Social Security Low Income And What They Have Changed For Millions Of People

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Social Security Low Income And What They Have Changed For Millions Of People
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They changed it for the low income. And this is a really good thing. Let’s get right into it. As there is so much going on right now, information is changing very rapidly.

I’m watching everything closely. I distill all that information down into these short topics, which I deliver a few times each and every day so that you can get the latest details hot off the wire as they’re being released. So again, thank you so much for being here. I truly do appreciate your support.

And please remember, I am here for you in any way that I possibly can be to keep you updated as well as right by your side as your one and only daily advocate each and every day during this very busy, confusing time that we’re all living through right now. All right, thank you so much. All right, so I do have some great news in this topic because some things have changed as of recently, and this is actually a very good thing for the low income and fixed income. What are we talking about, the Federal Poverty Line.

Now, why would that be actually a good thing? And why would this impact the low income and the fixed income for actually a variety of different reasons, which is exactly what I want to talk through in this topic? So let’s get into this. All right, so remember back in 2021, the federal poverty line, which again, we covered this multiple different times in a variety of different videos. We referred to this number a lot back in 2021.

Well, now that we’re into 2022, this is a number that we need to look at very closely because things have changed. So in 2021, the Federal Poverty line was $12,880. However, they did adjust it just as we were actually anticipating. So in 2022, the Federal Poverty line is $13,590, which is actually an increase of $710 over last year’s number, which was $12,880. Now, this is a good thing.

Why? Here’s why. Because a lot of the benefits that the lower-income and fixed income beneficiaries are eligible to receive are pegged off of the Federal Poverty Line. For example, things like Snap benefits, housing vouchers, or section eight vouchers, things like this, housing assistance, nutrition assistance, food assistance, utility assistance. There are so many different things, and a lot of these are pegged off of the Federal Poverty Line.

For example, programs that we’ve previously talked about, including LIHEAP Low-income Home Energy Assistance Program, Snap benefits, as well as the other program, ACP Affordability Connectivity Program. These programs, for example, are based on the Federal Poverty Line. As far as if you would actually be eligible to start receiving benefits from them in general. They say basically anybody under 150% of the federal poverty line or even 200% of the federal poverty line, would be eligible to receive benefits. Therefore, the federal poverty line moving up is actually a pretty good thing, because if your income is a little bit higher, that just simply means that they’ve also opened the floodgates for more people to start getting benefits because it now encompasses more people that maybe have a little bit higher benefits and or a little bit higher income.

Now, for example, this income that we’re talking about does not need to be necessarily from a job. They’re simply talking about any income. It could be fixed income from Social Security, SSDI, SSI, VA, RRB, low income, low income. It simply does not matter. Income is income when it comes to income.

That’s all it really comes down to. Does not matter if it’s fixed income or earned income. It just does not matter. So the simple fact that they have moved up the federal poverty line in 2022 is a really good thing for the low income and fixed income because it may actually make you eligible for even more benefits going forward, especially if your income was very close to that threshold, what it previously was last year. That $12,880.

This is good stuff. Now, a couple of things I want to discuss about this federal poverty line as well is that we do know that some of the proposals out there right now to raise benefits for fixed income, beneficiaries of Social Security, SSDI, survivors, SSI, and even VA benefits, again, is a really good thing, because some of these proposals do want to raise benefits to 100% of the federal poverty line or 125% of the federal poverty line. Well, if we’re using a baseline of $13,590 as the new federal poverty line, this is going to be a much bigger benefit based on percentages. Right? Because as we calculate percentages, when we use higher numbers as a percent, it’s going to be much higher than a lower number.

Does that make sense? So anyway, yes, they have adjusted the federal poverty line here in 2022. And this is a good thing for the lower-income and the fixed income, especially when it comes to all of these extra benefits that we’re talking about, which, by the way, I’m going to throw this out there one more time. Things are very expensive right now. We all understand this.

We’re all paying for things in much higher prices than we were previously. We all completely understand what is going on right now. If you have not previously applied for any of these benefits that I’ve been talking about here as well, please apply for them, especially if you are low income or you’re living on a fixed income. It would only make sense to apply for some of these benefits. You’re probably going to be accepted.

Now, again, no guarantees. I have no clue what everybody’s situation is everybody’s situation is very different. But my point is I’ve seen in the comments section a lot recently as I’ve been talking about some of these programs. I continue to talk about them and I say please apply for them. And all the time I see comments down below saying I applied and I’m getting benefits now.

This is great. Thank you for the help. Seriously. So if you have not applied for these benefits now that the federal poverty line has been adjusted in 2022, you might want us to grab it because that just means that these benefits are now eligible and available for even more people because it encompasses people that maybe have a little bit higher of an income. And again, it doesn’t matter where your income comes from.

Social Security, SSDI, retirement survivors, SSI. It simply does not matter. Income is income, right? How many dollars do you have coming in each and every month? That’s all it really counts.

So wherever your income is, this is something we have to pay attention to going forward because as these numbers continue to adjust going forward, it’s something we need to pay attention to because it’s going to impact even more people. There’s a lot of stuff out there for the low income and fixed income, especially right now during this very high inflationary period that we’re in. We’ve got to pay attention to it because this just means that they’re going to Institute more programs and ultimately pump more money into these programs to help out the low income and the fixed income. Because as we know, we’ve seen it so many times in previous reports and studies and things like this. The low income are the ones who are taking the bulk of all of this going forward with this inflation.

This is no surprise. We all know it. Therefore, they’re going to continue to pump more billions and billions of dollars into these programs for the lower-income and the fixed income to take advantage of. It’s very important. And a lot of this, as I said, is pegged off of the federal poverty line.

Very important numbers that we got to watch. So anyway, just wanted to make this out there for you. Want to make it very clear what is going on with this. This is a good thing that they are raising the federal poverty line and they typically do this each and every year and again, got a pretty nice boost. So I’ll continue watching all this stuff very closely.

Just want to throw this out there for you and let you know how this actually does impact the low income and the fixed income. I hope you’re having a nice day so far. Please stay safe out there. Enjoy your day. I’ll see you again later on the next topic. bye

 

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