Huge Raise – Social Security, SSDI, SSI, VA – How Much Will You Get? – Huge Raise for Millions a Beneficiaries receiving Social Security, SSDI, SSI

0
Huge Raise - Social Security, SSDI, SSI, VA - How Much Will You Get? - Huge Raise for Millions a Beneficiaries receiving Social Security, SSDI, SSI
Advertisements

A huge raise to monthly benefits of Social Security retirement, disability, SSDI survivors, SSI, and VA benefits. I have all the details for you on this topic.

All right. So just a couple of days ago, I was out on a separate topic talking about a potential massive, massive raise to millions of beneficiaries receiving all of those benefits I mentioned at the beginning of the video, Social Security retirement, SSDI survivors, SSI and VA benefits as a result of what is going on globally right now and how this may actually push inflation up to 10% or possibly even more right here in 2022. Well, as a result of that video, I want to lay this out for you a little bit more closely here and give you some actual real numbers behind what this would maybe look like for these millions of beneficiaries. This is some big stuff that we got to watch going forward now because realistically, with everything going on right now, we’re already seeing massive inflationary pressures.

However, if it continues to move higher, as the analysts and experts are actually suggesting right now, as I mentioned in that topic, we could be seeing 10% or possibly even more inflation mid 2022. Well, that’s kind of a scary situation. However, when it comes to fixed income beneficiaries, of all those I’ve been mentioning a couple of times throughout this video, it may actually relate to a massive, massive raise to your monthly benefits. So I do want to lay out some real numbers here and let you know what this could potentially look like. However, just as I described in a video the other day, this all pertains to the inflation numbers as they are going to be released in July, August, and September.

These are the three months that we need to watch very, very closely to determine what the actual raise will be. Then the Social Security Administration takes these inflation data points. They put them all together into their calculation, into the equation, and it gives us a number. And that is exactly what the cost of living adjustment or the raise will be for the millions of beneficiaries that will go into effect just a couple of months later. However, I do want to lay these out for you.

I want to give you some numbers here that we can all have kind of a baseline to look at in the event this does continue to move much higher here. All right. So with that being said, let’s run through some numbers here. Now, just like I’ve done in previous topics, I want to give you some round numbers. Of course, for the most part, everybody’s benefit is very different, right?

Your benefit is very different from anybody else’s benefit. But for the most part, everybody’s benefits are very different. But I do want to give you some round numbers here to work with. This will give you within just a couple of dollars of where your benefit would be in the event that this massive 10% raise actually did come into effect. All right.

So with that being said, let’s run through some numbers here, and then we can discuss this here in just a second on the other side and talk through it a little bit more in detail. All right. So I’m going to start with a $600 benefit. If you’re currently receiving a $600 benefit, in the event of a 10% raise to our benefits, that would give you a $60 per month boost to your benefit, taking your current benefit from $600 to $660. So that’d be pretty big right there.

Remember, that is on a monthly basis. All right, let’s go to $700. If you’re receiving a $700 benefit, applying a 10% cost of living adjustment would boost your benefits by $70 each and every month from $700 to $770. Again, big raise, right? Next, an $800 benefit.

If you’re receiving $800, applying a 10% cost of living adjustment would raise it by $80 each and every month up to $880 from the current level of $800. Again, big raises we’re talking about here. Next, if you’re receiving currently, as of right now, the maximum SSI Supplemental Security Income benefit of $841, applying a 10% raise to that would actually give you an $84 raise, which would take your benefit from $841 up to $925 each and every month. Again, massive, massive numbers we’re talking about here. This is per month, by the way.

All right, let’s talk about a $900 benefit. If you’re receiving a $900 benefit, applying a 10% raise to that would give you a $90 raise from $900 to $990. And lastly, let’s talk about a $1,000 benefit. If you’re receiving $1,000 per month, applying a 10% raise to that would raise it by $100 each and every month up to $1,100 or $1,200 for the entire year. Again, basically an entire benefit plus an extra 100 for the entire year.

So as you can see here, this would be absolutely huge for a lot of people. But let’s talk about this a little bit further. Now, as we’ve discussed in previous videos. The cost of living adjustment is pegged off of the inflation numbers from July, August, and September. The Social Security Administration takes all the information, the inflation data from those three months.

They run it through their calculation, through their equation, and it gives us a raise to the cost of living adjustment that will actually be put into place the following year. That is usually released sometime in mid-October is when the Social Security Administration comes out, gives us that raise, and then it goes into effect starting in January of the following year. However, based on everything that’s going on globally right now and here in the United States, there is a lot going on, and we continue to see inflation moving much, much higher. And like I’ve been saying, this is likely going to persist for a very long time now considering what is going on around the world. Well, as a result of that, as I mentioned before, some analysts and some experts are suggesting we could be seeing 10% or possibly even higher inflation sometime right here in 2022 because of the global pressures.

So this is something we certainly need to keep on our radar as we continue to move our way through 2022. And anything that we foresee coming here on the horizon again, something we’ve got to be aware of now. Something else, too. Yes. A big cost of living adjustment is exciting, right?

