Social Security, including retirement disability, SSDI survivors, and SSI beneficiaries. This is for you. I have all the details and what you need to know right here on this topic.
All right, So in this topic, I do have a few different updates that are specifically pertaining to those beneficiaries I mentioned at the beginning of this topic. Now, all of these updates combined are actually pretty exciting because they do impact about 65 to 70 million beneficiaries. And I do know that a lot of you right here in the community are fixed-income beneficiaries. As a result of that, I want to make sure that you stay updated with everything going on right now as things are changing very rapidly.
And I want to let you know what is actually circling around right now as far as the updates and information that I’m finding, as well as how this may impact you and your monthly benefits going forward. And so I can keep you updated during this very busy time, as I’m doing research all day, every single day, as your one and only daily advocate, boiling it down into these short topics so that you can stay updated with any of this new information that continues to hit the wire literally every single day as there are new announcements, checks, programs, money, benefits. There are all these different proposals that are being introduced, as well as what’s being talked about by lawmakers that may impact you and your monthly benefits going forward.
Let’s get right into the updates. All right, So I do want to talk about all these different updates because this is very important and likely this is going to impact you and your monthly benefits going forward. All right So as we all know, there are a few different pieces of legislation floating around Congress.
Now, this video is not all dedicated to that at all. But I want to point this out because this is something we’ve also got to keep an eye on, the SSI Restoration Act and of course, the Social Security 2100. However, that’s all we’re really going to talk about as far as these two. We do know that those are still out there right now. And quickly on that, I want to throw this out there.
I have seen some information circling around that they want to bring these to the floor and potentially get them passed sometime before the midterm elections. Well, I know that we’ve heard information like this before, but guess what? The last time we saw information like this was months ago. Well, a lot of months have gone by since then, and now we’re getting closer and closer to the midterm elections Right.
We’re not that far away. Therefore, if they want to get one of these packages done, if they want to get both of these things done, they’ve got to do it relatively quickly here because we are running out of time and we know the speed at which Congress works Right. It’s slow. It’s extra slow.
Right So anyway, that is something that’s been circling around is they want to get these done or at least portions of them done sometime before the midterm elections All right. So that’s update number one Next.
As long as we’re talking about these two programs, let me tell you one thing. One piece of legislation that was introduced about a week ago and let you know how this may impact millions of people. All right. So about a week ago, we had two lawmakers, one Democrat, and one Republican, come out and introduced a new bill that would actually change benefits in a pretty good way for millions of people. Let me tell you this much.
Again, this is just another update that’s circling around out there right now. So Sharon Brown and Rob Portman, both are lawmakers out of the state of Ohio. Both of these guys were out talking about one of these provisions pulled right out of the SSI Restoration Act. Now, again, I get it. It’s only one of the provisions, but at the same time, at least they’re chipping away at this thing and getting something done, or at least reintroducing different versions of this bill versus just completely sidelining it and saying, no, we’re not going to work on it now.
No, the simple fact of the matter is they are working on pieces of it, and this is a really good thing. Now, I know that this probably won’t impact a ton of people. And at the end of the day, this is not like one of the provisions that we’re all super excited about, but at least it is something and it is a start because that’s what we know we need to get the flow going. And that’s how you get these pieces of legislation through is by getting a little chunks of it here and there and then coming back and, of course, getting the rest, which has been their strategy with other packages that we’ve seen over the last couple of years here. But anyway, these two people, these two lawmakers, Sharon Brown and Rob Portman out of Ohio, we’re out about a week ago.
Sorry. Introducing this bill to actually raise asset levels for SSI beneficiaries. Currently, the asset levels as an individual is $2,000. As a married couple, it’s $3,000. And basically, they’re coming out saying this does not give people that much extra money around and available in the situation like we saw in 2022 And 2021. Therefore, they want to raise asset levels, as in the amount of money that you can have saved to $10,000 as an individual and $20,000 as a married couple. Now, don’t get me wrong, that would certainly be very nice to have saved up for a lot of people, but at the current moment, it’s probably not all that feasible for that many people. However, this is a perfect transition into the next update that I want to talk about, which is the raise of benefits up to $13,590 each and every year. And where did that number come from?
Did I just pull it out of the air? Well, no, actually, I didn’t. That is the federal poverty line as of 2022. So last year, the federal poverty line was $12,880. However, each year it does bump up a little bit.
Well, in this case, it jumped up by $710 each and every year. So that’s what they’re identifying as the federal poverty line. $13,590 right here, right now in 2022, that equates out to or divides out to, I should say out into $1,132 every single month is where they want this to be. Now, the information circling around is suggesting that in the event that they do bring forward, one, the Social Security 2100. And number two, the SSI Restoration Act.
