How Much Social Security, SSDI, SSI Will Get from New Higher Raise – Social Security, SSDI, SSI Monthly Benefits

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How Much Social Security, SSDI, SSI Will Get from New Higher Raise - Social Security, SSDI, SSI Monthly Benefits
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How much will Social Security retirement, disability, SSDI survivors, and SSI beneficiaries get as a result of the big rays floating around out there? Right now? I have all the details and the numbers for you on this topic.

So if you’ve been reading the topics for any length of time now, you’re very aware that information is changing so incredibly fast right now. As far as everything going on here in the United States as well as globally, there are a lot of things that are happening. Therefore, this situation is changing very rapidly right now. The situation is very fluid and a lot of things are also changing here as far as the supply chain, inflation, as well as a variety of other things going on right here in the United States that we are all living through right here, right now. Well, as a result of that, we may be looking at a massive, massive raise for millions of beneficiaries, about 70 million beneficiaries of all of those benefits that I mentioned at the beginning of the topic, Social Security retirement, SSDI survivors, SSI and VA beneficiaries.

So I do want to walk through exactly what the latest numbers are actually projecting as far as what this raise could look like in relation to some of the latest inflationary numbers that were released and economic data, because that’s where this number and that’s where these details are actually pulled from. So in this topic, I do want to run through some numbers for you to kind of lean on and kind of get an idea of what this may look like for you going forward. So let’s jump into it and run through these numbers and then, of course, on the other side here, in just a minute, we can run through more of the details on this and what this would actually look like going forward. Now, according to the most recent data that was released and according to what experts, analysts, the people that watch this stuff very closely are anticipating, we could be looking at a 7.9% raise for these millions of beneficiaries that would be massive considering this year in 2022, you got a 5.9% raise if you are somebody receiving those fixed income benefits. Yeah, 5.9% at the time seemed pretty nice.

But realistically, we’re way behind. As soon as that 5.9% was actually implemented in early 2022, in January, we were already behind at that point. So anyway, at least we’re looking at something a little bit more substantial here. So I want to run through the numbers here in this topic. And again, this is based on that 7.9% that a lot of these people are actually anticipating.

So I’m going to give you some round numbers here. And again, it’s going to get you close. It’ll get you within a couple of dollars here. But the deal is, for the most part, almost everybody receives a different benefit. So again, I’m just going to use a round number to get you within a few dollars.

But it’ll give you at least an idea of where we may be sitting going forward here. All right, so let’s run through these examples here, and then we can talk about this a little bit further here in just a minute. So if you’re currently receiving a $600 benefit, applying a 7.9% raise to that would give you a monthly raise of $47, boosting your benefit from 600 to 647 each and every month, which would actually be about just under $600 for the entire year. So it would be essentially one extra benefit for the entire year, just a little bit less than $600. So not too bad right there.

Right. But again, we’ll talk about more of this in here in just a second. So let’s run through some more numbers here. All right. $700 If you’re currently receiving a $700 monthly benefit, applying a 7.9% raise would boost your benefits by $55 each and every month from 700 to 755. All right, let’s keep rolling here. An $800 benefit. If you’re receiving $800, applying a 7.9% raise to that would boost your benefits by $63 each and every month from 800 to eight-point $63 each and every month. All right, so if you’re somebody receiving the maximum SSI benefit right now, which happens to be $841 each and every month, applying that 7.9% raise to the 841 each and every month would boost your benefits by $66 each and every month.

Taking your current benefit, which is the maximum of 841 right now, boosting it up to 907 each and every month. So again, considering in what was it 2020? The maximum? No, I apologize. Let me take that back.

In 2021, the maximum benefit in 2021 was 794 for SSI. So imagine in a year’s time you could go from 794 in 2021 to potentially even 907. That’d be kind of a cool race right there. Right. But again, we’ll talk about this year more in just a second.

All right, so that was SSI. Now, again, let’s talk about a $900 benefit. If you’re receiving a $900 benefit, currently, applying a 7.9% raise to that $900 benefit would boost your benefits by $71 per month from 900 to 971 each and every month. All right, one more example here really quickly. If you’re receiving a $1,000 monthly benefit, applying a 7.9% raise would boost it by $79 each month from $1000 to $1,079 each and every month, which, by the way, that last example would be just under about $960 a year for that last example of $1,000.

So as you can see, it’s kind of substantial money when we analyze the actual amount over a year’s time, annualized. It’s kind of a nice dollar amount. All right. So let’s quickly talk about this a little bit more here. So of course, these numbers are just preliminary numbers right now based on the estimates and based on the inflation data that we are currently seeing out there as of right now, of course, all of this could change here over the coming months depending on what inflation actually does going forward.

But another thing we have to remember, too, is, yes, it would be a really big raise, and yes, it would be something that we haven’t seen in many, many decades. But at the same time, I think all of us recognize at the same time as well. It’s kind of one of these programs. It’s one of these things that yes, at the surface level, it looks really nice. It’s a good thing, right?

We’re all getting more each and every month, but at the end of the day, does it really translate into more money in our pockets? Well, let’s talk through it a little bit further here. Here’s the deal. These raises would be based on the adjustment for the cost of living. Therefore, if you’re getting a large cost of living adjustment, then that also means that inflation is very high.

So essentially, as we all know, here’s the deal, typically the races that we get are far lower than what the actual cost of living actually is. So on a monthly basis. Let me just run through any of those examples. The examples that I gave there were anywhere between $47 and essentially $79 a month more. Let me ask you, are your living expenses today more $$47 to $79 more per month than what they were say a year ago?

I would be willing to bet, yes. The answer is probably yes. And your living expenses today are probably significantly more than just $47 or $79 each and every month. So again, as we all recognize here that this raises the cost of living adjustment raises, although it’s nice, it boosts the monthly benefit at the same time, it pretty much doesn’t keep up with inflation. We know that it does not keep up with the cost of living.

Okay. So that’s one of the downfalls behind this. Next. We also all recognize that there’s a couple other things here that are the massive elephants in the room. Number two would be yes, a lot of times this does offset other benefits, like Snap benefits, maybe your housing assistance, maybe utility assistance, food assistance, anything like this.

Usually those benefits are also reduced as a result because your income goes up. So these other programs maybe look at your income and they say, hey, now you’re receiving, say $907 a month from SSI, or now you’re receiving $1,079 from SSDI. Again, I’m just giving you examples. And now they look at it and say, hey, your income has gone up, therefore you’re qualified for less snap benefits. So, of course, I don’t need to go into too much detail.

I think all of you are very aware of this. I see your comments down below. We are all on the same page with this. We recognize what’s going on. So yes, anyway, and then, of course, number three, we also have to point this one out as well.

For those of you who have Medicare Part B premiums or sorry, Medicare Part B, usually, the premium is massive. But when we see these big raises for the cost of living adjustment, usually the Medicare Part B premium is also very large as well. Let me give you a quick example right here. In 2022, the cost of living adjustment to raise your benefits was 5.9%. Okay, 5.9% not bad, right?

Well, at the time it wasn’t bad, but now we can see that it’s not good at all. But anyway, the Medicare Part B premium was 14.5%. Does that make any sense? So your benefit went up by 5.9% and the Medicare Part B premium went up by 14.5%. Something doesn’t make sense to me.

But again, we all recognize this. Again, I don’t need to go into tons of detail. All of us are very aware of all of this going on. So anyway, I just want to throw it out there for you, let you know what I’m finding out there. But yes, we’ll have to see what happens here over the coming months.

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