How Much Will SSI Get Now?! Supplemental Social Security Income – How Much will SSI get in 2022

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How Much Will SSI Get Now! Supplemental Social Security Income - How Much will SSI get in 2022
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How much will SSI get now, Supplemental Security Income? I have all the details for you in this topic. Well, as things are changing very, very rapidly right now as Congress continues to work their way through multiple different packages, proposals, amendments, announcements, reform, as well as so many other things that are being introduced out there right now.

And some massive changes may be underway. But don’t worry, I’m watching everything for you. I’m doing all the research so that you don’t need to. And I distill all that information down into these short videos, which I deliver a few times each and every day so that you can get the latest updates hot off the wire as they’re being released. So, again, thanks so much for visiting our site.

So as we all know, there is a lot going on out there right now. Things are floating around out there to change and reform some of these massive programs that are so incredibly important that send out monthly benefits to millions and millions of beneficiaries, including Social Security and SSI Supplemental Security Income. Well, I want to talk through some details about some potential things that are coming down the line right now for millions of beneficiaries specifically related to SSI Supplemental Security Income. Now, there is a lot going on as well for Social Security beneficiaries, but I can break that down in a separate video. I want to focus strictly on SSI Supplemental Security Income in this topic, because here’s the deal.

If I were to talk about all of it, Social Security, SSI, all of it in one video, we’d be sitting here for a very, very long time. So I can come back and talk about Social Security in a separate one. But let’s focus on SSI in this video right here. So as we do know, there’s a few different things going on out there specifically for SSI. Again, one of the most encouraging proposals floating around out there is the SSI Restoration Act.

Now, this video is not all about that, but rather it is about something else. But I do want to mention that because this is also very encouraging. So when it comes to the SSI Restoration Act, this one would be absolutely lifechanging for millions and millions of beneficiaries. As of about right now, there’s roughly 8 million beneficiaries drawing on SSI benefits each and every month. So this would be a massive change for all of these beneficiaries in the event the SSI Restoration Act were actually to come into play.

Now, I have made some previous videos talking about this one. But I don’t want to focus on this all the way, but rather I do want to talk about something else. So recently, we got a little bit of preliminary information out there right now going forward into the next few months here and what it may look like as far as a raise for SSI beneficiaries. So as we know right here in 2022, the maximum SSI benefit for beneficiaries is $841 per month. That is the maximum benefit you can receive as an individual receiving SSI benefits.

Now, as a married couple, the maximum benefit this year is $1,261 each and every month as a married couple receiving SSI benefits. So again, far below the poverty line, right? So again, this is not a great situation. However, based on some preliminary information, many millions of beneficiaries may be looking at a pretty substantial raise to benefits going forward based on everything that’s going on right now, mostly due to inflation. Yes, inflation.

We’re not going to talk about it a ton in this topic. But I did want to mention that because this is a lot of times where these races are actually predicated from. Right? They look at the inflation numbers and they say, oh, Whoa, this thing is getting out of hand here based on what’s going on here is what we’re looking at as far as preliminary numbers. So let me break this down for you.

As of just recently, there’s been some new information coming out where they’re actually anticipating based on the latest inflation data and where they anticipate. And when I say they I’m talking about economists, analysts, the people that are looking at this stuff very closely, people that are way smarter than me, following all this inflation data and breaking it all down and anticipating what it may be here over the coming months. They’re actually anticipating that inflation could be hitting or possibly even breaching 10% in the next few months here sometime in mid 2022. That’s kind of scary, right? Considering we were seven and a half, seven upper 7% here, and that’s where we’re going, we have a lot of ways to go here.

So that is potentially very scary going forward. However, with that information, they’re also anticipating potentially even up to a 7.6% raise for SSI beneficiaries going forward. Now, let me break this all down for you and let you know what this would actually look like in accordance with your monthly benefits. So we’re going to use the maximum benefit as of right now as a baseline, just because you might be receiving the maximum, you might be receiving less. But let’s just use the maximum as an example, just because this is the best baseline that we can use.

So as of right now, the maximum is 841. If we apply that 7.6% raise to benefits, you’d be looking at a $904 benefit, which would actually be a $63 raise on a monthly basis. Now, that’s pretty nice raise right there. Right. But again, now, if we were to break this out and extrapolate this over the course of the entire year, $63 each and every month extra would actually relate to $756 for the entire year of a raise.

Again, that’s pretty nice. That’s almost one full additional benefit. Now, it’s about $90 less than a full benefit, but it’s almost essentially one extra full benefit throughout the course of the entire year. Now, one more thing that we need to remember about this as well. This is all based on inflation.

Therefore, this would also be the cost of living adjustments. So basically, what happens with this cost of living adjustment is they look at the inflation data and they say, hey, based on inflation data, we need to give this percentage of a raise. And again, the preliminary information right now is pointing toward potentially even a 7.6% raise. Therefore, if that’s the case, they’d be applying this cost of living adjustment to adjust for. Yes, you called it the cost of living going forward.

So that’s where all of this would actually be coming from. Now, a couple of things that we need to watch closely is we need to watch the inflation data coming out of July, August and September so that we can gauge what the inflation data is actually going to be those months. And then the Social Security Administration puts all the numbers together, puts it in their Hopper, spins it around, and it gives us a number. And that is what the cost of living adjustment will be for the following year. So, yeah, a lot of things going on here, a lot of moving parts.

But ultimately, based on the preliminary information and the most recent data coming out about this, this is what they are possibly anticipating that’s as of right now, though, as we get into July, August and September and all this inflation data comes out, we may be looking at an even higher number based on what they’re currently telling us, which is inflation may be hitting 10% or possibly even more at some point here in mid 2022. Scary stuff, right? So anyway, as I get more details on any of these details going forward, of course, I’ll be right here breaking it all down for you, letting you know what is going on, as well as helping you out in any way that I possibly can. As yes, you’re one and only daily Advocate.

Enjoy your day and I’ll catch you again later in the next one. bye

 

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