Social Security $291 Increase to SSI Monthly Benefits – New Full Details

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$291 Increase to SSI Monthly Benefits - New Details
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$291 per month raise for SSI beneficiaries. I have all the details and what you need to know right here on this topic. Alright So as of recently, I’ve had a number of you reaching out down in the comments section below on the previous topic asking for the latest updates and where we currently stand on a raise to monthly benefits, including SSI Supplemental Security Income.

So that’s exactly what we want to talk about right here in this topic. Now, first off, I do know that there are a lot of you right here in this community who receive Social Security benefits, whether it’s retirement or disability, SSDI survivors, VA and RRB, as well as a variety of other benefits. I know that there are pieces of legislation floating around out there for you as well, and to raise your monthly benefits. However, we can talk about all of that in a separate video because that is honestly its own topic in itself, and I do want to give that a special attention. However, in this topic, I do specifically want to focus on SSI Supplemental Security Income.

And we can always focus on all of these other raises that are out there now as well. For all the other beneficiaries, including those that I just mentioned, Social Security, retirement, disability, SSDI survivors, and of course, VA, RRB, low income, low-income seniors, older adults, elderly people with disabilities there are a lot of different stuff going on out there. So again, we can focus on all those in a separate, dedicated video. All right, so let’s get into it and specifically talk about SSI Supplemental Security Income. All right, so I do know that a lot of you here in the community do receive these monthly benefits.

This is a very important program. It is focused on those individuals who are aged 65 and older, who have limited resources and limited income, or for those individuals who are younger than 65 and who have once again limited income and resources and who have a disability. Therefore, a very important program that actually sends out monthly benefits to about 8 million beneficiaries every single month. All right, so let’s get into it and discuss all the details. However, really quickly.

As things are changing very rapidly right now, my dedication is to be here every single day, right by your side, helping you out in any way that I possibly can, as well as making sure that you’re staying updated with everything going on right now, with all the different announcements, packages, proposals, amendments, so many different things that are hitting the wire every single day. I want to make sure that you’re staying updated with all this information and taking advantage of any of these programs and anything else that continues to pop up right now especially focused on the low income, which, by the way, all of these programs that are popping up right now are specifically for the low income and the fixed income. So it’s not like we have these big broad packages anymore that send out things to everybody No.

All of these things that are being introduced lately are specifically focused on a low income, which is great Right?  Of course, I’ll be right here for you making sure that you’re staying updated with this information All right.

Thanks again. Let’s get into this and talk about what you’ve requested, which is where do we stand on a benefit raise for SSI Supplemental Security Income? Good questions. So let me break all this down for you. Let me give you the latest details and where we stand with this $291 per month raise.

Now, the best thing that we can discuss on this and the most promising piece of legislation that is out there now is the SSI Restoration Act. Yes, I know some of you may have just rolled your eyes and said, really? The SSI Restoration Act. Yeah, This is by far the most promising piece of legislation out there right now as it comes to these monthly benefits.

Because let’s just say this much, if it doesn’t come down to the SSI Restoration Act, what else is it going to be? They’re pretty much isn’t any other piece of legislation out there right now. This is the one that has the highest potential to get passed, whether in its entirety as it stands, as in right now, or maybe pieces of the proposal that we have already seen are starting to be broken out into different pieces. Right. So not that long ago we did see a couple of senators, one Republican, and one Democrat, who came out and introduced one of these standalone provisions on its own out of the SSI Restoration Act.

Again, wouldn’t be surprised to see other provisions like this being plucked out of the plan one by one and pushed through Congress rather than the whole package being pushed through in its entirety. I wouldn’t be surprised one bit to see this thing kind of picked apart and just kind of like cherry-picked throughout the whole thing saying we want that provision and we want that one and we’ll take that one over there, all these different things. Right. So something we got to pay attention to very clearly All right.

So next, let’s quickly talk about where this $291 per month raise is coming from and where we currently stand with the SSI Restoration Act. All right. So the $291 raise comes out to this. So as we currently stand right now, the federal poverty line is $13,590 every single Per year. That’s what I meant to say. Per year, however, if we divide $13,590 out on a monthly basis, it comes out to $1,132 every single month Right. So that’s the federal poverty line on a monthly basis.

Now, remember, the maximum SSI benefit right here, right now in 2022 is $841. Well, check this out. If they actually implement the SSI Restoration Act, or at least the one provision to raise benefits up to 100% of the federal poverty line, that would automatically raise your benefits by $291 each and every month, provided you are somebody who receives the maximum benefit. Now, don’t get me wrong. I completely understand.

Not everybody gets the maximum 841 per month. I totally understand that. But I’m using that number because that is the maximum. And let’s just use that number because anybody that receives a benefit under that, it’s probably going to be a different amount, right? It might be 800, it might be 665, and it might be 583.

