Social Security 7.6% Raise, Increase to Monthly Benefits for Social Security, SSDI, SSI | Social Security Benefit

Social Security 7.6% Raise, Increase to Monthly Benefits for Social Security, SSDI, SSI Social Security Benefit

7.6% raise to monthly benefits for Social Security retirement, disability, SSDI survivors and SSI beneficiaries. I have all the details for you on this topic.

As information is changing very rapidly right now, I’m doing all the research so that you don’t need to and I distill it all down into these short topics, which I deliver a few times each and every day so that you can get all of the latest updates as things are happening in real-time throughout the day. As that is my commitment to you and this community as a whole is to be here for you each and every day with all the latest details.

However, as of the most recent reports and what analysts are saying, as well as economists and other experts out there right now that are watching everything closely, the most recent remarks are suggesting that we could see inflation hit or even breach 10% in the next few months here. That would be massive, as you probably know, because just a few days ago we got the latest inflation reading that came in at 7.5%. It jumped up 5% just since the previous reading before that one.

So my point is, if we continue to get readings that are half a percent more every single reading, it’s going to take five more readings to get it up to 10%. So the point is it’s really not that far away from 10%. That would be absolutely massive. Well, as a result of that, I’m also starting to see reports coming out now in conjunction with the most recent inflation data that came out that are now suggesting that Social Security retirement, SSDI survivors, and SSI beneficiaries could be looking at a 7.6% raise to your monthly benefits. Now, this would reach about 70 plus million beneficiaries.

That’s a big raise. I mean, the last time you saw a raise this big would have been back prior to the early 80s. So that would be a very long time ago that are reading this high would have actually come in. So with that being said, I do want to run through some numbers here because I do know that a lot of you are wondering what would this actually translate into as far as my monthly benefit? If we happen to get a 7.6% raise to our monthly benefits, what would my new benefit look like?

So what I’m going to do here is I’m going to run through some general numbers. Now, again, I’m going to use round numbers like 700, 800, $901,000, things like this. Here’s why what I’ve noticed here in the community, from what I’ve observed down in the comments section, I would say the vast majority of the people here in the community, of course, it does not include everybody. But I’m just saying the vast majority of people from what I’ve observed generally receive anywhere between about $700 and $900, maybe up to $1,000 for their monthly benefit. Again, I know that’s not everybody, but just the vast majority based on what I’ve seen in the comments section.

So I do want to run through some round numbers here and give you just some rough numbers as far as what your benefit would look like based on the numbers I will talk about right here. So let’s get into these numbers. And again, this will kind of give you a ballpark number. It’ll get you within a few dollars. It’s not going to be totally exact because everybody’s benefit essentially is different, but it’ll get you very close within just a couple of dollars in the event a 7.6% raise does actually happen.

Now, again, that’s a big if, right? So let me run through these numbers here quickly and then we can elaborate on this a little bit further. All right. So if you’re receiving a $700 benefit, applying a 7.6% raise would raise your benefits by $53 per month up to $753. Nice, right?

All right, let’s go talk about $800. If you’re receiving an $800 monthly benefit, applying a 7.6% raise to your benefit would give you a $60 per month raise up to $860. Again, pretty nice. Let’s quickly talk about your SSI benefits. So for those of you receiving the maximum SSI benefit right now, $841, let’s run the calculations on that one.

If you’re receiving the maximum SSI benefit right now of $841, applying a 7.6% raise to that benefit would actually raise it by $63, up to $904. Again, not bad at all, considering the maximum benefit in 2021 was $794. So, I mean, seriously, that’s a pretty nice jump right there, right? So it’s moving up, right? Anyway, let’s keep moving on here.

Now, if you receive a $900 benefit, applying a 7.6% raise to that $900 benefit would raise it by $68 per month, up to $968. Again, pretty nice. Now, let me give you one more example here. If you’re receiving a $1,000 per month benefit, applying a 7.6% raise to that benefit would raise it by $76 per month, up to $1,076 each and every month. So as we look through these numbers, these would be pretty nice raises, right?

