$876 for SSI in Extra Benefits for millions of SSI beneficiaries in 2023 – Supplemental Security Income

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$876 for SSI in Extra Benefits for millions of SSI beneficiaries in 2023 - Supplemental Security Income
$876 for SSI in Extra Benefits for millions of SSI beneficiaries in 2023 - Supplemental Security Income
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$876 for SSI in Extra Benefits for millions of SSI beneficiaries in 2023 – Supplemental Security Income

$876 for SSI Beneficiaries Supplemental Security Income. I have all the details and what you need to know right here on the topic. So let’s get right into it. Now. This topic is dedicated to SSI Supplemental Security Income.

Beneficiaries if you’re somebody receiving Social Security, whether it’s retirement disability, SSDI, survivors, VA, or other low income benefits, I do have a lot of dedicated topics here on the channel for you as well. I do want to specifically talk about SSI, simply because the numbers are very specific to SSI and the beneficiaries receiving these monthly benefits. When it comes to Social Security, with all those other benefits I mentioned a second ago, the numbers are all very different. So I want to focus on those in other topics as well. Anyway, I just want to make that very clear from the very start here.

So let’s get into it and talk about $876 specifically focused on SSI and when you’ll actually get it, let’s get right into it. However, really quickly before we do, thank you so much for joining me. Watching all the new Information, the announcements, the updates, reports and everything else.

Hitting the Wire, doing all the necessary research and breaking it all down into these short topics so you can stay updated with what is actually going on as things continue to change very rapidly. And ultimately, I want to keep you updated as it pertains to your money, your benefits, your lifestyle, your bank account. And of course, I want to point out anything out there right now that you can possibly grab and or take advantage of, including money, benefits, raises to benefits programs, stimulus, or anything else like that. There’s a lot going on. Things are changing rapidly.

And again, I understand money is very, very tight right now for the vast majority of people. Either way, no matter what, I’ll continue to be here for you, right by your side. That’s my dedication, that’s my commitment, as always. talk about $876 for SSI Beneficiaries. About 8 million people will be getting this.

All right, let’s talk about it. So recently we got the official announcement out of the Social Security Administration in regards to the Cola raise for 2023. The official Cola raise has been released by the Social Security Administration and it is coming in at eight 7%, a nice big healthy raise. Now here’s the thing. SSI Beneficiaries supplement Social Security income, you are also eligible to receive this monthly benefit raise.

Now here’s the thing. SSI is technically not Social Security benefits however, it is administered by the Social Security Administration. Pretty cool. So guess what? You’re also eligible for the Cola raise.

Now, here’s the thing about the cola. I just want to make this clear so there’s no confusion about it. You do not need to apply for it. You do not need to ask for it. You do not need to make a phone call.

You do not need to do anything for it. Special. You will automatically get your raise to your monthly benefit. And again, I know that most of you know that, but again, I just want to throw it out there just so there’s no questions on that. It is automatic.

You will automatically get it. Just like with your Snap benefits at the beginning of October, when all of these Snap benefits increase as a result of the cola for Snap. Remember that one? Same thing. Same thing happens with SSI benefits as it did with Snap benefits, otherwise known as food stamps at the beginning of October when that raise went into effect as well.

The same thing happens for your SSI benefits. You’ll automatically get your raise. Well, here’s the thing as we calculate the new benefit amount. So in 2023, your benefit is now going to be a little over $900 every single month. Guess what?

Your benefits are going to increase by $73 every single month. So right now, in 2022, you know that your maximum benefit is $841 a month. However, they’re going to be increasing by $73 a month. Well, here’s what it comes down to as we run all the numbers on this. $73 per month multiplied across the entire year is $876.

So SSI Beneficiaries, you will be getting an extra $876 throughout the course of the entire year of 2023 as a result of the cola. So that’s a lot. I mean, think of this. Right now, like I said, your maximum benefit is 841. Just imagine this.

Next year alone, your raise is going to give you more than what you’re getting right now on a monthly basis. Can I get what I’m saying here? It’s an extra $35 more just in next year alone across the course of the entire year with your monthly benefit raises collectively altogether, $876 more through the course of the entire year is still $35 more than what you’re getting now per month from SSI does. It kind of makes sense. So when you break it all down like that, it actually turns into a pretty nice amount of money, right?

$876 is how much more you’re going to be getting in 2023 versus what you got this year. So in next year alone, you’re going to be very close to $11,000, just a little bit shy of $11,000. So right now, SSI Beneficiaries are getting a little bit over $10,000 just to touch over $10,000 a year, provided you’re getting the maximum benefit of $841. However, next year, you’re going to be a little bit below $11,000 right. Not bad at all.

Right. So it’s going to be about $10,900, give or take a few dollars there. But yeah, that’s going to be pretty nice, right? Again, don’t get me wrong, I completely understand trying to live on just shy of $11,000 a year or 900 and some dollars a month from SSI. I totally get it.

That’s tough. It’s very, very tough. I completely understand that. I’m not trying to dismiss this at all. I’m simply saying it’s a tough situation.

Right. I completely get it. However, I also at the same time want to admit I don’t know everybody’s situation. Everybody’s situation is different. And I cannot sit here and say, oh yeah, I know your situation.

I don’t know your situation. It’s a tough situation for everybody and I completely understand that. So I don’t want to sit here and try to make it sound like living on $900 a month is easy to do. Is not. Would the lawmakers want to do it?

No, the lawmakers simply wouldn’t want to do it. Which is exactly why they’re not, right. Which is also why we’ve been saying for a very long time now, hey, Congress, maybe you should try to live on, I don’t know, 841 a month or maybe $900 a month, see how it goes, and then try, to figure out if you think that we should maybe be raising benefits up to, I don’t know, the federal poverty line, things like that, right? So anyway, this is what it all comes down to. The monthly benefits for SSI beneficiaries will be increasing pretty substantially 2023 by $73 a month from $841 today in 2022, up to $914 a month in 2023.

And that’s a raise of $73 a month or $876 throughout the course of the entire year of 2023. Again, not bad, right? It’s a nice little raise. Again, I completely understand. It should be a lot more than that Double that More than double that. Realistically, everybody should be brought up to the federal poverty line. That’s what it really should be talking about right now. But unfortunately, that’s not the case for what’s going on right now.

But this does pertain to the annual cost of living adjustment, the Cola race, which was officially announced by the Social Security Administration. We have the official numbers and that’s what it comes down to. So this is what will be happening starting in 2023 anyway. Please feel free to leave your comments and your questions down below. I do my best to read as many as I possibly can.

I’m always here for you in any way that I can be. If I see a bunch of questions coming in, I will make a dedicated topic about that as well because I just want to help you out in any way that I can. But these are the official numbers. I wish it was higher, but unfortunately, this is what we have to deal with and this is the official announcement. There’s nothing we can do about it at this point.

Even though we are all wishing for higher, at the end of the day, we felt to be grateful that we got this much. It could have been a lot lower, okay? It could have been a lot worse. Either way, I’m here for you in any way that I can be. share the topic with your friends, family, and social media.

Until next time, please have a nice day, enjoy and I’ll catch you again later in the next topic. Thanks.

 

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