You know what I mean? Many other benefits below that. But my point is let’s just use the maximum just so that we can have a consistent number to work with. So the 841 brought up to the federal poverty line would actually raise benefits by $291 per month from 841 up to $1,132 every single month, or the equivalent of $13,590 for the course of the entire year. That’d be a pretty substantial raise considering where you’re currently sitting right now is just a tad over $10,000 a year.

That’d be an effective raise of about $3,500 a year. That’d be pretty nice for a lot of people right now Right. So that is something that we need to continue watching very closely. And remember those two senators that came out just not that long ago with that proposal?

What they actually want to do there is raise the asset levels. Again, this is another very important one within the asset Side Restoration Act is to raise the asset levels because currently they’re sitting very low, $2,000 as an individual, $3,000 as a married couple. They want to raise it from $2000 as an individual up to $10,000 and from 3000 as a married couple up to $20,000. That’d be pretty nice these days. Wouldn’t it have that much money sitting aside or at least a fraction of that much?

Certainly would be pretty helpful for a lot of people. I see the comments down below. That would certainly be a great one. Right All right.

So actually, this one provision that we’re talking about here is a pretty important one. Right. So between raising the benefits up to 100% of the federal poverty line and removing the marriage penalty, I would say by far these are the two most important provisions that I’ve seen popping up in the comments section that the vast majority of you receive SSI actually want to be eliminated. So this is one down, one to go kind of thing Right.

But anyway, so where do we actually stand with this? Let me give the latest updates because I have seen your questions down below. I’ve had a number of you reaching out to me saying, where do we stand? Are they doing it? Are they going to do it this year?

When is this going to happen? All right So I’ve seen some reports and again, the reports are reports. Right? It is not necessarily a fact.

It is not necessarily a sealed deal. It’s not necessarily a done deal. It’s not necessarily something that is for sure going to happen. This is the information that is circling around as far as what may be happening Right.

So here’s what they’re anticipating. Democrats, as in Democrats and Republicans. I guess the people that want to get this done want to get it done before the midterm elections, mostly Democrats. The reason for that is they want to get a big win for a decent amount of people Right.

About 8 million people prior to the midterm elections. And again, this is not me singling out Democrats. I’m saying this simply because we know that Democrats have full control right now. However, in order to get this done, it would need to be done on a bipartisan basis. But you might be thinking, oh, really?

There’s no way. It’s not that big of a deal. Realistically. All they really need to do is bring it into Congress and actually start working on it. To get ten Republicans to back this up probably wouldn’t be that difficult.

I think anybody that looks at this whole program logically and looks at it from the standpoint of do I care about my fellow human beings in this country or Right. You know what I mean? Where do I stand with this? I think anybody that looks at this program logically would say, okay, we’ve got some major problems here.

Anybody receiving benefits on this program is well below the federal poverty line. And one of the things that we know is the President wants to raise these benefits up to the federal poverty line because he said and I’ve quoted him a few times and I like to say this just to remind us where the President is on this and what he has previously said. He has said that no older adults or people with disabilities should ever need to live in poverty in America.

Well, Newsflash, sorry to tell you, but there are millions of people living in poverty who are older adults and, of course, people with disabilities. So we should probably do what’s right and we should probably do what the President has previously said should be done, which is probably lifting these people out of poverty. Right. Which, by the way, there’s about 48 million people in this country living at or below the federal poverty line. I guess that’s a lot of people.

It’s a lot of people that need to be lifted up quite a bit Right. So anyway, as we stand on this, like I said, the reports are showing and some of the information that’s coming out is showing that they want to get this done before the midterm elections. Now, remember, the midterm elections are not that many months away. And as we approach, as we get closer and closer, this is something that they need to take into consideration and probably get done or at least start working on it prior to them so that at least the beneficiaries can see that Congress is actually doing something rather than going into the elections like, oh, they forgot about us once again.

Well, that’s not going to be a good thing for kind of garnering up some votes when it comes to the midterm elections. Anyway. These are the details on the SSI restoration act. Of course, as I do you more information or anything pertaining to monthly benefits raises the benefits or anything along these lines. Of course, I’ll be right here for you breaking it all down as that is my dedication to you and this community to help you out in any way that I possibly can.

Keep you updated making sure that you have all the latest details on money, benefits, programs, checks, stimulus, and anything else out there as well as anything pertaining to low income, low income, fixed income seniors, older adults, Social Security, SSDI, SSI VA, RRB survivors, beneficiaries all of these beneficiaries, I want to make sure that you know what is actually going on right now. There are a lot of moving parts out there. There are pieces of legislation that are hitting the table almost on a daily basis as it pertains to low income, fixed income, and all the beneficiaries I mentioned. Therefore, we got to continue watching this. It’s like a big juggling act.

We got to figure out okay, all these balls that we’re juggling around right now which of them are we going to pull out and start working on? Right? So until then they kind of all keep going around in a big old circle. But again, hopefully, something will happen sometime soon and of course, I’ll be right here for you making sure that you’re staying updated with any of this information. All right, thanks again.

Thanks again, I appreciate it. Enjoy your day and I’ll catch you later in the next stuff.

 

 

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