This is good. An important statement made by an influential lawmaker in regards to those people receiving fixed income benefits from Social Security retirement disability, SSDI survivors, and SS Si monthly benefits. All right. Thanks again. Let’s jump right into it. So this is a very important statement that I do want to share with you on this topic that came out of a very influential lawmaker, Elizabeth Warren.
Have you heard the name? Well, she happens to be one of the senators, and she is actually a pretty influential person, which, by the way, you may recognize that name. She is one of the people who actually came up with that $200 per month raise that was introduced way back in 2020. Remember that one? Well, this is something different here, but I do want to talk through some statements that she made in regards to fixed income benefits. I do know that at the beginning of the topic, I referenced Social Security retirement, SSDI survivors, and SSI. But I think all of us can be very aware here, even though these programs are all very different at the same time. For the most part, all the beneficiaries are experiencing something very similar, low fixed income benefits at or below the poverty line and essentially struggling on a monthly basis. So when it comes to that sense, I think all of us can probably agree we’re all pretty much in the same exact boat when it comes to that one.
Even though the programs are different, it doesn’t really matter. The point is, it is all in reference to low fixed income benefits that essentially are not enough every single month. So let me quickly run through some of the key takeaways. Now, again, I would highly encourage if you have a couple of minutes, stick around and listen to this that Corey is going to read for you in just a minute. It’s going to be a little bit eye-opening. And it’s finally nice to see that maybe one of the lawmakers out there actually recognizes that the monthly benefits that are being distributed right now are simply not enough. Not even close to enough. So anyway, it’s some pretty good stuff here that I want to have Corey read for you. However, one of the key takeaways that I want to mention really quickly, Elizabeth Warren talked about SSI and how 40% of the SSI beneficiaries are living in poverty. I’m not really sure where she got 40% from because, in my estimation, I would say nearly 100% of SSI beneficiaries are living in poverty. Why do I say that? Here’s why. Your monthly income is way below the poverty line.
In fact, if you actually have an income of the poverty line or anywhere near it, they’re pretty much going to garnish your benefits. So, again, I’m not really sure where she’s coming up with the 40%. I would anticipate nearly 100% of SSI beneficiaries are essentially living in poverty because the income is low. They don’t allow you to have essentially any assets. You can have $2,000 as an individual or $3,000 as a married couple. Your income is limited. Your income is capped. I mean, essentially, they force you to live in poverty as somebody receiving SSI. So anyway, that was kind of the one key takeaway. Well, there’s far more than that. Trust me on this one. But that was one of the things that I saw in this report here and what Elizabeth Warren said. But the point is she specifically points to SSI benefits and essentially basically points it all out and says these people are living in poverty while 40% of the people is what her estimation was. And essentially the benefits are not enough. And they even highlight the SSI Restoration Act.
Remember that one? Yeah, that’s a pretty good one right there. They raise benefits up to the poverty line. They remove the marriage penalty. They raise the asset levels. There’s a lot of really good things in there. And I think this is going to be a little bit eye-opening because it comes right out of the mouth of one of the lawmakers who has talked directly about the SSI Restoration Act. And this is one of the people, like I said a minute ago, she is one of the three people that came out in early 2020 and introduced the $200 per month raise alongside Chuck Schumer and Ron Wyden. These three people are the ones behind the $200 per month raise for Social Security, SSDI retirement survivors, SSI, and VA from what, two years ago now? Anyway, with that being said, let’s bring Cory in she will read this and then I will not come back at the end because there’s no really need for me to come back.
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All right, Elizabeth Warren quote on Social Security by Dave Kavalsky some key Points Some eight. 1 million Americans receive Supplemental Security Income SSI benefits, but 40% of them are living in poverty. Warren is one of several lawmakers calling for SSI rules to be updated and modernized. The SSI Restoration Act would increase SSI benefits by 31%. The Massachusetts Senator has introduced a bill that seeks to boost SSI. Last June, the Supplemental Security Income Restoration Act was introduced in Congress that would update the requirements and parameters of the SSI program. Ssi, which is part of the Social Security system, is designed to provide supplemental financial assistance for low-income seniors as well as people with disabilities or those who are unable to work. Currently, about eight. 1 million Americans receive SSI benefits, but the bill’s sponsors, Senator Elizabeth Warren, Sharon Brown, and Bernie Sanders, say it doesn’t do enough to keep people out of poverty. The SSI program was established by President Richard Nixon in, but it has gone largely without updates since then. In 2022, based on SSI’s criteria, the full monthly federal benefit for a person receiving SSI is $841, while a couple would get one $261.
Both are below the federal poverty line, but the average recipient receives less than that just under $600 per month. In addition to the lower payments, the lawmakers cited other concerns with the SSI program. To qualify for the benefit, an individual must have less than $2,000 in assets or $3,000 for couples, so if they are able to save any money and accumulate more than that, they will no longer be eligible for SSI. Another concern is a stipulation that if the individual or couple receives meaningful income from any other sources, that amount is deducted from SSI benefits. Recipients are only allowed to keep their 1st $20 per month from other nonemployment sources like regular Social Security benefits or a pension without a deduction and $65 per month from work income without a deduction. These thresholds were determined in 1974, when the cost of living was five times lower. But not only that, they incentivize working for those who can. As a result, according to Warren, about 40% of those who receive SSI benefits are living in poverty. Warren laid out her concerns with the law at hearing held by US Senate special committee and said so. A woman receiving SSI benefits is at a half of the poverty level that were established in this country and if she goes over $20 in terms of collecting her Social Security it would just reduce her benefits dollar for dollar.