This would be absolutely huge for Social Security beneficiaries, including retirement, disability, SSDI survivors, SSI, and VA beneficiaries. I have all the details and what you need to know right here on this topic. As I am your one and only daily advocate, and I’m very much dedicated to you and this community to do all the research and to break it all down into these short topics so that you can get the latest details hot off the wire each and every day as this information is being released.
All right, So I think all of us in this community can probably agree that fixed income beneficiaries need a massive, massive raise to monthly benefits. In fact, some of the reports that are out there right now, even individuals who do not receive a fixed income benefit, also agree that fixed income beneficiaries need a raise to benefit, especially with everything going on right now in the United States as well as around the world.
Yeah, we know that inflation is running very, very hot right now. And just like we’ve talked about so many times in previous topics, the purchasing power is actually depleting from your monthly benefits every single month. It’s a sad situation. Your income is not being adjusted for all of this inflation and everything going on right now. Therefore, we all agree, because a lot of people right here in this community are fixed income beneficiaries. So, yes, of course, I think, obviously, all of us can probably agree we need more please get us more on an ongoing monthly basis. Well, as a result of that, a report that was recently released shows that this may actually be coming true. Yeah, exactly, So I do want to talk through the results of that report with you in this topic, and I want to give you all the details about that because it may actually be resulting in a pretty massive, massive raise to monthly benefits. However, to put it into perspective, I do want to lay out some things right now just to kind of put some numbers behind everything going on right now. So here’s the thing. Just like I talked about the other day in a separate topic, as of right now, the federal poverty line is $13,590 each and every year, which actually divides out into a little over $1,100 every single month.
However, keep that number in mind here as we run through with some additional numbers. According to Social Security, the maximum SSI, as in Supplemental Security Income benefit as of right now in 2022 is $841. That is the maximum benefit for an SSI beneficiary. That’s about 24% below the federal poverty line. That’s a pretty big jump below the federal poverty line. It is significantly below the federal poverty line, nearly 25% below the federal poverty line. Well, to put that into perspective as well, let me tell you this much. Now, again, I know that a lot of people here in this community probably do not receive a benefit of this amount. But I want to give you these numbers again, according to the Social Security Administration, the average SSDI beneficiary is getting $1,358 every single month right now in SSDI benefits. And again, it seems like a pretty generous number. According to what I’ve seen here in the community, I haven’t really seen that many people with the benefit of that amount. Honestly, I think I’ve only seen one person write a benefit amount higher than that for SSDI. Otherwise, I think we’re all probably agreeing it is probably much lower than that.
But anyway, that’s a little bit over $200 above the federal poverty line. And again, living on $1,358 a month would be pretty difficult these days, especially with everything going on. So even somebody trying to live on $1358 would be hard. I think everybody in this community probably agrees try to live on $920 a month or how about $841 or $700? Yeah, it just gets even harder and harder. Right. Well, let me give you one more number to put this into perspective. Again, the average Social Security retiree, as in retirement benefits, is getting $1,657 each and every month. And again, this is according to the Social Security Administration. But again, I do recognize a lot of people here in this community, once again, are probably significantly below that number. Now, this number alone is about $500 above the federal poverty line as of right now. So it’s a little better, but still not that much. It’s pretty hard to live on one $600 a month. Right? I think anybody can probably agree with that. And again, like I said, even living on 1600 being difficult, try living on $841 or $920 or again, any number around there any number around the federal poverty line.
It’s going to be a difficult thing. However, I do want to lay some more additional details out for you, because as we’ve been talking about and as you know, if you’ve been reading the topics for any length of time now, I continue to do daily research on everything pertaining to fixed income benefits like Social Security, SSDI, retirement survivors, SSI, VA, RRB, as well as low income, low income, and of course, watching everything closely as it pertains to stimulus, additional checks, money, benefits, programs, raises, and anything else that comes into the form of reform for these monthly benefits, just like the Social Security 2100, as well as the SSI Restoration Act, a couple of good pieces of legislation that are out there right now that could potentially raise up benefits for millions of beneficiaries. However, I do want to talk about some new reports based on some recent reports that were recently released as well. So based on some economic data that came out talking about inflation, I do want to talk about the details and what the Senior Citizens League is now calling on and what some other reports are actually saying as well. In regards to all of these monthly beneficiaries, here’s what it comes down to.
It’s looking like a potential raise to your benefits could be pushing 9% that’s as of the numbers as of recently. Now, as we continue to move forward into the future here and over the next few months here, as inflation continues to move higher, we could be looking at the biggest raise to monthly benefits since the early 80s. Over 40 years ago, 41 years ago, we could be looking at the biggest raise to benefit. you can see exactly where this information is coming from and exactly what they are saying about this. But seriously, this is almost historic numbers that we’ve seen or that I should say we haven’t seen in over 40 years, 41 years ago was the last time that we’re going to see numbers this big for Beneficiaries. So literally, it’s like generational historic numbers right now, right? This is massive. Like seriously, this is a big deal. We typically don’t see numbers this high. I mean, obviously, the last time was 41 years ago, back in the early 80s.
So this is kind of a big, big deal here. And again, this number could continue to balloon even higher as we move forward into the future. And as we get more details on the inflation data that continues to come out on a monthly basis. And according to what experts are saying, it’s probably going to continue moving much higher here over the coming months.
And you can see this information that is pretty big for fixed income beneficiaries. All right, Corey, take it away and I’ll catch you again. Social Security Cola could exceed for 2023 if inflation keeps rising by advance Cariga spiraling of inflation could kick Social Security’s annual cost of living adjustment to more in 2023, a historically high increase that might still leave Beneficiaries with less spending money. If recent predispose is any indication, this year’s Cola is 5.9%, which is the biggest bump in more than four decades. But since that increase was implemented, inflation has continued to push higher, opening the prospect of an even bigger Cola increase in 2023. The Consumer Price Index for March rose eight. 5% from the prior year, the US Department of Labor said this week. The biggest increase since the period ending in December 1981. More importantly, another measure used by the Social Security Administration to calculate the annual Cola, called the Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPIW, has surged 9.4% over the last twelve months, CNBC reported. That’s why some experts believe the Cola for 2023 might be in the 9% range. If so, it would be the biggest increase in 1981 when the Cola was 11.2%. But as the recent high inflation numbers demonstrate, annual Cola increases are not always effective in helping seniors cover costs because the increases are typically determined well before they actually make it into beneficiary Social Security payments.