$913 monthly benefit for SSI beneficiaries. Some exciting updates which I have for you right here on this topic. Alright, We are finally getting some more information in regards to raising the SSI monthly benefits, which is exactly what I want to talk about right here on this topic.
Because I do know that a lot of you right here in the community receiving SSI are asking down in the comment section. When are we finally going to get a raise in our monthly benefits? We need more money right now. Prices continue to rise on literally everything and my little SSI benefit are not enough to live on every single month. I see all the comments down below and I totally agree with you.
It’s getting really hard to live on a fixed income these days, especially $841 from SSI as it currently stands. So I see your comments down below. I completely understand the struggle is real right now and I want to discuss some new information that I came across in regards to raising SSI monthly benefits and what that raise would actually look like for about 8 million beneficiaries who receive SSI monthly benefits. By the way, I do know that we also talk a lot here on the site about Social Security, whether it’s retirement or disability, SSDI survivors, SSI VA, RRB, low income, low-income seniors, older adults, people with disabilities, elderly, and a variety of other people and groups as well. I just want to throw this out there.
I do know and I do have a bunch of other dedicated topics here on the site for all of these groups. But here’s the thing. In this topic, I do want to specifically focus on SSI Supplemental Security Income because if we were to talk about all of these programs in one dedicated topic, which I do every so often. But here’s the thing. We’d be sitting here for like 5 hours talking about all of the different information.
So I do like to make these topics as short as I possibly can. So in this topic, we’re just going to talk about SSI, And for those of you receiving Social Security, whether it’s retirement or SSDI or survivors or VA or low-income low-income seniors, older adults, again, if you’re receiving SSI, then again, this will pertain to you. If not, I do have other dedicated topics here on the site. And of course, I will have many more dedicated topics coming up here for all of you in these other groups as well.
I want to make it as clear and concise as I possibly can on this topic. So I just want to make that very clear so that we’re all on the same page here. So let’s get into it and talk about this new information that’s circling around right now and what it means in regards to your SSI monthly benefits.
It’s totally free to do so. And so I can keep you updated each and every day during this very busy time, as information is changing literally every single day. If you’ve been reading the site for any length of time now, you know that I am back every single day in a few videos with all the latest details as they are hitting the wire each and every day. There are a lot of changes coming in right now. And we also do know that there are some potential bigger changes coming from Congress when it comes to all of these fixed income programs as well, which is also very exciting that we also need to keep a pretty close eye on.
So there’s a lot going on right now. My dedication is to be here as your daily advocate, breaking it all down, keeping you updated, and making sure that you’re getting as much money, benefits, programs, checks, stimulus, and anything else we possibly can right here, right now with all of these programs to continue popping up.
SSI beneficiaries In fact, according to the reports right now, the average SSI beneficiary is getting $665. So even though I just said a few minutes ago that the maximum SSI benefit is $841, which it is, that’s the maximum SSI benefit right now in 2022, $841 per month. However, the average SSI beneficiary is getting 665 a month. Again, if it’s hard to live on $841, it’s certainly difficult to live on 665 a month as well, right.
Especially with everything going on right now. If you’re not getting any type of other benefits, whether it’s like housing vouchers or some kind of subsidized housing or maybe some kind of food vouchers, like the Snap program, if somebody’s not getting these types of benefits, it’s almost virtually impossible to live on $841 or even $665 a month with everything going on right now. Maybe a few years ago, maybe it was okay and maybe it was a little bit easier. But these days, man, it is getting really expensive for everything. And again, like I’ve been saying in recent videos lately, if you’ve been watching the videos for a while now and you’ve heard me say so many times now, prices are going up on everything, even like gas prices.
I’m back almost every single day saying, well, we hit a new record gas price again today. I mean, it is just nuts right now with everything going on. So moral of the story is fixed income beneficiaries, I totally get it. I see the reports every single day. We all understand this.
We’re all living through this right here, right now. It’s a tough time and the struggle is certainly real. However, let me quickly talk about a report that came out in regards to SSI beneficiaries and what it looks like in regards to a $913 monthly benefit. Sounds pretty nice, right? I’m just imagining what would $913 do for you right now versus the $841?
Well, it’s not a huge difference. It’s actually a difference of $72 every single month. So at the end of the day, $72 per month certainly be helpful. It’s maybe what, a few days worth of groceries, maybe a week’s worth of groceries, if you’re clever and if you are pretty savvy when you hit the grocery store and you use your coupons and all kinds of stuff like that, maybe it’s a week’s worth of groceries for maybe one person. But at the end of the day, I think all of us would be happy to take an extra $72 every single month when it comes down to these benefits.
And that is what we’re currently looking like as of right now. So here’s what it comes down to in regards to some recent reports that are coming out right now as a result of the inflation data and what is currently being released right now, it is looking like the cost of the adjustment that is announced out of Social Security Administration in mid October each and every year according to what the reports and what the experts are now saying, it’s looking like this is probably going to be around 8.6%. Well, here’s the thing. As we run all the numbers on this, taking the current benefit of $841 and multiplying it by one point, 86, which would be 8.6% raised to that would bring you up to $913 every single month. So again, this would be a raise of $72 every single month for SSI beneficiaries.
