9.3% Increase to Social Security, SSI and SSDI Monthly Benefits

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9.3% Increase to Social Security, SSI and SSDI Monthly Benefits
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9.3% increase for Social Security beneficiaries, including retirement, disability, SSDI, survivors, SSI, and VA beneficiaries. I have all the details and what you need to know right here in the this topic, so let’s get right into it. All right? If you’ve been reading the topics here on the site for any length of time now, you know that we are living through a very fluid situation, as in things are changing very rapidly right now and we’re getting a lot of really big updates. The recent updates that we’re getting and a lot of these numbers that are coming out are actually very big and influential as a result of that.

That’s going to directly translate into how much money you get into your bank account or into your pocket every single month, which is exactly what I want to talk about right here in this topic. I want to talk through all the details and the latest information and how this could actually translate into a pretty big raise or increase to your monthly benefits. So let’s get into it and discuss all of these details, however, really fast. Before we do, thank you so much for visiting our site.

I am your one and only daily advocate and I’m very much dedicated to you and this community to continue to be here right by your side every single day to help you out in any way that I possibly can, as well as keep you updated with everything going on right now during this very busy time. Like I said, things are changing very rapidly, especially as it pertains to new announcements, new proposals, new piece of legislation, new bills, money, benefits programs, checks, stimulus, raises to benefits reform, to all these very important programs, as well as so many other things that continue to happen right here, right now. And I’ll continue to be here for you every single day, right by your side, helping you out in any way that I possibly can, as that’s my dedication and I’m sticking to it.

All right? Thanks again. Let’s jump into it and talk about this 9.3% raise or increase to your monthly benefits and what this means going forward with all of this current data that continues to be released right now. All right, so as we continue to talk through all the different pieces of legislation that are out there now, including that new one that was recently released out of Bernie Sanders, Elizabeth Warren and a handful of other Democratic Senators to raise benefits by $200 per month, again, that’s a pretty good one. And no, we are not talking about the one that was introduced in early 2020.

This is a new one that was just introduced a few weeks ago. So some pretty interesting things going on with it right now. And lawmakers are finally recognizing they need to do something for Social Security because there are way too many people falling behind right now. And like Bernie Sanders said in the speech when he was speaking on this $200 per month raise, he essentially said $10,000. It’s basically impossible to live on $10,000 or less per year.

Well, yeah, that’s exactly what SSI does as of right now. SSI, just for a quick reference, supplemental Security Income pays just a little over $10,000 a year. Yeah, I think you can probably tell it’s virtually impossible to live on that amount of money, especially these days with the current inflationary environment that we’re currently living through. So anyway, very interesting. It’s nice that he’s pointing that out because finally he’s speaking the language that all of us have been saying for a very long time now.

It’s impossible do something about it, right? So anyway, let’s talk about the current data here that’s coming out and this 9.3% potential raise to monthly benefits and how this is going to translate going forward. All right, so if you’ve been watching for a while now, like I said, you probably heard us talking about inflation, right? Inflation has been a big hot ticket item here just because it’s the fact of the matter, it is what we’re currently living through right now. It is nowhere near what inflation was doing last year in 2021.

But here we are and it is going hot and realistically it’s going to continue moving much higher going forward here. Even though the Federal Reserve is trying to step in right now and slow this down. It’s a runaway train at this point. It’s going to take a lot of effort to slow this thing down and reverse it. So at this point, the most recent inflation data is coming out and what they are showing is actually the figures that actually determine how much the Social Security raise is going to be for the following year is actually sitting about 1% higher than what the other inflation data is showing.

So for example, let me give you a couple of numbers here. So there’s multiple different readings on inflation. The CPI, which is the Consumer Price Index, right, that is just kind of like the general headline number that we generally look at. However, the CPIW is the more important one that we need to watch because this is where the Social Security raise is actually pegged off of that the Social Security Administration looks at each and every year to actually raise benefits. Well, the CPIW, just in case you’re interested, stands for Consumer Price Index for Urban Wage Earners and Clerical Workers.

That’s what it stands for, CPIW. All right, so this is the one where they are looking at to actually determine how much the raise is going to be going forward. So the headline numbers just based on the CPI has been sitting around eight and a half percent, 8.6%, 8.3%, 8.5%, right around this range, likely going to be moving higher. However, the CPIW, again, the key indicator, the one that we want to watch for fixed income Beneficiaries, is actually sitting at 9.3%. Yeah, that’s a little bit better, right?

So it’s nearly a 1% move higher than what we’re actually seeing with just the plain old CPI. Well, how does that translate into your monthly benefits? Well, this is what the Social Security Administration looks at to determine how much the raise is going to be for the following year. Now, quick side note, I do know because I see it down in the comments section, many of you are reaching out and saying this would be great, but we need the raise now. We can’t wait for next year for these rates to come into effect.

I totally agree. In fact, I’ve talked about this in other topics and I think there should be a little bit of a change to this. I personally think, and again, who cares what I personally think? But again, this would be something that I would be interested in pursuing because this is something to be more fair about it adjusting the raise to benefits on a quarterly basis rather than actually annually. Because here’s the thing.

