How much will Social Security get now, including retirement, disability, SSDI, and survivors? Beneficiaries, I have all the details and everything you need to know right here on this topic. All right, So as of recently, there have been multiple different reports hitting the wire as information continues to change very rapidly.
Now, this is actually looking to be like some pretty good news for about 65 to 70 million beneficiaries of all those benefits I mentioned just a minute ago. So I do want to walk you through all the details right on this topic. Let you know what these reports are saying and how this may impact you and your monthly benefits. As I’ve said so many times in previous topics, your monthly benefits are so incredibly important. It’s your livelihood, it’s your lifestyle, it’s your future, it’s your benefit, it’s your money.
Therefore, it is very important. And I do know that a lot of you right here in this community are fixed-income beneficiaries of a lot of those benefits. So with that being said, let’s get into it a little bit deeper and talk about all these reports and what they are now saying. I’m doing all the research each and every day on your behalf so that you don’t need to. And I’m breaking it all down into these short topics as I am your one and only daily advocate and I’m very much dedicated to you and this community to be here right by your side to help you out in any way that I possibly can, as well as make sure that you’re staying updated with all of this relevant information as it is being released each and every day.
Seriously, there is so much hitting the wire every single day. I am picking through tons of different reports every day, finding the most relevant and valuable information to all of you. All right. So I do want to talk through these reports and let you know what is actually going on out there right now and what these reports are now saying.
Because like I said a minute ago, this is actually looking pretty good for low-income and fixed-income beneficiaries. I apologize, I know I’m blinking weird. My eyes just got really dry all of a sudden. Sorry, It’s kind of awkward, but I’ll try to work my way through this. Anyway, let’s keep rolling with this and I’ll tell you what the reports are now saying. So I think all of us in this community are probably aware of the Senior Citizens League. Sorry, It’s a group that I’ve brought up multiple different times in previous topics.
They are actually huge advocates for fixed-income beneficiaries. We certainly want the Senior Citizens League on our side. And don’t worry, they are on our side as they are also advocates for the low-income and fixed income beneficiaries. Of all the benefits I mentioned at the beginning of this topic, however, they are also out on usually about a monthly basis, letting us know their latest estimates and what they’re actually thinking as far as what the raise will be for monthly benefits for about 70 plus million beneficiaries across all the different benefits that will be receiving a pretty substantial raise. Well, according to their most latest recent reports and their latest estimates, they’re now anticipating about an 8.9% raise to monthly benefits.
This would be huge. This would be the biggest raise to monthly benefits that we’ve seen since the early 80s, 81 So, yeah, that would be a very long time ago. 41 years ago would be the last time we’ve seen a race this big. So, yeah, this is practically historic right now.
It’s not the biggest raise, but it would be potentially one of the biggest rays in the history of the programs. So very interesting. And not that much earlier before they implemented annual raises to benefits. But prior to that, the raises were actually indicated by Congress, Right, So Congress was the one who actually was the one who determined the raises before that. Could you imagine trying to get a raise out of Congress these days? Not only would it be teeny tiny, it would probably take them ten months to figure it out. So just saying, Right.
So anyway, let’s talk through the details on this. Now, I do want to give you some round numbers to work with here. This is generally how I do these types of topics. And again, I like to bring this type of video and these types of updates just to give you a glimpse on where we currently sit right now and what things are looking like when it comes to your monthly benefit. Because like I said at the beginning of this topic, honestly, when it comes to your benefit, it’s your livelihood, it’s your lifestyle, it’s your money, it’s your benefits, it’s your future, your benefits are very important.
So this stuff is very important to continue to watch very closely and pay attention to because whatever they do with your benefit ultimately will indicate kind of your life going forward, right? Yeah. It’s kind of a sad situation. But that is kind of the reality of the matter, which is these benefits are pretty much like very important and they are usually for a lot of people anyway, the only income source for a lot of people. Therefore, it’s very important.
Anyway, I want to talk through some numbers for you right here on this topic. So I’m going to start with some round numbers and kind of give you a glimpse into what benefits would look like considering an 8.9% raise, Okay. Now here’s the thing. Like I said, round numbers, but the deal is it’ll get you within a few dollars of what it would actually be anyway.
