Social Security $1,132 Monthly Benefit for SSI Beneficiaries | Social Security Benefit Raise – New Details

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Social Security $1,132 Monthly Benefit for SSI Beneficiaries Social Security Benefit Raise - New Details
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$1,132 per month for SSI beneficiaries. I have an encouraging update on these very important monthly benefits. All right. So I do have some encouraging information that I want to share with you in this video in regards to SSI monthly benefits, the program that is administered by the Social Security Administration not technically Social Security benefits, but these benefits are very important for the roughly 8 million beneficiaries who receive these benefits every single month. As we know right now, Congress is still playing around with the idea of the SSI Restoration Act.

In fact, I’ve covered this in a few previous videos. We’ve talked about some of the details and this is something that Congress currently has on the table right now. And they ultimately want to reform the SSI program and do a bunch of different things to the program that would ultimately make the program so much better in a multiple different ways for the millions of people relying on these very important monthly benefits. In fact, a few of these provisions within the SSI Restoration Act is, number one, increase the asset levels from $2,000 and $3,000 up to $10,000 and $20,000. That would be amazing right there versus that little bit of money that they allow you to have.

It would be certainly a huge adjustment to the program. So that would be great right there, number one. Next, they also want to remove the marriage penalty. Again, another big one out there that I know for a fact many of you here in the community have written out there in the comments section saying they need to remove the marriage penalty if they do anything, please, number one, remove the marriage penalty. And number two, raise our benefits.

So that is another one that is on the chopping block. And realistically, that is an outdated provision in that bill right there because realistically, SSI, for the most part has not been reformed since the inception of this program way back in the early 70s. So it is time to come forward and reform this program that so many people rely on benefits for going forward. However, one of the other major provisions in the SSI Restoration Act is, yes, raise the benefits. Now, this is a very exciting one.

This is one that, of course, we want them to do above and beyond so many other things, along with the marriage penalty. But this is something else that they’ve been talking about and one of the main pillars behind the SSI Restoration Act. However, I do want to run through with you some new updated numbers as of some new announcements out of the federal poverty line. So this is actually very important to understand. So back last year, in 2021, when they first started talking about the SSI Restoration Act, once again, the federal property line at that time was $12,880 on an annual basis.

However, divided out on twelve months comes out to $1,073 per month. That was in 2021. Guess what? We’re in 2022 now. Things have changed.

Things have updated, the numbers have adjusted higher in our benefit. This is great. Honestly, this is a really good thing. In fact, last year when I talked about the SSI Restoration Act, I did talk about it on a few different topics. But one thing I was mentioning at that time is I said when we move into 2022, if the federal poverty line actually adjusts higher, that means in the event that they actually do approve the SSI Restoration Act and raise benefits up to 100% of the federal poverty line, which is exactly what they are proposing in the SSI Restoration Act, it would also adjust the benefits higher.

So in those videos that I was producing last year, I was saying it may be to our advantage to wait until 2022 for them to actually get this done because the federal property line will likely be moving higher. Guess what? It moved higher. Let me break down the numbers for you and let you know what this would actually look like on an annualized basis and a monthly basis for SSI beneficiaries. This is actually pretty exciting.

All right, so let me do some quick comparisons. Last year, again, federal poverty line, 12,880 this year, 2020, 213 thousand, 590, a difference of Dante, $710 over the course of a year. However, let’s break it down on a monthly basis. Now, last year, federal poverty line on a monthly basis, $1,073 this year, $1,132 a raise of $59 each and every month. Not bad, right?

So this is actually a huge adjustment just because, as we know, they wanted to get this done. Last year, the SSI Restoration Act. However, we know how Congress works. We know how the system works. They can’t outsmart us.

We know how this works. Essentially, when they put a benefit in motion, when they put something in motion, basically, it just kind of sits there stagnant forever. And the only little raises that it gets is the annual cost of living adjustment. However, the new basis now would be the federal poverty line, which actually adjusted by that $710 per year. Now, again, with the cost of living adjustment, actually raise it by $710 a year.

Maybe it would, but probably not. So we’re going to be far further ahead because now going forward, in the event that they do actually implement the SSI Restoration Act sometime this year, when we do get that cost of living adjustment later this year into next year, that just means it’s going to be a percentage based on a much higher number. The $13,590 get what I’m saying. It’s all based on percentages is what the cost of living adjustment is. But that’s not what we’re talking about in this video so much.

We’re more talking about the higher benefit as a result of the adjustment to the federal poverty line for 2022, which is that $13,590. Awesome. Right? So let me break this down for you a little bit more closely. So as of right now, again, the maximum Social Security benefit.

Sorry. No, let me take that back. The maximum SSI benefit, Supplemental Security Income benefit in 2022 is $841. However, in the event that they actually do implement the SSI Restoration Act, which is exactly what they’re talking about, would be to raise the benefit, the maximum benefit up to 100% of the federal poverty line. So right now in 2022, the SSI pays out a little over $10,000 a year based on that maximum $841.

However, if they were to raise it up to the federal poverty line, that would take your income, provided you’re receiving the maximum SSI benefit from a little over $10,000 up to $13,590, that would be a raise of about 30 plus percent. Just snap your fingers. Boom. Done. Amazing, right?

Get what I’m saying behind this. So like I mentioned last year, it would actually be in our advantage if they would have waited until 2022, because realistically, they were working on getting this done in the later portion of 2021. Well, if that were the case, we would have missed out on this actual bump to the actual federal poverty line. However, it adjusted higher and they haven’t done it yet. Therefore, if they actually happen to do it this year, the SSI Restoration Act put it into play and actually raise those benefits.

Guess what then? Now we’ve just got a quick little raise of $710 for the entire year, or $59 per month on top of the boost from where they’re currently sitting, about 31% below the federal poverty line up to the federal poverty line. That $13,590 a year. Amazing. Get what I’m saying?

The point of the story is and the whole mortal of the story is in the event that they do pass the SSI Restoration Act here in 2022, we’re going to be sitting much, much better than we would have been if they would have passed it in the later portion of 2021 as they were originally trying to do. But as we know because of a lot of different things going on right now, a lot of the bills, the legislation, a lot of the agenda items that Congress was going to be working on in the later portion of 2021 actually got extended out into 2022. So here we are and the new focus has been is that they want to bring this along with the Social Security 2100 at some point to the floor, open them up for debate and try to work their way through to turn these into legislation. So anyway, this is actually very exciting. This is actually very encouraging.

So exciting stuff. But again, we’ll be watching that new benefit in the event that they do raise it up, we’d be looking at a $1,132 maximum SSI benefit. That would be a raise pretty significant over the maximum 841 right now in 2022 makes sense. So again, as always, I will continue watching this very closely as I do with everything else as I get more details, I will bring those to you as quickly as I can as we do get more details but this is what I have for you as of right now. Pretty exciting stuff.

I’ll catch you again later in the next one and I hope this one gives you a little bit of an update and helps you out with what is going on right here, right now.

 

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