Bonus raise for Social Security Retirement, Disability, SSDI Survivors, SSI, and VA Beneficiaries the new information circling around about a potential bonus raise for millions of Americans. I have all the details for you on this topic. All right. So this is actually really interesting because now that what I’m seeing out there right now, circling around is actually something very similar to what we saw about a year ago pertaining to something very similar. So I want to jump into this because I do know that a lot of you here in the community are receiving fixed income benefits like those that I mentioned at the beginning of the video because this potential bonus raise would also impact all of your fixed-income benefits.
So let me talk through this. As we know right now, the inflation situation is not a good situation, right? Inflation continues to rise very, very rapidly. And as a result of the recent reports that we’ve been seeing coming out lately, they’re also anticipating we could be seeing inflation at 10% or possibly even higher over the coming months. That would not be a good thing.
However, here’s what I’m starting to see circling around out there right now once again. So as we know, in October of 2021, the Social Security Administration came out and announced the cost of living adjustments, otherwise known as the Cola Rays for 2022. It came out at 5.9%. At the time, we thought, hey, that’s pretty generous, right? We were thinking, that’s pretty nice.
We’re pretty excited. However, over the next few months there through the rest of 2021 and the few months now into 2022, all of us are seeing wait, we got the short end of the stick here and 5.9% is not even close to where it actually needs to be. Right now. Inflation is pushing 8%. And yes, we need a raise above this because it’s not cutting it anymore.
This 5.9% was a little bit of a help, but honestly, it is doing absolutely nothing anymore. As this runaway inflation gets away from us once again. However, what I’m starting to see circle around out there once again is this new idea of coming in, giving all of these millions of beneficiaries a bonus raise of an additional 1.6% cost of living here in 2022 to adjust for this massive inflation that continues rising very, very rapidly. So this is actually kind of interesting because we saw the same thing back in late 2020 when they came out and they announced the 1.3% cost of living adjustment for 2021. Remember that one?
Yeah. I think all of us were laughing at that time thinking, seriously, 1.3% what is this going to do for us Besides absolutely nothing? Well, it was interesting because shortly thereafter there was a small handful of lawmakers who came out at that time counting on a 3% emergency boost to benefits because of inflation and everything going on. Do you remember that one? I made a couple of videos about it at the time.
However, we’re starting to see this idea circling around once again right here in 2022. Now, it certainly would have been nice back last time when they introduced this. However, it would certainly be even better now, considering inflation right now is significantly higher than what it was the last time they had this out and they were circling this information around. At that time, inflation was like three and a half percent, maybe 4%. It was not even that bad, right?
I think a lot of us would be pretty excited if inflation went back down to three and a half or 4%, but that’s not going to be the case for a very long time right now. However, this would actually be pretty encouraging. So I get it. Even one 6% right now would not really be all that helpful. But at the end of the day, as I’ve said so many times in the previous topic, right now, every dollar counts.
Realistically, every Penny counts right now because prices continue to rise on all the things that we need, including food items and the basic necessities that all of us buy on a regular basis, including gas. I mean, gas alone has gone up significantly. Energy prices, all of this. I mean, we’ve gone through it so many times in the previous topics. I’ve come back with all these statistics and details on it, but my point is we all recognize that additional money would be very much needed right now, and this new idea of a potential 1.6% bonus raise for all these millions of beneficiaries would certainly be helpful.
So let me lay that out for you and let you know what it would actually look like. So remember, here in 2022, we got that 5.9% cost of living adjustment. That’s what it was. Adding another one 6% on top of that would bring it up to effectively 7.5%. Now, this would be the biggest cost of living adjustment since like the 80s, early 80s, or possibly even earlier than that.
So this would be a very long time ago since we saw something even similar to this. Now, again, as we look at a 1.6% raise, what would that actually translate into? Now, I did not run the numbers on this before I started recording this video, but I can roughly do some mental math here. If you’re getting a $500 benefit, it’d be about $8 per month. If you’re getting a $750 benefit, it’d be about what is that, about $12 a month?