And again, pretty much everybody’s benefit is a little bit different, but I’ll kind of get you closer within a matter of small amount. Two, three, four dollars probably is where you’d be at. So anyway, let’s get into all the details. So I want to run through these numbers here for you. Again, I ran the calculations, and this is what I’m coming up with.
Now, if you’re receiving a $600 benefit, applying an 8.9% raise to that $600 benefit would give you a $53 per month raise Benefit, taking your benefit from $600 up to $653 every single month. It’s not too bad, Right? Over the course of the entire year, that’d be over $600 more than you’d be getting as a result of this raise.
So when you look at it that way, it’s not so bad after. All right. All right. So let’s keep rolling. If you’re receiving a $700 benefit, applying a potential 8.9% raise to your $700 benefit, that would give you a raise of $62 every single month.
Again, not too bad. Over the course of the entire year, that’d be over $700 extra through the course of the entire year. Again, not too bad.,All right. An $800 benefit, if you’re receiving an $800 benefit, applying a potential 8.9% raise to that benefit, it would actually raise your benefits by $71 every single month up to $871 every single month.
And again, over the course of the entire year, that would be nearly actually, it would be a little over $850 for the course of the entire year. So again, a pretty nice little raise there. All right. $900. If you’re receiving a $900 monthly benefit, applying a potential 8.9% raise to that benefit, you’d be getting a raise of $80 every single month, which would actually be a little bit less than $1,000 for the course of the entire year.
So again, that’s a pretty nice one right there, Right? All right. One more example here for you. If you’re receiving a $1,000 monthly benefit, applying a potential 8.9% raise to that benefit would give you an extra $89 every single month, which would raise your benefit from $1,000 up to $1,089 every single month.
Again, a nice little raise there. However, one more thing that we need to throw out there. And just so that we can all be on the same page and remember this, even though the benefit and the potential raise looks actually really good, it is. It’s pretty good. However, it’s all predicated on inflation.
Right? So at the end of the day, we could look at it and say, oh, my gosh, this looks really great here. Benefits are going much higher, but at the same time, we look at it and say, well, at the same time, we’re also paying significantly more for the same old things that we were buying a couple of years ago at much lower prices. So all of this is as a result of inflation going forward and ultimately raising those benefits up, Right.
And then a couple more things you have to throw out there, just because I know this is a real thing and we’ve got to watch this closely as well, which is the Medicare Part B premium increase, which again, let’s just hope that it’s not as big as it was for 2020, 214 and a half percent. That’s massive. Can’t imagine it’s going to be that high. But you never know, because that’s also pegged off of all of this stuff as well. Next, any reduction to other benefits like Snap benefits, maybe housing assistance, utility assistance, anything else like this?
Again, this is all something we’re very aware of. Any time that you get maybe a little raise to your benefits, they look at it and say, oh, look at that, your income has gone up. Therefore, when your income goes up, well, it looks like you probably don’t need as much assistance from these other programs. Well, that’s not how it really works for the people who are living on the programs, Right.
For all of us out there living on these programs, that’s not really how we see it. But apparently, the people who make these programs and the rules behind them, they say, oh, yeah, your income has gone up. Therefore we got to take some of your benefits away, right? I don’t know. Something about that just doesn’t make sense to me at all.
So any time that I see this kind of stuff, I always feel like they’ve got to put some kind of caveat into these programs that says if your income goes up as a result of an annual raise to your monthly benefit, it’s not going to reduce your other benefits. I don’t know. That just seems like the simple logic to me. But again, what do I know? Right, All right. Anyway, who knows? Maybe someday I’ll be the rule maker. I doubt it. But you just never know what’s going to happen these days.
Right? Anyway, I hope this one helps you out. Again, it gives you a little bit of a better look into possibly the future and what benefits could be looking like going forward as a result of the annual raise to monthly benefits. And as things are currently sitting right now and the latest estimates out of the Senior Citizens League. So again, I hope this one helps you out. see you soon on the next topic. bye