Higher monthly benefits for Social Security, including retirement, disability, SSDI survivors, and SSI. Let’s get into it and go through the list of multiple different ways that these benefits could be raised for millions and millions of beneficiaries. Let’s get right into it. But if you haven’t done so yet or if you happen to be new here, make sure to subscribe to our website so I can keep you updated each and every day with all of this information that is changing very rapidly. I’m doing research every single day on your behalf, and I take all of that information that I find.
If you’ve been reading the topics for a while now, you know that I like to focus on anybody receiving fixed income benefits like Social Security, SSDI, SSI, VA, RRB. I also like to focus on low income and no income, as well as all of the stimulus packages, stimulus checks, and any other types of assistance out there. Utility assistance, rental assistance, food assistance, you name it.
I’m doing all the research and trying to find anything I possibly can to help you out through this incredibly difficult time.
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It’s awesome to have you here. All right. Let’s get into this as there are a lot of confusing things going on out there, and hopefully, this topic will distill everything down for you and kind of lay out what is actually going on. So there are multiple different ways that Social Security benefits, including retirement disability, SSDI survivors, and SSI, may actually be higher. So I totally recognize it is very confusing trying to keep all of this straight.
So I’m going to lay this all out for you with all of these different things that are actually happening right now and what Congress is actually doing as we speak and what they may be doing here over the coming months as a result of actually reforming these programs and actually raising benefits for millions and millions of beneficiaries. All right. So I’m going to go through a lot of different topics here. Well, it’s mostly the same topic, but a variety of different ways in which this could actually be happening.
So I’ll give you a brief description of each of these.
All right. First off, the proposal out of the President, did you know about this? President Biden has a proposal to reform Social Security and actually raise benefits and actually increase the solvency of the program? We haven’t heard much about it, right? This is probably brand new because a lot of us haven’t heard much about it not surprising but back when he was campaigning, this is something that he actually campaigned on pretty hard was actually reforming Social Security, raising benefits for the lowest-income Americans receiving Social Security, and, of course, increasing the solvency of the program.
Now, we haven’t heard about this in probably about a year and a half or maybe about a year since the last time we heard about this out of the President when he was campaigning. Now I get it. It’s been a very busy year so far, but I think a lot of us in this community are probably scratching our heads wondering, when is this going to be brought up? And when are they finally going to do something about this? But this is just one of the proposals out there where the President does, in fact, want to actually reform these programs as many other people do.
All right, let’s quickly move on and talk about another one. Bernie Sanders, does that name ring a Bell? Well, I’m sure it does if you’ve been watching my videos for a while now because we talk about Bernie probably a few times each and every week. But Bernie Sanders as well has a program and a proposal to actually raise and reform Social Security again, very similar to the president’s actual agenda of raising benefits and actually implementing a 125% benefit for the lowest income workers out there. So that’s something else that’s in Bernie’s proposal as well, just like the President and some of the other proposals out there as well.
So again, two very influential people, the President, Joe Biden and Bernie Sanders, who is a very influential Senator. Both of these guys have their own proposals on reforming and raising benefits, as well as a variety of other changes to the Social Security program to increase solvency, meaning to make sure that the benefits the promised benefits are still payable going into the future. All right, let’s quickly move on here. Let’s take a step back and actually talk about a different program for just a second here. And then we’ll jump into more Social Security items out there as far as raising the benefits and actually reforming the program.
All right. Next is the SSI Restoration Act. Now, I know if you’ve been watching my videos for a while now, you’ve probably heard about this a few times because I’ve talked about it, but it’s very important to keep an eye on this one. And we’ve actually seen a few updates as of recently. Well, the last one was a few weeks ago, but we have seen a few things on this SSI Restoration Act, so I do want to keep you posted on this.
However, this one is just for SSI Supplemental Security income. And then we’ll get back into more talking about Social Security here in just a second. But this one is specifically for SSI. Now, with this one again, if you’ve been reading my other topics, you probably know, but this one, they want to raise the maximum Social Security benefit up to 100% of the federal poverty line. Now, that is about $1,073 each and every month as of right now, as I record this video, but also remember, the federal poverty line continuously changes, right?
It does kind of continue to trend upward as we continue on through time. Now. It’s not like it changes day by day, but it does change over long periods of time each and every year. It does continue to move higher a little bit so that number could be adjusted as they move forward with the actual passage of this thing or whatever they decide to do with it. But the federal poverty line, by the time that they actually pass this SSI Restoration Act, could actually be a little bit higher than that $1,073 each and every month benefit as they are proposing in the SSI Restoration Act because this is what they want to do is raise everybody up to the federal poverty line as a result of this SSI Restoration Act and some of the other proposals out there as well to raise Social Security benefits.