Again, I’m just kind of roughly doing some mental math here. If you’re getting $1,000 a month, it would be about $16 a month. So at the end of the day, it’s not really like life-changing money. But again, every dollar counts right now. It would certainly help out a lot.
So anyway, I saw this circling around again, not really sure if anything is going to happen with this, but it’s just another one of these ideas circling around out there where all of us are starting to recognize and lawmakers are recognizing as well as many other people out in the real world right now are recognizing the low income and the fixed income need an intervention right now. We need something right now to help out the low income and the fixed income. It’s really nice to see that so many people are actually recognizing this. But the main problem with it is that we’re not really seeing any action. We’re seeing a ton of talk and not much action.
Do you get what I’m saying? We’ve mentioned this so many times in previous videos. We’ve talked about it right here together on this where Congress has all these great ideas, all these advocacy groups have these great ideas. And don’t get me wrong, they’re good ideas. But what we need to see right now is actual action.
We need to see we’ve got the lights, we’ve got the camera. We just need some action. Now that’s what we’re waiting for is actual action, something that will actually be done to help out the low income and the fixed income, rather than all these great ideas and proposals and different things that are being introduced out there. Great. I mean, they can be introduced all they want, but at the end of the day, until we get some actual legislation behind this, until we get some actual numbers and real things happening in our bank accounts, it’s all just talk, right?
So again, hopefully Congress will come together. But I think here’s what’s happening. I think a lot of people are recognizing that the low income and fixed income are struggling. I mean, obviously, we all know that. But I think what the real deal is, I don’t think a lot of people really know what the right strategy is.
Right. I think all of us in this community are very clear what the strategy is. A one time stimulus check, monthly recurring payments. I mean, we’ve made it very clear here in the community. What really needs to be done.
We all understand this, however, considering there are so many different proposals, so many different ideas, so many different things that are circling out there on how to help out the millions of beneficiaries, it’s almost like they’re lacking a direction on what to do, lacking clarity on what to do to help out the struggling Americans. So maybe that’s what it’s coming down to. Or maybe that’s just me giving them everybody the benefit of the doubt. I’m not really sure, but I feel like all of us in this community absolutely know the recipe. What needs to be done.
Like I said, ongoing checks, it doesn’t even need to be much. 200 and 5300, maybe $400 a month, not even that much. Maybe a one time stimulus check that’s focused on the low income, whatever it happens to be something needs to be done. But these little initiatives of getting everybody an extra $8 a month, $12, $11, $16, it’s just not going to cut it. It’s certainly going to help out, but it’s not going to be the cure-all for everybody.
Everybody needs something more substantial than that. A little $20 a month. Don’t get me wrong, it’ll help, but it’s not going to be the cure all for everybody. We need something. A couple of hundred a month is really what it would come down to.
But anyway, just another one of these ideas, another proposal, another great concept floating around out there that I came across and I wanted to share with you in this video. But just like so many things, I will tally it up as one another one of these things I’m going to put on my radar and I will continue watching it as I get more details. Of course, I’ll be right here bringing you those details and bringing the updates. Now, again, we also have to remember too, is as we continue to move forward and as inflation continues to ratchet higher, maybe they come back with this proposal and say, okay, we came out with 1.6% extra boost here. What about the extra inflation coming out?
Maybe we’ll have to ratchet that up to 1.8%. I mean, who knows? Seriously? But again, it’s only going to translate into a couple of extra dollars, right? Even at the end of the day, even a fraction of a percentage point, right?
1.6%. 1.8%. It doesn’t really translate into much. So the point is they’ve got to do something more substantial during this time. But anyway, I’m watching all of it closely for you.
I hope this update helps you out and gives you a glimpse into what I’m finding with all this research. take care I will see you soon next topic. bye