$1415 Social Security monthly benefit. Will you be included? I have all the details for you on this topic. All right, let’s get right into it. So, as we know right now, Congress is currently working on a few significant pieces of legislation that would actually reform major programs like Social Security and the SSI, Supplemental Security Income program for millions and millions of beneficiaries.
As we do also know, within these pieces of legislation, there’s a few different provisions in there to actually raise benefits for millions of beneficiaries as well. So I do want to focus on this and actually talk about it in a little bit more detail on this topic. So let’s keep rolling here. All right. So as I mentioned, there are a few different pieces of legislation, one that is specifically focused on Social Security and one that is specifically focused on SSI.
In this video, I do want to focus on the piece of legislation that is specifically focused on Social Security benefits. We can always talk about SSI in a separate topic because honestly, these two are very, very different. And honestly, they both need their own dedicated topic. So I do want to talk about Social Security on this topic. But of course, don’t worry. I will continue to bring you the best information on SSI as well. But let’s talk about Social Security here. All right. So as we know, there’s a piece of legislation out there right here, right now. We’ve talked about it previously in a separate topic called the Social Security 2100.
Now, this is a pretty substantial piece of legislation. And as of right now, it already has over 200 co sponsors in Congress. That’s really good. I mean, seriously, how often do you see a bill or piece of legislation come through that would actually offer 200 plus cosponsors? I mean, seriously, that is really, really good considering where this is in the stage.
However, one of the provisions in the bill again, there’s about a dozen different provisions in the Social Security 2100 where they would actually raise benefits as well as reform the program as a whole and actually make benefits much, much better on a long term basis for many millions of beneficiaries. So this is actually a really good thing. However, one of the major provisions in the bill, like I said, is to raise benefits. So I want to focus on that in this video because some things have actually changed as a result of this as of recently. And I want to talk through the details on this. So one of the provisions, like I mentioned, raise benefits. So what they want to do is they want to raise the special minimum guaranteed benefit. Essentially what this means is raising the minimum guaranteed benefit for those lower income earners so that they will get a guaranteed minimum benefit. Well, guess what? They want to raise it up to 125% of the federal poverty line.
Well, guess what? The federal poverty line has also changed. So here we are in 2022. The federal poverty line has now changed over what it previously was in 2021. So I want to talk through these new numbers because this is actually pretty significant here. All right. So in 2021, the federal poverty line was $12,880. However, as of 2022. Now the federal poverty line is $13,590, a raise of $710. That’s annual income, by the way.
However, remember, as a provision within the Social Security 2100, they want to raise the minimum special guaranteed benefit up to 125% of the federal poverty line. Let’s run some quick math here. So we take the new federal poverty line, $13,590 as of 2022. We multiply it by one point 25, and it comes up with $16,987 for the entire year of income for these beneficiaries. Again, amazing. So this would actually be a pretty substantial raise to benefits. Like very significant raise to benefits. Right. However, let’s keep running through some math here a little bit more. So we take that one.
Sorry, that new annual benefit, $16,987. Let’s divide it on a twelve month basis. It comes up to $1,415 as a monthly benefit, which they would want to implement as a special guaranteed a minimum benefit as a result of the Social Security 2100. Again, amazing. So simply what it comes down to is this back in 2021.
Now, again, that was a few months ago, they wanted to actually pass through the Social Security 2100. They wanted to get it done before the end of the year. Well, guess what? Because of other pieces of legislation that were out there at the time, they didn’t get it done. There was a lot of other things on the plate in front of the Social Security 2100 coming to the floor and actually opening it up for debate and actually passing it through or hoping that to pass it through because they’d get the necessary amount of votes.
However, because of that other legislation at the time, it was called the Build Back Better Agenda. At the time, that did not get passed through. Therefore, it stalled the Social Security 2100 coming to the floor. Well, as a result of that, now we’re in 2022, the recent word on the street right now. And what they actually want to do is potentially get this passed before the midterm elections later this year.
Well, as a result of that, just simply by waiting from 2021 to 2022, ultimately that would result in a $710 essentially raise built in because they raise the federal poverty line up to that $13,590, which is usually adjusted on an annualized basis. So very interesting. At the same time, just because they were dragging their feet for about a month or so, because they basically pushed it beyond the December timeline is when they actually wanted to pass through the Social Security 200 because they dragged their feet for about a little bit more, longer to push it into January or basically turn it into 2022 until they actually get something like this passed. Basically, it just built in another $710 of a raise for these millions of beneficiaries. Again, amazing.
However, I do totally understand the raise needs to be implemented like yesterday, right? Like six months ago, like a year ago, like three years ago, but at the same time, simply because they just continue to push this thing out. And now here we are in 2022. And the likelihood of this getting passed is. Well, we don’t really know what the likelihood is, but either way, they do want to get this done before the midterm elections.
Why? Well, because there’s a lot of millions of beneficiaries. There are millions and millions of beneficiaries who draw on Social Security benefits every single month. And guess what these people do. Yes, they vote. So I think all of us can recognize we see what they’re doing here. Right. Either way, this is not me taking sides. It’s me simply saying hopefully they will come to their senses and this year in 2022, get this done here over the next few months. And according to what I’ve been seeing out there, according to my research and what I’ve been hearing people say and the statements that have been mentioned out there, this is something that they want to get done here in 2022.
Of course, after they get through with some of this other legislation called the Build Back Better Agenda or whatever they decide to do with that and the provisions that were within it. So either way, this is very exciting. So anyway, the new special minimum guaranteed benefit as a result of what they want to implement as a result of the Social Security 2100, raise those minimum guaranteed benefits up to 125% of the federal poverty line. And again, the math that I just gave you, the $13,590, if the new federal poverty line multiplied by one point 25 equals $16,987 divided by twelve months comes up to $1,415 as a minimum benefit, that would be amazing. Again, this would be life changing for a lot of people.
Now, again, this would be for those lower income earners throughout the course of their career who are getting very low Social Security benefits. Again, amazing stuff, right? So anyway, I wanted to come back with you, give you the latest details on this, let you know where this stands as of right now and let you know who would be included for this. As I said, this would be that minimum guaranteed benefit for the lower income earners throughout the course of their career, the people receiving those low benefits. So as we do get more details on this golf course, remember, any of this can change as it works its way through the legislative process and as they potentially bring this up for debate on the floors in the house and in the Senate as they potentially start voting on this, we recognize any of this could change at any given point, but this is how it’s currently laid out as of right now, crossing our fingers that they actually do something.
Again, I’ll be here for you with all the latest details as we do get more information on this. There’s a lot going on right now. There’s a lot of things that are changing. But don’t worry, I’m doing all the research and I truly want to be here for you in any way that I possibly can be with all this information and all the details as I do get them.
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