How much could you possibly receive as a higher monthly benefit from Social Security retirement, disability, SSDI survivors, and SSI monthly benefits? I have all the details for you and the full breakdown of this topic. I’ll continue to be here for you right by your side every single day to help you out in any way that I possibly can during this very busy time.
All right. Thanks again. Let’s jump right into the topic. As we all know, there are rapidly rising prices on essentially everything right now due to this massive inflation that continues to move higher month over month over month as a result of that. We also do know that this does translate into higher monthly benefits for about 70 million beneficiaries of all those benefits I mentioned at the beginning of the video, including Social Security retirement, SSDI survivors, SSI, and VA beneficiaries.
So I do want to break all this down for you. I want to give you the preliminary information as far as these new numbers that were just released. I want to break it all down for you in this video and let you know what we could potentially be looking at as a potential higher benefit for millions and millions of beneficiaries. Like I said, about 70 million plus beneficiaries that this would directly impact. That’s a lot of people.
And we got to watch this closely because these monthly benefits are very important. I see your comments down below, and I know that there’s a lot of us here in the community wishing crossing our fingers that there will be a higher monthly benefit coming. So with that being said, let’s jump into it right away and discuss all of these numbers. All right. So as I mentioned, we do know that inflation is directly related to all of these benefits and all the raises that do come as a result of inflationary numbers, right?
Well, as a result of that, the new preliminary numbers are looking at 8.3% inflation coming up in this next report that will be released on the 12th of the month. So we got about what is that, a little over two weeks here. We have to go until the 12th of the month here. And that’ll be the next inflationary report that will be released. And it’ll give us the latest reading on inflation.
Again, they’re looking at about eight 3%. And honestly, that’s a little bit conservative. I’ve seen numbers even significantly higher than that. I’ve seen estimates all the way up to 9%. That would be huge.
Unbelievably big Anyway, let me run through some numbers here and discuss in the event that a raise to benefits was at 8.3%, what that would actually look like for all these millions of beneficiaries. So let me run through some numbers for you right here in this topic. I’ve already ran the calculations for you. So again, I’m going to use some round numbers here, but it should get you relatively close in the event that there is an 8.3% raise to monthly benefits.
All right, so if you’re receiving a $600 monthly benefit, applying an 8.3% raise to that benefit would actually raise your benefits by $49 each and every month from $600 up to $649. And again, that would be just under $600 for the entire year. So basically, you’re getting totally one more benefit or one more payment through the course of the entire year at that kind of rate. All right. So wow.
I mean, that’s kind of a pretty nice raise right there. But again, I also recognize at the same time, it does need to be significantly more. Anyway, let’s keep rolling here with some more numbers. $700. If you’re receiving a $700 monthly benefit, applying a potential 8.3% raise to that would give you a $58 raise each and every month, taking your benefit from $700 to $758 each and every month.
Again, not too bad, right? All right, let’s keep talking here. An $800 benefit. If you’re receiving an $800 monthly benefit, applying an 8.3% potential raise to that would raise your benefits by $66 each and every month from $800 up to $866 every single month. Again, not bad, right?
All right, let’s keep rolling and talk about the next one. This one is focused on specifically SSI, Supplemental Security Income. As of right now, in 2022, the maximum SSI benefit is $841 each and every month. However, these beneficiaries are also subject to a potential raise to benefits. If it just so happens to be 8.3%, applying that to the $841 monthly benefit as of right now would increase your benefits by $69 each and every month, raising it from 841 point up to $910 every single month.
Again, that’d be pretty nice for SSI beneficiaries. Quick side note, remember last year, the maximum SSI benefit last year was $794. Well, in the course of what, a year’s time? A little over a year’s time, you could possibly go from $794 all the way to $910. What would that be?
$116 a month. So again, kind of substantial. But again, we have to remember as well, this is all related to, yes, inflation. So basically it comes in one door and it goes out even bigger in the other door. So basically, you get a certain amount coming in one door and even more goes out the other.
But anyway, I just wanted to point this out for you. All right. So let’s talk about a $900 monthly benefit. If you’re receiving a $900 monthly benefit, applying a potential 8.3% raise to those benefits would be increasing your benefit by $78 each and every month from $900 up to $978 every single month. Again, actually, you know what?
I apologize. I said that incorrectly. It’s $74 per month. Sorry I said that wrong $74.
So $974 applying an 8.3% raise to your benefit. So there you go. Yeah. $974 So again, not a bad raise right there.