As a result of this information that’s out there right now, as well as these lawmakers that are introducing the asset level increases, there’s also talk about raising the monthly benefits up to a minimum of what they talked about is 100% of the federal poverty line. That $13,590 each and every year or $1,132 every single month Right. So this would actually help people get by a little bit more easily each and every month. Don’t get me wrong, though.
I want to make it very clear, still, trying to live on $1132 a month would still be very difficult, especially during this very high inflationary time that we’re in right now. However, the difference is it’d be a little bit easier to live on $1132 a month versus $841, which is the current maximum from SSI. And actually, the current reports have been showing that the average SSI beneficiary is getting $665 every single month. That even makes it more difficult, right? 665 a month is not that much Right. That’s what, $150, $160 a week. That’s tough, right? That’s really tough. Now, here’s the thing.
The SSI program has not actually been reformed since 1989. That was the last time that any type of major reform was put in on SSI. So it’s probably about time 33 years ago was the last time that SSI was actually reformed in any major way. Yeah. I think we can all see what needs to be done here.
Right So these are all pieces of information that are circling around right now. Number one is to raise the asset levels. Number two, bumping up these benefits up to 100% of the federal poverty line. And again, there’s a lot of talk about this because as always, we see different pieces of information coming out and there are always both sides of the coin.
Right. We have one side that says this must be done right away and we need to raise these benefits up. We need to get money into the pockets of the people. We need to do all kinds of different things. And then, of course, on the other side, there’s always the other side which says, no, this is going to cost the federal government whatever ridiculous amounts of money.
They always come up with some huge amount. It’s like $500 billion over ten years. Yes, that’s over ten years. Okay. How about we look at it on an annualized basis right now, I get it.
We need to look at the long term, the big picture that actually encompasses everything. But it always seems like they always look at everything over a ten year period of time, which is fine, not a big deal. But at the end of the day, let’s look at it day by day. Let’s look at it year by year. Rather than giving out these huge hundreds of billions of dollars numbers and saying this is going to cost taxpayers this much money or whatever, with all these different reports that we see out there, that’s fine, whatever.
I’m pretty sure if they don’t spend the money on giving it to people or raising benefits, they’re going to find some other way to blow the money anyway Right. As far as Congress and the federal government, they always do. So I’m pretty sure if they don’t find a way to give it to the people, they’re going to spend it on some other project that probably impacts nobody Right.
So it’s just kind of the whole nature of the game that we all see playing out, especially as of lately as we continue to see all these massive packages being passed, tons of money being thrown around on just all kinds of different things. But anyway, these are some of the updates that are out there now. So coming full circle on this, it’s actually pretty exciting because we do know this much. We know that between all of these benefits, again, Social Security retirement, SSDI survivors, SSI, VA, RRB, there are over 70 million beneficiaries. In fact, just between Social Security, and all the benefits encompassed within Social Security and SSI, there are about 70 million beneficiaries.
Now, if we add VA and RRB, on top of that, we’re talking millions more. Right? We’re talking millions and millions more beneficiaries.
So between all of these benefits alone, we could be talking 80 million people, roughly 75 to 80 million. There are a lot of people that are encompassed within this. Now, here’s the thing. Like I said, just between Social Security and all the benefits encompassed within it and SSI, it’s about 70 million beneficiaries. So these people are getting benefits.
There’s a large number of which that are living below the federal poverty line because benefits are simply too low and they have not reformed these programs in a very long time. However, between these two programs, the SSI Restoration Act and Social Security 2100, they do want to raise benefits and actually make sure that beneficiaries are getting an adequate and fair raised that actually reflects their cost of living every single year. Therefore, all of these different pieces of legislation that are out there now would actually raise benefits and benefit about 70 million people. Does that seem a little bit appealing before the midterm elections? Yeah, you bet it does.
Right. That’s exactly why they want to get it done before the midterm elections, because they know that if they can actually short these programs and make sure that they’re actually raising benefits and doing what is morally right for the beneficiaries receiving these benefits, they know that they could easily probably secure a lot of votes, 70 million, probably not everybody. But let’s be fair, they could probably secure a lot of people if they just do what’s right by raising benefits. So anyway, I guess only time will tell, as we always say here, and we’ll have to see what actually happens on this. But these are some of the ideas.
These are some of the articles, these are some of the headlines that are circling out there right now. I wanted to boil it all down into one topic, kind of giving you a comprehensive overview of everything going on right now that may impact you and your monthly benefit going forward makes sense. Yeah, some interesting things going on out there, and let’s cross our fingers because I feel like once one of these gets passed it’s only a matter of time until they all kind of flood through, right. It’s just a fact of actually kind of opening it up, opening up the spigot, and getting the kind of the action to start flowing on all of these pieces of legislation and the updates Right.
So anyway, as I do get more information, of course, I’ll be right back here for you to break it down and let you know what is actually going on. So again, thanks so much for reading.
Thanks again. I appreciate it. Enjoy your day and I’ll catch you again later on the next topic.