So that’s something else we got to talk about as well. But along with this SSI Restoration Act, they also wanted to remove the marriage penalty. I’ve seen a few comments recently when I’ve talked about this SSI Restoration Act with many people saying, hey, the marriage penalty is terrible just because I’m married, I’m getting penalized hundreds of dollars every single month. Yeah, it’s not a good thing, right? So anyway, this is another one where they want to reform this program.
All right, let’s take one quick second here and just digress for just a minute and talk about something that’s kind of blatantly obvious here. And then we’ll talk about some more proposals out there to actually raise Social Security benefits. Does anybody see a trend here with everything going on? We have a plan from the President. We have a plan from one of the most influential senators, Bernie Sanders, who happens to be an independent.
But a lot of times he actually votes with Democrats. We have plans here for raising SSI. We have multiple other proposals and plans to raise Social Security and reform the program. Here’s the deal. A lot of these lawmakers are starting to see the trends out there, which is these programs are not going to be solvent for much longer when it comes to the SSI program.
We don’t really need to worry about that one because that one is paid out of general funds from the federal government. So that one pretty much will never be insolvent, right? Because the federal government always has pretty much-unlimited amounts of money. However, when it comes to Social Security, this one is a program that sends out benefits to literally tens of millions of beneficiaries, adding thousands and thousands of beneficiaries every single day. Now, this one is funded through payroll taxes, through Social Security taxes that are collected from workers.
When you go out and you put time in, you pay, you’re paid. Let’s just say $20 an hour and you pay in a percentage of that into the Social Security Trust Fund. Right. So all those money is being collected and putting into the Social Security trust fund. Well, what we’re seeing as we see a depletion of actual workers, people like going out and working and things like this, we’re seeing a depletion of the workforce, and we’re seeing an increase to retirement.
Therefore, there’s being more strain putting on the Social Security trust Fund. So this is something where a lot of these lawmakers are starting to step up, seeing, looking out into the future, that Social Security has some major problems ahead of it in a matter of about twelve years from right now. So what they’re doing right now is they’re trying to step up and actually introduce some of these proposals to actually show up this program and increase the solvency and the longevity of this program many years out into the future.
So it’s nice that they’re starting to recognize this now, and hopefully, they’ll get something done before it’s too late for Social Security now, not to instill fear in anybody. But this program will be totally fine for quite a while, at least another decade.
So don’t worry about it right now. But I’m saying is we see this trend right now where a lot of these lawmakers and people that are very influential in Congress, and they’re just politicians in general, they’re stepping up finally, and they’re actually recognizing that these programs need some massive reform. It’s about time because here’s the deal. There’s a large percentage Population that draw benefits from these programs. Social Security, disability, SSDI, survivors, SSI and VA encompasses about 80 million beneficiaries across all of these benefits. That’s a huge percentage of our population. It’s nice to see that these politicians are finally seeing that. Hey, maybe these people should probably be lifted out of poverty.
I don’t know. It may be just a great idea, right? Well, yeah. I think many of us in this community can probably agree that they need some massive reform on these programs. Anyway, I just want to digress for just a minute there and just show you that we’re seeing this trend here where these politicians are finally introducing some proposals to fix up these programs and possibly even boost benefits as well as increase the solvency.
It’s a good thing the unfortunate part is it takes forever for Congress to actually do something right. It takes them a very long time to get virtually anything done, which is really unfortunate because everybody needs relief now, not in a year from now. Don’t get me wrong. We’re probably going to need relief in a year from now, but everybody needs it right now, and we can’t really continue to wait for Congress to drag their feet and work at a record slow pace. Right.
So anyway, all right, let’s continue on and move into a couple more proposals that are out there right now to raise Social Security benefits as well as reform the program. All right, number one, I’ll quickly talk about this one, and then we’ll move into the next one that is just brand new here. Now, this one is the Social Security 2100 that was introduced about a month and a half ago by Representative John Larson. Now, this is the newly revised and reformed and expanded version of the Social Security 2100.
Now, he originally introduced this back in 2019.
However, he reintroduced it as a new and expanded version of this in late October of 2021. So this one is now out there as well. And again, he has multiple different proposals within this one proposal as a whole. There’s, like, twelve different ways the Social Security benefits would be actually impacted, as in raised expanded the solvency of the program. There’s, like, twelve different items within his proposal that would actually shore up the Social Security program once again.