So when you look at it that way, it’s pretty nice, right? $72 a month extra. But here’s the catch. Check this out. So on a monthly basis, it’s $72 a month.
However, when we calculate this out over the course of the entire year, it’s nearly $900 more throughout the course of the entire year, spread out in extra little monthly stipends. Right? So over the course of the entire year it’s an extra $900. So it’s virtually one more extra payment. So even though there’s obviously twelve months throughout the course of the year, it’s almost like you’d be virtually getting like 13 payments.
Now, obviously, it wouldn’t be 13 payments, but rather it would be twelve payments. And then the 13th one would be kind of spread out throughout the course of the entire year. It’s kind of what it’s like basically the same sense when it comes down to it. So it’s a pretty nice benefit raise. So virtually right now, the maximum benefit for SSI, like I said, is that 841 over the course of the entire year, twelve months, it’s a little over $10,000 a year, just a smidgen over $10,000 a year.
But with this raise up to $913, it’d bring you just under $11,000. So you can see here it’s a pretty nice raise on your benefit. Right. So anyway, basically bringing your benefits up by almost another $1,000 throughout the course of the entire year. So I don’t know, when you look at it that way, I guess it’s easy to look at the $72 on a monthly basis and say, really, $72, that’s good, but it’s not that great.
But when we look at it extrapolated over the course of the entire year, we’re talking about pretty much just under $1,000 more, you know what I mean? Over the course of the entire year. So that’s actually pretty exciting. So this is a report that was released, and this is what the experts and analysts are now saying. However, full Disclaimer, this has not been announced by the Social Security Administration yet.
We’re still waiting for that official announcement that will come out in a few months from right now when we will get the official announcement out of them to actually determine how much the cost of living adjustment will be for the year of 2023. Now, they generally announced that in mid October. When we get that announcement, of course, I’ll be right back here for you breaking it all down, letting you know what it’s going to look like going forward and what your benefits will actually increase by. But according to the analysts, the experts, the people that are watching this stuff very closely right now, they’re anticipating this is what it’s likely going to look like. But if inflation continues to increase at the rate that it currently is right now, we could potentially even be seeing something higher than that.
So 913 on a monthly basis and 8.6% raise, we could potentially be looking at something even higher than that. And according to what they’re working on in Congress right now, with these pieces of legislation, we may be looking at something even higher than that simply because if they implement the way that the cost of living adjustment is calculated, as in the CPI versus the CPIW, that would increase it by potentially even another 1% above and beyond. So there are a lot of moving parts here, as you can see Rightly. We’re waiting for additional information from the Social Security Administration.
We’re waiting out of the inflation data for the three months of July, August, and September, which are the three months that we need to watch as far as the inflation data to determine how much that raise is going to be. And again, that will be announced in October. Our Social Security. And then, of course, any potential changes out of Congress that they may be coming out here with relatively soon in regards to reforming Social Security through potentially raising and changing the way that the cost of living adjustment is actually calculated.
So we got a lot of moving parts here, all of which are probably pretty good news, which honestly doesn’t really happen all that often lately, considering everything going on. There’s not all that many times recently that we can come out and say, hey, finally, we’ve got like six different reports here that we’re waiting for, and they all potentially have pretty good news for the low income and fixed income anyway. And by the way, I know that we talked about this previously in another video as well, but we’ve talked about how Congress is currently working on this piece of legislation in there to reform Social Security. Well, remember, they may be actually doing this side by side with some other reform here to the SSI program as well. And the reason that I say may be doing it because we have not seen an official announcement out of yet to confirm that yes, they are moving them together in tandem or no, they’re not moving them together in tandem or maybe they’re doing nothing.
But either way, we do know that Congress is working on this legislation and as they continue to work their way through this, they’ve been talking about previously here since late last year that they want to move these two through in quick succession together at the same time as in the Social Security 2100 and the SSI restoration act. Of course, as I do get more information on that, I’ll be right back here for you breaking it all down, letting you know what’s going on and how this pertains to your benefits, and ultimately how your benefits are going to be raised as a result of all this. Either way, I’ll continue watching it for you. There are a lot of moving parts here. I’m here dedicated to you and this community to make sure that you’re getting all of this information as quickly as possible as it hits the wire.
So again, this is the report that I have for you some exciting stuff. But again the unfortunate part about it is we’ll need to wait a little bit longer and a lot of times waiting right now is not exactly an easy thing to do when prices continue to get away from us on virtually everything. So anyway, I hope you’re having a nice day so far. share this topic with your friends, family, and on social media.
Please enjoy your day. Until next time, stay safe, enjoy and I’ll catch you again later in the next update bye.