9.1% Increase to Social Security, SSDI and SSI Benefits – Social Security Increase Update

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9.1% Increase to Social Security, SSDI & SSI Benefits
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9.1% increase for Social Security beneficiaries, including retirement, disability, SSDI survivors, SSI, and VA benefits. I have all the details and what you need to know right here on this topic.  All right, so all those benefits I just mentioned a few seconds ago are incredibly important for the roughly 70 million-plus beneficiaries who rely on those monthly benefits every single month for the vast majority of their monthly income. As a result of that, I think many of us here in the community who also receive these monthly benefits have been wondering many of the same questions. Are they finally going to reform some of these programs? Are they finally going to give us a benefit raise? How much is a benefit raise going to be? And possibly most importantly, how fast can they give us a benefit raise? Well, we’re going to be talking about all of that right here in this topic in regards to some new information that was recently released. I want to talk about all those details, as well as other information that is circling around out there right now in regards to these monthly benefits.

We have to be fair here. These monthly benefits are so incredibly important And as I’ve always said, there’s so much going on right now. Information is changing very rapidly. Literally, every single day as I’m doing all this research, I’m coming across multiple different reports talking about low-income, fixed income seniors, older adults, and people with disabilities. There’s all kinds of things that continue to hit the wire every single day. So I want to boil all that down for you into these topics. So let’s get into it and discuss all these details, however, really fast, before we do. I am your one and only daily advocate, and my dedication is to be here for you right by your side every single day, bringing you these daily updates with all this information as it’s hitting the wire, as well as helping you navigate this very busy and confusing time with all of this new information and anything else that’s pertaining to money, benefits, checks, stimulus programs, raises to benefits, and anything else that may be popping up right here, right now that we can possibly take advantage of.

All right So this is all some very important information. I think all of us completely recognize what is currently going on right here right now with this historic inflation that we’re currently dealing with, it’s no surprise because regardless of where you are, how much money you go out and spend, or what your lifestyle is like, all of this inflation is impacting literally everybody every single day. Honestly, I think all of us can probably agree it’s getting old. I mean, seriously, it is getting really old. Every time we go to the store, every time you go to fill up your car with gas, literally everything that you buy is more expensive today than what it was a week ago. A month ago, two months ago, six months ago, a year ago. It’s all substantially more than what it was just not that long ago. Right

It’s getting really old. I mean, seriously, I’m not sure about you, but I don’t enjoy paying higher prices on the same old things week after week after week. Every time they go to the store and they see the receipt and it’s more every single week. I just feel like if I was planning on all this six months ago, we could have just been buying things for 20% less. Right

Throw it in the freezer or stacking things up here and there Right?

So again, obviously, that’s not feasible for a lot of people right now. And I’m not saying that we should do all that, but I’m just simply saying with all this that’s going on right now, we could have been buying things six months ago and being like, hey, I got a great deal on this six months ago compared to what the current price is today. But anyway, I know that’s not very realistic for a lot of people and everything like that, but I’m just simply saying we kind of saw this coming, and realistically looking out into the future, it’s probably going to be the same old story, right? More of this is likely going to be coming Well, as a result of that, that may be also resulting in a pretty substantial raise to monthly benefits for Social Security and all the beneficiaries I mentioned a couple of times throughout this video. So let me get into it and talk about the latest details on this and what the reports with the analysts, what the experts, what the economists are now saying in regards to Social Security benefits, and what all this inflation may mean for your benefit going forward.

Well, according to what we’re actually looking at, and this inflation, it’s kind of like one of these things where it’s kind of like a positive and a negative. On one hand, the positive out of all of this inflation is that you’re probably going to be getting potentially even historic raises to monthly benefits. At the same time, the negative would be well, it’s all based on the actual inflation and the cost of living. Therefore, a high, big increase to monthly benefits also likely means that then, yes, it was also very high inflation so I guess pick what we want. Do we want a big raise with also high inflation or do we want a smaller race that would also indicate possibly less inflation? So I don’t know. I’m not really sure what the right answer is. Maybe perfectly timed inflation to get a big, big raise and then all of the sudden inflation that subsides dramatically shortly thereafter. That might be the best of all the situations. A big, big raise locked in, and then shortly thereafter saying, oh, inflation went way down by 7%. That’d be great, right? So then you got the big raise locked in.