So again, another very good proposal on the table. And, yes, he does want to raise Social Security benefits as a result. So one of the things that he wants to do within this actually increases benefits by adjusting the way that the Cola is actually calculated each and every year by using the CPIE Consumer Price Index for the elderly versus the CPIW, which is currently being used right now. So just one of the proposals out there within the Social Security 2100, I know a lot of different things, right?
That’s why it’s so hard to keep all this straight.
It’s like, what are all these proposals all right, let’s talk about the latest one. Yes, there is even another one. Now, this one is one that I brought to you yesterday. This one is brand new hot off the wire. It was just introduced by L Larson, not to be confused with John Larson.
So we have Larson and Larsen like I talked about yesterday, but this is the latest one, and this one is called Social Security for Future Generations Act. That’s what it’s called. If you want to look it up, feel free to do so. Social Security for Future Generations Act. Well, Al Larson, again, not to be confused with Larsen.
Al Lawson is introducing this new proposal which actually has permanent benefit increases and actual permanent provisions within it, versus the one from John Larson, where this one actually just has temporary adjustments to the Social Security program. So with the Lawson proposal, sorry, with the Larson proposal, those are just five-year provisions, whereas with the Lawson proposal, some of these are actually permanent proposals within it, so that they would actually be a permanent actual benefit, like raises and things like this within his proposal. So I’m even confusing myself a little bit here, back and forth with this Lawson and Larson business we got going on here.
But anyway, so with this L Larson proposal, the Social Security Futures Generation Act, or Social Security for Futures Generation Act, that’s what it actually is with this one. Once again, he has it within it the adjustment for the CPI, which again is the Consumer Price index for the elderly versus the CPIW, which is being done right now, which is being used right now to account for the Social Security cost of living adjustment each and every year.
Right. That’s your annual Cola raise. As many people know about it. Also within this, he does want to extend the benefit for students from up to the age 23 so that they can continue being a little bit older and still gaining benefits provided they are full-time students. So as you can see, here again, I just really briefly wanted to hit on some of these proposals that are out there right now, but as you can clearly see, there are multiple different proposals.
A lot of them are very similar to each other, but yet they’re also vastly different at the same time at the end of the day, though, what do they all intend to do? They intend to increase the solvency of the program by raising Social Security payroll taxes and increasing the amount of money that you would pay them on. So, like, higher-income people would actually be paying taxes at a higher rate, as in more income with the Social Security payroll taxes would actually be collected. So that would be one way that they would increase the solvency of the program.
Also, across all of these proposals here, they want to increase benefits in a variety of different ways by adjusting the CPI versus the CPIW.
That’s a couple of different things there. They also want to increase the minimum special benefit. They also want to do that as well. And there’s a variety of different things that they have within these programs. So they’re all very similar.
But yet at the same time, they all have their unique differences within them. And they’re all being proposed by very different people, from the President to influential senators to representatives like John Larsen and Al Lawson. Right. And then the SSI Restoration Act is also something else that is being introduced, or I shouldn’t even say introduced. It’s already been introduced.
It’s something that’s being worked on by 18 Democratic senators, again, some of which are very influential. So, wow, a lot of moving parts, as we can all see here, there’s a lot of different proposals out there to actually raise Social Security benefits, including SSDI and SSI, as well as reform these programs to help out millions of beneficiaries as these programs continue to kind of move on into the future and potentially face insolvency at some point in the future, as well as more beneficiaries drawing on them, causing more strain on the programs, which again, is not a bad thing.
If you’re able to draw on the benefits, I’d say, grab the benefits. Why not? You paid into the program for all of these years.
Why not take your benefits when you can, right. But at the same time, we want to make sure that those promised benefits are still there for you available when you want to draw on them. Makes sense. So anyway, I wanted to lay it all out in this video because it’s very confusing with all these different proposals out there, what is actually going on. And this is just a little glimpse of all of them that are laid out there right now.
So I hope this helps you. But again, I can always come back in future videos. Lay these all out one by one if I need to with all of the final details on every single proposal specifically and let you know what is going on with each of these. But I want to lay these out there for you and just give you a brief description of what is within them to let you know what is going on out there. And according to experts, they may be taking up some of these proposals, as in they being Congress in early 2022.
Again, that’s what I’ve been seeing, but we won’t believe it until we actually see them physically working on it in session. Right. So anyway, I hope this helps you out again. Make sure to subscribe to our website as I’m here for you each and every day as your one and only daily advocate with all of the honest, accurate, reliable, and transparent information every single day, as I do all the research on your behalf.
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