Big and Very Important News for Social Security, SSDI, SSI Benefits – Announcement

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Big and Very Important News for Social Security, SSDI, SSI Benefits - Announcement
Big and Very Important News for Social Security, SSDI, SSI Benefits - Announcement
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August 10, the big and very important day for fixed income beneficiaries of Social Security, including retirement, disability, SSDI, survivors, SSI and VA benefits. I have all the details and the what you need to know right here on the topic. we need to throw another very important day into the mix, which will also directly impact fixed income beneficiaries of all those benefits I just mentioned a few seconds ago. So in this topic, I do want to talk you through all the details, let you know what is going to be happening on August 10 and why this day is so incredibly important, especially for the fixed income beneficiaries.

I am your one and only daily advocate and I’m here for you right by your side each and every day to help you out in any way that I possibly can. As well as keep you updated with what is going on right now during this very busy time as things are changing very rapidly. Especially as it pertains to new bills. Pieces of legislation. Ways that they want to reform these very important programs like Social Security SSDI Survivors SSI Retirement benefits. As well as money Benefits Checks Raises to benefits. And so much more that continues happening right here. Right now during this very busy time.

And I’ll continue to be here for you each and every day going forward to help you out and of course, to keep you updated with what is actually going on right here, right now. All right, thanks again. Let’s get into it and discuss August 10 and why this is one of the key dates that we need to watch here going forward for fixed-income beneficiaries. All right, so first off, right now, as you probably know, if you’ve been reading the topics for any length of time now, there are so many different things going on right now, especially pertaining to the low income and of course, fixed income beneficiaries. We’ve got so many different pieces of legislation floating around out there.

We have all these new announcements coming out of lawmakers. We have all kinds of things like I said earlier, one more thing we need to add to the mix right now. Seriously, like unreal, right? But again, something else we want to point out. So let me talk you through the details about this and let you know why this announcement that’s going to be coming out on the morning of August 10 is actually very important for fixed income beneficiaries.

All of these announcements are very important, but this one, in particular, is especially important. So let’s get into it. Now, the morning of August 10 is going to be the number and the announcement that comes out once per month, which is the inflation data as represented by the CPI, which is the Consumer Price Index. Now, this is the release for the inflation data for the previous month. Obviously, July was the previous month.

So, therefore, we will be getting the inflation data on the morning of August 10 for the inflation data for the month of July. But why is this time so incredibly important, especially for fixed-income beneficiaries? Well, first off, we know right now inflation is incredibly high, right? It’s going very high right now. It’s been going higher and higher here over the last few months.

And as a result of that, we need to watch what’s going on here because what is the Federal Reserve doing about this? What is Congress doing about this? What is the administration doing about this? Is this reversing or is it continuing to go higher and higher and at what point is it finally going to peak out and start going down? But with that being said, we also need to understand that also this number that’s going to be released is the first of three pieces of the puzzle that we need to understand for your big raise going forward in 2023 for fixed income beneficiaries.

So let me tell you the details behind this. I know that some of you here in the community might already know this, but again, let’s talk about it because this is some very important stuff. In fact, we have not been working with numbers this big since 1980 and 1981. So that’s why I’m talking about this. It was over, what, 40 years ago.

41 years ago was the last time that we’ve been talking about numbers this big and this substantial. Therefore we probably want to discuss it, right? All right. So the way that the Social Security Administration actually calculates the annual cost of living adjustment or the Cola raise is based on Q three, which happens to be the third quarter of the year, which is July, August and September. Well, guess what this number that we’re going to be getting on the 10 August is exactly.

That the first of the three pieces that we need to understand and that we need to track here in order for us to actually calculate what the Cola is going to be for next year. And again, is this just going to be a little 1.3% Cola raise? No, highly unlikely. It’s going to be a 5.9% raise? Highly unlikely.

Is it going to be somewhere more along the lines of probably anywhere between maybe seven and a half, eight and a half, nine and a half, possibly even 10%? Yeah, that’s what we’re looking at right here. That’s why these numbers are so significant. And like I said, this is going to be the biggest race that we’ve seen since probably 1981, unless for some weird reason it’s actually lower than the 5.9% that we got right here in 2022, but highly doubt it. Some things would have to change very dramatically here over the next couple of months in order for that to happen.

And I just don’t foresee that happening. So this will be a historic raise in about four decades. So it’s very important, right? All right, so we will be getting the inflation data on that morning. Now, this is going to be the first piece of the puzzle.

We still need to wait for the inflation data out of this month, August, and we also need to wait for the inflation data out of September next month once we get those other two pieces of the puzzle. Now again, the inflation data is released in the middle of the month, of the following month, for the previous month. So for example, right now, August 10 is the inflation data for July. August inflation data will be released in mid September and September inflation data will be released in mid October. And at that point in mid October, when we get that final piece of the puzzle, generally the Social Security Administration is out right away on the same day.

Usually shortly after that, CPI data is released for the month of September, in mid October. And usually they are out right away telling us what the race is going to be once they announce it. It’s pretty much written in stone at that point. Okay, so again, I know that we’re still a couple of months out from there, but the fact of the matter is it’s coming fast and realistically. Who can believe it’s already August already?

I mean, seriously, right? What happened to this year? Seriously? I don’t know, it just seems like it’s zipping right on by Hot summer, things like this. But seriously, it’s going to be following the holidays before we know it here, right? I don’t know, it’s just so weird. It seems like time is just zipping right on by. Obviously, time doesn’t go any faster than it always does, but it just seems like things are going right on by here.

So anyway, this is what we’ve got to watch for. And of course, as always, I will continue to watch this report very closely as we get closer to this. And of course, I will bring you those pieces of information on the day as we do get this latest inflation data. But the key numbers that we want to watch for is the inflation number, which is the headline number, the CPI Consumer Price Index number, and then we also want to watch for the CPIW, which is the one that actually indicates what the raise will be for Social Security beneficiaries in the following year. Now again.

The CPIW stands for Consumer Price Index for Urban Wage Earners and Clerical Workers. That’s the one we’ve got to watch. So anyway, this one has been actually pacing about eight tenths of 1% higher than the CPI. So as we do get the CPIW reading, we could possibly be right around 10%. So I mean seriously, it’s going to be big here, right?

So maybe things have reversed. I highly doubt it, but maybe we have no clue what it’s actually going to be. Anyway, that’s how you got to watch it very closely and this will be the first of three pieces of this puzzle. The trifecta, right? So anyway, July, we’re going to have it in here in the books very soon.

And then once that’s in, we’ve got it, it’s locked in. Now we just need August and September and then boom, we know what it’s going to be for the raise going forward next year. And this is likely going to be, well, probably the biggest race we’ve seen in 40 plus years. So wow. Anyway, some big stuff here going forward.

Of course, as I get more details on this report or any other information on anything else in regards to money, benefits, new pieces of legislation, new bills, packages, proposals, checks, stimulus, raises to benefits, anything else like this. Of course I’ll be right back here for you breaking it all down and letting you know what is actually going on. Share of the topic with your friends, family, social media

I’ll catch you again later in the next episode.

 

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