Friday, July 19, 2024
HomeSocial SecurityHow much Social Security and SSDI will get now - Social Security...

How much Social Security and SSDI will get now – Social Security and SSDI benefits

How much Social Security and SSDI will get now – Social Security and SSDI benefits

How much will Social Security and SSDI get now? I have all the details and what you need to know right here in the topic, so let’s get right into it. I know recently I was out on a separate topic talking about some new projections that have been released in regards to how much Social Security beneficiaries will likely be getting as a raise to your monthly benefits. There were also some adjustments and some new projections in regards to Medicare that I do want to talk about here on this topic as well. But I do want to break down all these numbers for you and give them to you in real dollars and cents so you can see how much your monthly benefit would increase as a result of these monthly projections. And I’m here for you right by your side each and every day watching the latest details, hitting the wire, doing the research, and breaking it all down into these short topics so you can stay posted on what’s actually going on and anything popping up right now you can possibly grab and or take advantage of.

All right, so let’s talk through the projections. Now, maybe you saw that topic the other day. Maybe not. If not, that’s okay. If you want to go back and check it out, that’s totally fine. If you don’t want to, it doesn’t really matter. Either way, let’s talk through the details here because I do want to talk about these latest projections and what this would look like in regards to your monthly benefit as in real dollars in your pocket every single month. What does this raise actually look like? All right, so again, remember, this is all based on inflation, our new favorite friend over the last couple of years here. Obviously, I’m being sarcastic. Inflation is not our friend.

It has not been our friend, except for the 8.7 % Cola that we all got this year in 2023. But other than that, inflation is not our friend. It is not very friendly. We do not like it. And all it does is just take more and more money from us. And again, it’s pretty annoying, right? Well, anyway, let’s get into it and talk through the details of this, what this all looks like. Now, what I want to say really quickly if you can stick with me for the next couple of minutes, I would advise that. But if you don’t want to, that’s totally fine too. I’m not here to tell anybody what to do, but rather I’m here to give you the information as I find it out there. And of course, as I break it all down for you. But really quickly here, I want to run through some round benefit numbers to show you exactly what this would look like. And then after we do that, I want to talk about Medicare as well in the projections as far as what Medicare will look like going forward and how this is going to impact the rates that I’m going to lay out here as well.

Okay? So we got to look at the whole picture. Like I said a minute ago. All right, let’s buzz through some round numbers here so we can see what these projections look like and what it would actually translate into in fact, in real dollars in your pocket every single month. All right. So again, I want to say this really quickly. I’m going to use some round numbers here. Okay. Again, obviously, everybody’s getting a different benefit amount. Not everybody’s going to get a nice round number, but I’m using these round numbers just as examples. It’s going to get you relatively close here, but it illustrates what this would look like on a monthly basis for beneficiaries. See? So I hope that makes sense. All right, let’s buzz through the numbers here. So on that topic the other day, I was talking about this new projection coming in that the Cola for next year could be 3.2 %. Okay, what does that look like as far as dollars go? Let’s talk about it. A $600 benefit applying a potential 3.2 % Cola would increase benefits by $ 19 a month, taking the benefit from $600 to $619.

Not that great, but at least it’s better than nothing, right? All right, $700. If you’re receiving a $700 benefit, applying a potential 3.2 % cost of living adjustment to that would increase benefits by $22 a month, taking benefits from $700 to $722. Again, not great, but better than nothing. Next, an $800 monthly benefit. If you’re receiving $100, applying a potential 3.2 % COLA to that would increase benefits by $25 a month, taking those benefits from $800 to $825 a month. Again, not great, but it’s a little bit. We’re getting there, right? It’s a little bit. What is that on an annualized basis that’s $300 more over the course of the entire year? So I guess if you look at it that way, $300, we’ll take $300. But again, on a monthly basis, it’s just not that much. Next, a $900 benefit. Applying a 3.2 % potential cost of living adjustment to a $900 monthly benefit would increase benefits by $28 a month. So going from $900 to $928. Again, not that great, right? All right, now next is a $1,000 monthly benefit. Okay, if you’re receiving $1,000 a month as a monthly benefit, applying a potential 3.2 % increase would increase benefits by $32 a month.