Remember the raise that we got this year in 2022, 5.9%, that was based on information through the third quarter of last year, 2021. Well, do you think that’s a little bit out of date? Yeah, it’s out of date by about, I don’t know, three percentage points. So yeah, it makes a big difference. Now, if this race would have been actually adjusted on a quarterly basis, we’d be actually sticking up with the times right now and actually adjusting them where inflation currently is versus just a one annual adjustment.

I don’t know. Again, that’s just my opinion. But again, like I said, nobody really cares what I have to say about all this stuff because at the end of the day, it’s not up to me. But the fact of the matter is this is what I think would be much more fair for Beneficiaries going forward because this would much better reflect the actual inflation that we’re currently dealing with in the given moment. Right.

Adjusting it every three months. Hey, good to go. Right. So anyway, I apologize, I digress for just a minute there. I just want to throw my thoughts out there because I thought that would be a much better way to actually adjust these benefits, that would be more fair for Beneficiaries. But again, maybe this is all on purpose, why they have things the way that they do. But anyway, let’s quickly talk about this and talk through the details of this 9.3% raise. So here’s what it’s coming down to. We are within basically the three months that are very important when it comes down to the inflation data for the annual raise to monthly benefits.

July, August, and September, these are the three most important months. In fact, these are the only three months that matter when it comes down to the raise for monthly benefits. All the inflation data, January for June doesn’t matter. The inflation date, not August, October through the end of the year. Those months don’t matter either.

It’s July, August, and September. These are the three that matter the most when it comes down to your raise for monthly benefits. So considering where we currently are right now, considering where inflation is currently going, and considering what the Federal Reserve is going to do, we may be able to peg the top on this inflation, considering that it’s still rising right now, but it may actually be slowing as a result of the efforts out of the Federal Reserve. So we may be pegging the top of inflation within these months, july, August and September, which would ultimately translate into perfectly timed rays for the monthly benefits going forward, Right.

So currently, as we’re looking right now, the CPIW sitting at 9.3% could translate into, like I said, an over 9% raise to the annual raise for your benefits going forward that would be going into effect in 2023. That’d be amazing, right? But here’s one more thing. According to what analysts and experts are actually looking at right now, the headline numbers just based on the CPI Consumer Price Index, just the plain old CPI could actually be above 9%, possibly even touch 10% before this thing actually tops out. If that’s the case, the CPIW, considering it’s running about 1% higher than the CPI, we could actually be seeing some rates around, maybe even up to 11%, high 10%, possibly even 11% in some scenarios, provided this continues to play out at the rate that it currently is.

If that’s the case, we could easily see a raise of monthly benefits above 9%, 9.3%, 9.5, possibly even up to 10% maybe. Right. See how this is all kind of playing out here? That would be incredible. This would be the biggest raise than we’ve seen since the early eighty s nineteen eighty one when it was over 11%.

So incredible, right? Yeah. It’s certainly a very interesting time that we’re living through right now. Nothing to really be proud of. I’m just going to throw that out there.

What the Federal Reserve and what Congress is doing or not doing, sorry, what is going on right here, right now is not like something that we should be like, oh, this is great, this is an amazing time we’re living through. No, it’s a very high inflationary time right now. Even though this is going to translate into a pretty nice, substantial and significant rate for Beneficiaries, at the end of the day, it’s all because of inflation.

So remember this adjustment that everybody gets on their benefits is just to account for the cost of living. That’s it. Right? It’s not because it’s out of the goodness of their hearts. No, it’d be nice if that were the case, but no, that’s not why this is happening.

It’s because it’s all pegged off of inflation. And we know how these reports generally don’t follow inflation all that closely. Just like what we saw last year in 2021 and the 5.9% for this year in 2022, we can see it’s behind by about 3%. So we can see that even in the event that we get a 9.3%, 9.5%, possibly even up to 10% raise, we’d still be behind by multiple percentage points because that’s how the system is set up. So anyway, at the end of the day, it’s still going to result in a pretty substantial raise.

Let me give you just a couple of quick numbers behind this. And again, this is just based on my rough mental math right here. Right now, I’m going to throw some numbers out here. Again, this will be kind of rough, but at the end of the day, can I give you a better idea of where we could be sitting with a 9.3% raise? So on an $800 benefit, that translates into about a $75 per month raise to your benefit.

Pretty substantial, right? Yeah. Well, check this out. On a $900 benefit, that would raise your benefits by about $84 every single month. And on a $1,000 benefit, that raise your benefits by about $93 every single month.

And again, those are just kind of some rough numbers based on some mental math that I’m running right here, right now. So, again, it’s going to be within a few dollars, but generally, just to give you some ideas of what that would actually mean going forward, it’d be pretty substantial on a monthly basis, right. So anyway, of course, as I do get more details and as we get the official readings on these three very important months, july, August and September, of course, I’ll be right here for you, breaking it all down, letting you know what’s going on and how this is going to translate into a much bigger benefit for you going forward. Again, I’m here for you in any way that I possibly can be. I truly want to help you out.

Share the topic with your friends and social media. Thanks again for your support. I really do appreciate it. I’m here for you every single day in any way that I can be right by your side.

All right, thanks again. Enjoy your day. I’ll catch you again later in the next topic. Until next time, have a good one and bye.

 

 

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