It’s probably going to be more around that June-July time frame. But realistically, if we peek out at, say 10%, 10.1%, 6%, somewhere around in that range, around that time frame, we’re going to start going down the other side of the mountain, right.

It may stall out and it may actually flatline or Plateau for a month or two, but then we start moving down the other side of the mountain, right? Well, here’s the deal. If this peaks out at the time frame that we’re actually anticipating, the June July time frame, possibly even August time frame, that’s perfectly the time frame for when they start gathering the information. As far as the data points on inflation, to start calculating the cost of living adjustment for the following year for the 70 million beneficiaries, the first data point that we need to watch is July’s inflation number. Then it’s also August and September.

Those three months are going to peg what the cost of living adjustment is going to be for 2023. So according to the current rate that we’re moving up right now on inflation and according to what everybody is saying, we could be peaking during those very important months when the Social Security Administration is actually grabbing the inflation data. So going into 2023, we may be looking at an averaged out cost of living adjustment. When I say averaged out being inflation data being from July, August, and September, they take those numbers, they kind of average them all out, and they take that calculation. Therefore, it may actually come out to be a 7.9% raise according to the most recent data, possibly even higher than that.

It totally depends on where we go from here. As I record this video right now in mid-March, where we go from right here up until call it basically through September. Where do we go from here with inflation? Does it continue to move higher and Plateau, say somewhere in September? If that’s the case, then we’re going to be looking at a much higher number than 7.9%.

However, let’s just say that it peaks in March and it starts moving its way down kind of substantially into, say, June, July, August, September, things like this. Well, then we could potentially be looking at a smaller number. But based on the trajectory right now and the lack of action out of the Federal Reserve, as in they’re going to raise interest rates by a quarter of a point. Who cares? A quarter of points.

They’re going to do nothing when it comes to inflation. My point is the lack of action out of the Federal Reserve being they’re not stepping up or they’re doing anything about the inflation. Therefore, the inflation is going to continue to rage. A quarter of a point interest rate hike is not going to do anything to inflation. I’m sorry.

It’s not going to do anything. All it’s going to do is make us pay more on adjustable interest rates like credit cards, possibly auto loans, home equity lines of credit, personal loans, things like this. All we have to do is pay more on those because they’re adjustable rate interest. So we’ve got to watch all this stuff very closely. It’s all like this big jigsaw puzzle, right.

It’s like one of those 3D jigsaw puzzles, right? Those are even more difficult. You’re trying to put together a jigsaw puzzle and it’s one of these big castles. That’s a 3D one. Right.

So all of this is very intertwined very closely. But either way, it all comes down to inflation. We’ve got to watch this inflation very closely. But like I said, it’s all mostly pegged around these energy prices. Energy pretty much impacts virtually everything.

Right. So anyway, I want to shake this all out for you, let you know where we all stand with this stuff right now. But as of right now, we’re looking at possibly 7.9% in the form of a raise for cost of living adjustment in 2023, possibly even significantly higher than that. And if it’s lower than that, realistically, it’s probably not going to be much lower than that. We may see a historic cost of living adjustment for 2023 for millions of Beneficiaries.

 

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