Again, not great, but that’s actually $32 a month. What is that? That’s like $380 a year or so. A little bit more than that. It’s about $380 a year. So again, it’s not a ton, but it’s pushing $400 a year more, which is actually pretty nice. All right, so like I said, I wanted to give you those as some round numbers, just some examples to see what this actual increase would actually look like. Okay, now, let’s talk about the menace in the room, which is the Medicare Part B premium. If you saw that topic from the other day, I talked about how the projections are now coming out showing we could be looking at a 3.2 % Cola, but we may also be looking at a 4.5 % increase to the Medicare Part B premium. Okay, what does that look like? Well, right now in 2023, the Medicare Part B premium is $164.90. It’s actually down 3 % or just about 3 % of what it was last year. So it actually came down $5.20 a month over what it was last year because of a variety of different reasons that I talked about in a bunch of topics over the last several months.

But again, here’s what we would look at. Now, applying a 4.5 % increase to the $164.90 premium every single month would raise that premium up by $7.40 a month. Taking that up to what is that $172 or so, roughly it’s a little bit more than that, but let’s just call it $172 a month. Okay, now let’s look through the details a little bit further here because, well, we got to reduce that of the benefit and the amount that people are going to get on a monthly basis. So obviously that’s why I call it the menace in the room is because benefits would increase because of the Cola. If they happen to be 3.2 % in this example. And if the Medicare Part B premium actually does increase by 4.5 %, well, then let’s run through the numbers again here really fast. Remember that $600 benefit, increasing by $19 a month. Well, now you’re looking at $12 a month after the Medicare Part B. 19 a month minus $7 because the premium now you’re looking at 12. Not cool, right? Now, let’s look at the $700 benefit. That one was a $22 raise per month. Now we’re taking off the $7 Medicare Part B premium would leave you with $15 a month.

Obviously, there’s more to talk about here, which I’ll get to in just a second. The $800 benefit, remember, that one was a $25 per month increase. Reducing it by $7 because of the Medicare Part B premium would take you down to $18 a month. $900, it was a $28 monthly benefits increase. Reducing that $7 because of the Medicare Part B premium would give you $21 a month. And lastly, the $32 per month increase on a $1000 monthly benefit, reducing it by $7 because of the Medicare Part B premium would leave you with $25 a month. So we can clearly see here, frustrating, right? Super frustrating. But there’s another thing. There’s another elephant in the room, and we all know what it is, right? For those of you that are receiving the SNAP benefits, right? Anybody receiving SNAP benefits, any type of assistance like this, now all of a sudden your income has gone up by 3.2 %. Wow. You must have a lot of money now. Well, that’s apparently how they look at this because now those people that are receiving SNAP benefits are seeing their SNAP benefit reduced in accordance with your increased income now as well because if you’re getting a little bit higher benefit amount because of your Cola, right?

Now, again, I don’t need to go through all the details about that because if you’re in this community and if you’re receiving SNAP benefits and things like this, you already know how this whole thing works. It happens every single year. So at the end of the day, how much would you really be left with? And again, remember, this is supposed to cost… Or this is supposed to account for the entire cost of living. The Cola is supposed to account for the entire cost of living going forward, not just the Medicare ProB premium and the reduction of SNAP benefits. But apparently, they missed the memo, right? So this is what it comes down to. And again, this is one of the frustrating things about what actually goes on with the Cola every single year, which is why I’ve talked about it before in other topics where I’ve said the Cola is like one of these love hate relationships. We love it because we’re getting more money on a monthly basis into our bank accounts because of the Cola. But then we hate it because we see what happens here. The Medicare Part B premium goes up, taking away most of the Cola, and then of course, SNAP benefits are reduced and therefore we end up at zero or very close to it.




Please enter your comment!
Please enter your name here

Most Popular

Recent Comments