Social Security $291 Raise to Monthly Benefits – Social Security, SSDI, SSI, VA Included?

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Social Security $291 Raise to Monthly Benefits - Social Security, SSDI, SSI, VA Included?
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Who will be included for a potential $291 per month raise to monthly benefits, including Social Security retirement, disability, SSDI survivors, SSI VA, and RRB fits. I have all the details for you on this topic. All right. So this is actually a really good question, which I continue to receive quite a bit lately, and I want to break it down in this dedicated topic. All right.

So if you’ve been reading the topics for any length of time now, you know that a couple of weeks ago I was out on a topic talking about a possible $291 per month raise for millions and millions of beneficiaries receiving monthly benefits. Well, I’ve also been receiving a lot of questions, not only on that topic but also a lot of other topics here leading up to it saying, hey, am I going to be included Social Security retirement here? Am I included? SSDI here? Am I included?

Who is this actually going to include? So I do want to break this down because this is very important to understand with everything going on right now and literally all of these moving parts throughout Congress, as well as what these lawmakers are introducing, proposing, and everything that’s going on out there right now. Also, if you’ve been reading the topics for any length of time now on the site, you know that we’ve been talking a lot about two very influential pieces of legislation that are floating around Congress right now, one of which is dedicated strictly to those programs under the Social Security umbrella, including retirement, SSDI and survivors benefits. At the same time, we do know that there is that other piece of legislation floating around Congress that is specifically for SSI, Supplemental Security Income, two very different programs, but at the same time, they’re also somewhat similar at the same time, all of which are administered by the Social Security Administration. But yet Social Security and everything within the umbrella is very different than SSI.

But either way, we don’t need to talk about the details in this topic. As far as that goes, we can talk about that in a separate topic. But I think all of us kind of know the differences between this. But either way, let’s talk about who would actually be eligible for this potential $291 per month raise to benefits. All right.

So in that topic from a couple of weeks ago, I talked about how these beneficiaries, the dedicated people that would be receiving this would be SSI, Supplemental Security Income. Now, why just those individuals and why not Social Security beneficiaries? Now, here’s what it all comes down to. But again, if you’re somebody receiving Social Security, don’t worry about it all that much right now. Don’t give up hope.

Seriously, there’s something else out there dedicated for you that would be pretty much equally as good. But anyway, let’s talk about this. So this 291 that we’re talking about here is actually a function of a couple of different things that are going on right now. Number one, right here in 2022, they have raised the federal poverty line from $12,880 last year in 2021 up to $13,590 right here in 2022, which actually translates into a $1,132 benefit per month based on 13,590 divided by twelve is $1,132 each and every month. Is that kind of makes sense.

All right, so that makes sense. Now, this is actually a pretty nice benefit, right. If that were to actually happen. Now, again, where does this actually come from? So that is what they are actually pegging as the federal poverty line here in 2022.

However, there’s also another moving part about this and another piece of this equation, which is the SSI Restoration Act. One of the provisions that they have in this very powerful and very influential piece of legislation is to raise monthly benefits up to 100% of the federal poverty line. Well, we just talked about the federal poverty line, $13,590 each and every year or that $1,132 each and every month. Right. All right, so let’s take the current SSI maximum benefit.

The maximum SSI benefit as of right now is $841 right here in 2022. However, if we take the $1,132 maximum benefit as a result of the federal poverty line divided by twelve, it comes out to that 1132 per month. Basically, what it comes out to is 1132, which would potentially be the new benefit in the event that they actually do pass the SSI Restoration Act. And they do boost benefits up to 100% of the federal poverty line. So if we run the quick calculation on this, $1,132 minus $841 brings us up to a boost of $291.

Or we could run it the other way. $841, the current maximum benefit right now for SSI, add an additional $291, brings us up to that $1,132 each and every month. Kind of makes sense. So I ran the math two different ways there. But either way, it brings us up to the exact same number.

Right. A $291 boost to benefits, which brings you up to that 1132 each and every month, if that makes sense. Right. All right. Now, with that being said, who would actually be included to receive this in the event they actually do pass this through?

It’d be SSI beneficiaries. SSI under this proposal, under this piece of legislation, would strictly be about the 8 million beneficiaries receiving SSI, Supplemental Security Income. But then I know what about those of you receiving maybe retirement benefits from Social Security or maybe SSDI Social Security disability benefits or what about survivors benefits? Are you going to get this under this one piece of legislation? The answer would be no.

But do we need to give up hope? No, we don’t. Because remember just a minute ago, just a little while ago in this topic, I talked about the two very important pieces of legislation that are currently floating around Congress right here, right now, we’ve got the Social Security 2100 and we also have the SSI Restoration Act. Now, we just ran through the provisions, or I should say one of the provisions of the SSI Restoration Act, which would be raising the benefits up to 100% of the federal poverty line. Right.

So we just ran through all that. However, the Social Security 2100 is a totally separate piece of legislation that is only for those people receiving Social Security benefits, including retirement SSDI and survivors benefits. And within that one, there’s about 17 different provisions that would either boost benefits, reform the program, make the program more solvent, make the program more equitable, as in boosting benefits and making it a little bit more evened out for everybody. There’s a lot of different provisions in the Social Security 2100. And according to the most recent information that I’ve been finding, they still do want to bring both of these simultaneously to the floor in Congress, the House, the Senate, start opening these things up for debate, and possibly even getting these things done before the midterm elections.

So there’s a lot of promising things out there right now when it comes to these two very important pieces of legislation and how they would actually relate to these millions of beneficiaries, about 70 million beneficiaries. These two pieces of legislation would impact pretty big stuff right there. Right. So anyway, as it all shakes out, as I mentioned, the 291 per month raise, again, if they actually did this would pertain to SSI Supplemental Security Income beneficiaries. However, for those of you receiving Social Security, you wouldn’t be left out.

You got that other piece of legislation hanging out there, the Social Security 2100, which would also have some pretty good powerful provisions in there to help you and your benefits as well. Kind of makes sense now, again, too. Let’s just throw this out there as well, as long as we’re talking about it. The SSI Restoration Act is simply for SSI beneficiaries. The Social Security 2100 is just for Social Security beneficiaries.

The Social Security 2100 does not include SSI. However, the SSI Restoration Act does not include Social Security. Can you see what I’m saying here? So we’ve got two pieces of legislation, Both of which are great. They’d really boost benefits.

They would really help out a lot of beneficiaries. They’d be very good in a variety of different ways, but at the same time, they’re all-encompassing of the benefits that are encompassed within each of those proposals. Make sense. So, yeah. Anyway, for all of these beneficiaries, There is something out there for you.

We’ve just got to find the right recipe to make the necessary cake, right? The cake being whatever kind of benefits you’re receiving, if that kind of makes sense. So anyway, I hope that makes sense for you and breaks it all down a little bit more clearly for those of you that have been asking. But again, regardless of what benefit you’re receiving right now, There is something good on the horizon. We just need to wait for Congress to actually bring it to the floor, Open it up for debate and hopefully pass it through quickly.

Let’s just say that much, right? Hopefully, quickly either way, as I do get more information, of course. I’ll be right back here for you laying it all out, breaking it down, and helping you out in any way that I possibly can. Please enjoy your day, stay safe out there. bye

 

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1 COMMENT

  1. Wow that was unusual. I just wrote an really long comment but after I clicked submit my comment didn’t appear. Grrrr… well I’m not writing all that over again. Regardless, just wanted to say superb blog!

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