Whoa. More money we’re getting every single month. But I also do understand a couple of things. Number one, this is pegged off of inflation. Therefore, if they’re giving us a 10% cost of living adjustment, a raise to our benefits, that just means that probably the real inflation numbers are probably even significantly higher than that.

Right. Especially by the time that they would implement something like this, a few months later, when it actually goes into effect, real inflation may actually be even higher than that. So it’s something we need to take into account. The raise might be nice, it might be really fun to look at the higher benefit coming in. But realistically, it’s all pegged off of inflation.

So realistically, that money is just going to help cover the additional cost of living. And I think all of us know at this point anytime that they give these raises, a lot of times it is usually way behind the curve. As in it’s not even enough to keep up with the actual cost of living. I think all of us experienced that this year when we got the five 9%, and then all of a sudden it’s like, wait, 5.9%, that’s not even close to where we need to be. We need to be talking about like 8%, 7.5% this year alone.

Right. So again, this is a perfect example right here in 2022, the 5.9% was simply not even close to enough to bring everybody up to what they actually need going forward. Makes sense. Yeah. All right.

Let’s also talk about a couple of other blatantly, obvious things that happen when the cost of living adjustment comes in. Number one, a lot of you who receive Snap benefits, I see your comments down below all the time saying, yeah, great, the Cola is nice. But you know what? They just reduced my Snap benefits. So yeah, unfortunately, that is something else that happens.

A lot of times. Snap benefits are also adjusted lower because your income has increased. Therefore, why not take it away from another benefit? I’m being sarcastic, by the way. It still makes no sense to me why they would do that.

Ultimately, the Snap program is to help these people and help many people who are lower-income or living on a fixed income. And to seem that your income would go up from your fixed income benefit and then they take it away in the form of Snap benefits seems really weird to me. But again, that’s just what happens. And I think all of us know this. And next, we have to point this one out.

Again, the massive elephant in the room is the Medicare Part B premium. Here’s what happens. Also, we do know that here in 2022, the Medicare Part B premium went up 14.5%, even though the cost of living adjustment was 5.9%. So that’s a 2.7% increase over the cost of living adjustment, right? So that’s huge, right?

But anyway, if there actually happens to be a 10% cost of living adjustment, that just means the Medicare Part B premium could be, who knows, 30%. I mean, it could be huge, right? It could be 27%. That would be absolutely nuts, right? So again, that is something else we got to take into account as well.

So at the end of the day, if your benefit happens to go up by 10% from the Cola rays in 2023, we’d also have to take into account all of these other factors, potential Snap benefits, reducing maybe housing assistance or utility assistance, other assistance that you may be receiving. Yes, maybe reducing at the same time, Medicare Part B premiums basically just going way higher, significantly higher.

I can’t even imagine how much they’d possibly be going higher and at the same time eating away at the Cola. So these are all factors that we need to take into account. So anyway, I want to leave these numbers out for you. So we actually have some practical numbers to lean on. And just in the event this actually does happen now, again, we need to continue watching these inflation numbers month over month as they continue to come in.

These numbers are released once per month. It’s usually right around the middle of the month. It could range anywhere between like the 12th and the 17th. But it’s generally around that range is when these numbers are released each month as we do get this additional inflation data. Of course, I’ll continue to be here for you and let you know month by month, as we do continue to get these numbers and as we continue to work toward the July, August, and September numbers, which are the critical, very important numbers that will be released that will let us know what actually happens going forward for the monthly benefits.

So anyway, I wanted to let you know what’s going on out there. Again, we just got to take it day by day. That’s about all we can do at this time. But either way, there’s a lot going on right now. I think all of us can recognize that there’s a lot of things that are kind of hanging out there right now that are very critical and realistically, kind of scary as far as what’s going on, as far as price increases on everything.

I know that we hear a lot of people out there right now, many lawmakers, the administration saying all is fine, everything is perfect. I’m not sure which country they’re living in or which world they’re living in, but it’s certainly not the one that we’re experiencing. Again, just being real with you. I think all of us can probably recognize this. So I think what all of us are experiencing, what is being said is far, far from what is actually happening in the world right now.

And that’s what I’m here for. I know that sometimes I come out, I let you know what is going on out there. But the deal is, as I’ve said before, I’m a realist I’m here to let you know what is actually going on rather than just blowing smoke all the time and trying to let you know like, oh, this could happen or oh, my gosh, all is going to be fine. Yeah, all might be fine. But at the same time, we need to take a realistic approach as far as what is happening, what is going on, what may becoming.

We’ve got to pay attention to this stuff. It’s very important right now. Anyway, I hope this helps you out as I do get more information. Of course. I’ll be right back here with you, bringing you those updates and helping you out in any way that I can. Enjoy. Thanks so much for reading and I’ll catch you in later.

 

 

Advertisements

LEAVE A REPLY

Please enter your comment!
Please enter your name here