I don’t know, but I highly doubt that’s going to be the case. Anyway, the new information circling around right now is pointing at potentially up to a 9.1% raise for all of these fixed-income beneficiaries. All of the beneficiaries that I’ve been mentioning throughout this topic, and I do know that a lot of us right here in this community fall into this category. So the preliminary estimates right now are sitting at 9.1%. This is massive, right? This is pretty good. In fact, over the last few weeks here, we’ve been seeing other reports coming out from the Senior Citizens League and other big groups out there projecting 8.6%. But I’ve also seen some other independent reports coming out saying 9.1% is where we could finally settle. By the time that all the dust kind of settles and the smoke clears on this whole thing, we may be looking at a 9.1%. So let me quickly give you some rough numbers behind this. Now, again, I’m just kind of roughly doing some mental math on this. These numbers are not exact by any means at all. I’m just kind of giving you round numbers to kind of work with.

So again, I’m just going to give you a couple of quick examples to give you an example of what this would look like if you’re currently receiving, say, an $800 benefit right now applying, by the way, 9.1%. Again, I’m just using mental math here. So just kind of stick with me. A 9% raise on this would be resulting in a $72 per month raise to your benefit, right? So that’s pretty good. A $900 benefit would actually give you an extra $81 per month, again, roughly. And again, if you’re receiving a $1,000 benefit, applying a 9% raise would give you an extra $90 per month. And again, just going to give you some rough numbers here based on just literally just giving you some mental math. Anyway, that’s what the projections are sitting at right now. But we need to wait for the next few months here to go by to finally get that inflation data out of to get it released here, and then we’d get that official announcement out of Social Security. But these are some of the preliminary numbers that are now circling around out there as far as the estimates as to what inflation could be.

Now, one of the things that we need to take into consideration in regards to this is energy prices. So gas prices, diesel prices, things like this. Again, we’ve been covering this a ton lately where we continue to see these prices going up and up and up every single day. So as a result of that, these energy prices are actually increasing the price of virtually everything, because for the same reasons we’ve talked about before is energy is virtually encompassed within everything. Right

So like all the food that we buy, the products we buy at our store shelves are brought there by diesel fuel vehicles. Right Semis As a result of that, well, it’s going to drive up the cost of everything because they need to pass that extra cost of the diesel fuel onto the consumer through the actual just raising prices Right.

So that’s how they do that is they pass all of that on to the consumer, which ultimately will lead to more inflation. So at the end of the day, one thing that we need to watch closely is energy prices. Energy prices plays a huge role in how much we’re actually going to pay going forward at the stores with virtually everything we buy groceries, whatever other items we buy, clothing, things like this, whatever it happens to be, it doesn’t really matter what it is if it’s brought to the store by a diesel fuel vehicle or just brought to the store by any means at all other than somebody riding a bike with it all packed on their back, we’re going to have to pay for that because energy prices are higher. And as a result, we need to use that energy to get this product to the store. So it kind of makes sense here. Anyway, that’s one key metric. If we want to watch anything to indicate where inflation is going, watch energy. So watch energy prices, gas prices, diesel prices. That is kind of the dog that wags the tail, if that makes sense.

Anyway, these are the details that I have for you as of right now. Of course, as I do get more details on any of this, I’ll be right back here for you breaking It All Down letting you know what is actually going on and how it’s going to impact your monthly benefit, as well as possibly translate into a raise to your monthly benefit. enjoy your day Stay safe out there. And have a nice day. I’ll catch you again later in the next update.

 

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