I mean, ultimately, it’s not going to get you a new car. It’s probably not going to get you a new place to live. But at the end of the day, would it pay some more of your bills? Would it help pay for some more groceries? Yeah, it probably would help.

So these raises are looking pretty nice. But again, we also have to remember we can’t just completely ignore this. We have to remember, too, that this would be tied to inflation. Therefore, if they would consider giving a 7.6% raise, we’d also have to recognize at the same time, too, they’re also recognizing that inflation is probably 9%, 10%, something like that. Therefore, it’s just making up for the higher prices due to that inflation.

Right. So at the end of the day, even though it looks like, oh, wow, great. A higher benefit at the end of the day, it’s just helping out with offsetting some of that inflation. So we’ve been down this road before. We kind of know how this goes.

Right. All right. So let’s quickly talk about when we could potentially see this and what is all this pertaining to. So this would actually be in reference to the cost of living adjustment. Yes, I know that’s a little bit ways out from right now.

However, we got to look at this because the actual numbers that are drawn from the cost of living adjustment to figure out what that is actually going to be calculated at for the following year actually comes from the months of July, August, and September. Right. The months that are encompassed within the Q three of the year, July, August, and September. Those are the three months that makeup Q three in the year. Those are the numbers or those are the months that they take the inflation data from those three months and they run their calculations.

And that gives us what the cost of living adjustment is going to be. Well, remember just a second ago I said that the last reading on inflation came in at 7.5%. It was up half of a percent just over the previous month. However, here’s what’s interesting about it. Like I said, if we continue to move up at half of a percent only for five more months, we will be at 10%.

Therefore, let’s look at where we currently are right now. This is February where I’m recording this video right now. Well, if we add five months to right now, where are we going to be? We’re going to be in July. What an interesting coincidence.

We could be hitting 10% in July, which is remember the first of the one month that we talked about right here, July, August, and September. Right. So very interesting how the timelines are starting to layout kind of perfectly. Right. But again, maybe inflation starts to wane going forward right here.

But according to what I’ve been seeing and again, these are all just speculative guesses based on The Economist, the analysts, and everybody looking at this stuff. And I’m reading what they’re saying. But basically, they’re just looking at it saying, according to the situation, we’re expecting inflation to continue moving much higher here for the next several months, at least for the first half of 2022 and possibly into the third quarter of 2022, which would put us right into those three months that we need to focus on, which will actually indicate the actual cost of living adjustment for the following year, July, August, and September. Makes sense. So anyway, it’s kind of interesting how all of this is kind of lining up a little bit into Q three of 2022.

However, I can probably anticipate some of the questions that are coming in. Okay, if inflation is going to be 10% in July or maybe August or September, why would we only be getting a 7.6% raise? Good question. Well, again, these are based on the numbers that are currently floating around out there right now as it pertains to inflation. If inflation continues to move higher and we’re looking at possibly 10% inflation in July, August, or September, then I would anticipate these estimates out of the analysts and economists and the people out there that are watching the potential Cola rays for all of these millions of beneficiaries.

I would guess that that would also adjust accordingly as well. Makes sense. So I think this is where the numbers are coming from. The numbers are currently coming from what the estimates are as of right now for inflation going forward. However, if it ratchets up even more up to that 10% or possibly range around there, then I would anticipate also the estimates talking about the Cola race would probably also adjust much, much higher.

So this is what we have as of right now. Right. So anyway, I want to bring this information to you again. I know that it’s kind of a long time out from now, but at the same time, we’ve got to watch everything very closely because what they say now and what actually is anticipated now is going to give us a glimpse into the future as to OK, what’s going to go on with our benefits, what’s going to go on as far as the cost of living, what’s going to happen as far as inflation? We need to watch all of it very closely because here’s the deal.

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