All right. So let’s quickly talk about the next one. And this is a $1,000 monthly benefit. If you’re receiving $1,000 a month, applying an 8.3% potential raise to those benefits would increase your benefit by $83 each and every month. Again, that’s almost nearly $1,000 more per year as you analyze annualized that number.
So $83 each and every month is just under $1,000 a year. So again, that’s basically another total benefit. That’s essentially what it would be across all of these monthly benefits right there, including an 8.3% raise would essentially give you a full other payment over the course of the entire year. Right. Of course, it’d be added monthly or broken down monthly.
But anyway, kind of interesting with everything going on. Right. But again, one more quick side note. And again, I want to throw this out there because I know that if I don’t mention it, I’ll probably see it down in the comments section. And yes, I’m very aware of this, too, is yes, the dreaded Medicare Part B premium increase.
Yeah. That’s another thing that we got to watch closely as well. There’s a lot of talk about that right now where again, it may be reduced here over the coming days and the next couple of weeks, which could be pretty exciting, too, as well. Again, as we do get more information on that, of course, I’ll break it down for you and let you know what we might be looking at if the Medicare Part B premium could potentially be decreased for about 63 million beneficiaries who do receive Medicare Part B benefits. But again, we won’t know that here for a couple more weeks.
But as I do get that information, of course, I’ll let you know. And yes, I do know that this inflation does also impact the Medicare Part B premium, which again, is the dreaded deduction to essentially your monthly benefit every single month. And that is not a fun one to pay. But ultimately, at the end of the day, it is insurance. In the event something happens, insurance is never fun to pay for.
However, in the event you need to draw on it, it is always nice to have that insurance, especially if you’re facing a pretty big bill. Hopefully, they pick up the vast majority of it. But again, we can always talk about that in a separate video. So that is one more thing that we’d absolutely need to face. And again, we’ll get more information on that a little bit later this year, in a few months from now.
But again, also as well, yes. Again, any additional raise to benefits would ultimately result in the reduction of potentially other benefits like Snap benefits, Supplemental Nutrition Assistance Program. This one still is so confusing to me. Again, I understand how this whole thing works. But again, to me, I’m a very logical thinker.
I think very logically. If something does not make logical sense, it simply does not make sense in my head at all. And that is one thing that does not make sense to me at all with this is anytime that these beneficiaries like all the benefits I’ve been mentioning throughout this video, Social Security, retirement, SSDI survivors, SSI, any of these beneficiaries get a raise to benefits if you’re also receiving any kind of other benefit like Snap or anything like this? Yeah, they come in and reduce your other benefits. Does that make sense to anybody?
Again, I know I’ve talked about this before, but here’s the deal. It simply does not make any sense to me. And I’m always so confused by this that if somebody is clearly struggling and needs Snap benefits or food stamps on a monthly basis, would it make any sense to reduce that if you got a little bit of a raise on your other monthly benefits? I don’t know. It just seems so weird to me that that continues to be in there.
You’d think that there would be some kind of provision and they’re saying basically anybody who’s receiving fixed income benefits and provided your assets and your income is below certain levels, you’re just in on the program and there won’t be any reduction, any raised your benefits would not offset your other benefits. I don’t know.
I guess if I was in charge of that’s, how I would write the language in some version of that, essentially saying any type of payments, a guaranteed basic income, a stimulus check, any types of vouchers or anything like that, a raised your benefits would not offset other benefits like Snap benefits or Social Security or any of these other things. But again, what do I know? Just some random guy, right? Oh man, I don’t know the language. And some of the caveats within some of these programs, don’t get me wrong, the programs are great.
They help out a lot. But at the same time, some of the rules wrapped around them simply do not make any sense to me at all. If somebody is struggling, I feel like do what you can to help those people out. People are just trying to get by right now and to give with one hand and to take away with the other does not make any sense to me. But again, who knows, maybe the rules will change at some point.
Either way, I’ll continue watching everything closely. I’ll bring you all those updates as I do get them. This is what I have for you as of right now. And of course, I will be watching the 12th of this next month very closely as that will be the next report that will release all of the inflation data for us, and who knows what it’s going to be. I think it’s going to be 8.3% honestly I’m thinking that’s a little bit conservative.
I’m thinking it’s going to be more around the eight and a half percent range but again we’ll see the 12th of the month will let us know and we can always adjust from there so anyway, hope this one helps you out again.
Thanks again for reading enjoy and catch you again later in the next topic please remember I’m here for you that is my dedication to you and this community all right enjoy your day. I’ll catch you again later in the next topic. I’ll see you for now.