Social Security, SSDI and SSI a Monthly Benefits – Raise to Monthly Benefits – Full Details & Clarification

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Social Security, SSDI and SSI a Monthly Benefits - Raise to Monthly Benefits - Full Details & Clarification
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Yes, when it comes to a raise to monthly benefits for those of you receiving Social Security retirement, disability, SSDI survivors, and SSI benefits, I have some additional information. And for further clarification on this topic.

All right, I was out in that topic talking about a potential 7.6% raise for about 70 million beneficiaries receiving Social Security retirement, SSDI survivors, and SSI monthly benefits. Well, as a result of that topic, which, by the way, if you happen to see that topic, thank you so much for reading.

I really do appreciate it. I’ve been spending a lot of time today reading through those messages and I’ve been seeing a lot of really great comments. I’m glad that that information is helpful to you. And I’ve also seen a few questions come up, as well as a couple of different scenarios that I’ve seen pop up in a few of those comments that I want to layout in this topic simply because very interesting. And unfortunately, it is the case for a lot of people right now.

But I do want to offer some additional clarification on this potential seven 6% raise to monthly benefits. First off, let’s quickly talk about this one comment that I’ve seen pop up just a small handful of times. Only a few of you wrote this, but I do think that this is the case for a lot of people out there right now. So a couple of you reached out and said, hey, I got my monthly benefit today, which yes, by the way, some of you did receive your monthly benefit today. Well, as a result of that, some of you you got paid, right?

So what did you do? You paid some of your bills that you were maybe behind on or some of the bills that were waiting to be paid. Some of you also said, hey, I got paid and I went out to the grocery store, got some groceries. I filled up my car with gas as long as I was out. And sure enough, as you would know, yeah, I only have a few hundred dollars left.

There’s not much money left. And I still have another month to go before I receive my next monthly benefit. It’s going to be another tough month going forward. So I saw a few of you reaching out saying that where basically you got paid today and essentially half of your benefit, or in some cases I saw a couple of you say my benefit is gone and I have another month to go before I get my next benefit. I don’t know what I’m going to do.

Unfortunately, I believe this is probably the case for a lot of people right now. Right. You get your benefit whatever it happens to be, maybe $900 921 thousand, 850 whatever it happens to be. And essentially, basically, you spend almost all of it immediately just trying to catch up on some of your bills, trying to fill up your refrigerator and maybe your pantry with a few groceries, doing a few things, and then all of a sudden before you know it, it’s all gone. Right?

Well, I think this is unfortunately, the case for a lot of people. Now, I do want to point that out just simply because I have been seeing your comments down below saying that. And I feel like if you feel like this is your situation, you’re certainly not alone. There’s a lot of people out there right now, which again continues to point us toward what is Congress doing about this? Right.

But again, we can talk about that in a separate video because honestly, I could go on and on and on for a very long time right now questioning what is Congress going to do about this situation? But let’s reserve that for a separate topic. Otherwise, I’m going to get off on a rant right here. Right. All right.

So let’s leave that for a different video. But let’s quickly move on here and talk about some further clarification on this potential 7.6% raise. I did see a lot of you also reaching out saying, yeah, we absolutely need to raise as quickly as possible. When is it going to happen? Now, one more thing I want to point out here as well.

Now, this would be in reference to an adjustment to your benefit based on the current inflation data. As I mentioned in that topic earlier, the inflation data that we need to mostly pay attention to is that that’s coming out in the months of July, August, and September. Q three for the year. Now, why we have to watch those months is because these are the months that Social Security looks at, the inflation data. They take all this inflation data, they run it through their calculations, and it gives us a number.

That number is how they determine the cost of living adjustment for the following year. Now, I do know this is a long time from now. However, we do need to continue watching this very closely. Now, of course, we will be getting a raise next year in 2023 as a result of the cost of living adjustment. Again, I know this is very far away, but why can’t we be so sure that there’s going to be a raise next year and it’s probably going to be a pretty substantial one based on everything that we’re seeing as of right now?

Well, of course, no promises at all, because we do know that there are some years that come out and there is no raise. Remember those years you wait and wait and wait and get so excited for your raise to come, and all of a sudden they announce, oh, just kidding, zero raise this year? Well, unfortunately, that has happened in the past, but it’s probably not going to be happening this coming year simply because of the massive inflation. Essentially, they would need to lower inflation down to zero between now and the next five months. It’s not happening.

Considering we’re sitting at seven and a half percent. There’s no possible way. And for some reason, if it is at 0%, well, we’re going to have probably much bigger issues at that point, and we’re probably not going to be worrying about a little raise. Right. I mean, let’s be real with ourselves right now.

Right. If it happens to go down to zero, we’re probably going to have much bigger fish to Fry than trying to figure out where a little raise is going to come from. Right. But anyway, so that’s why we’re pretty much leaning on a pretty healthy raise going into the next year as a result of the cold raise. But we do need to watch this inflation data going forward.

But many of you have been wondering when will this actually happen? And I did see a few questions coming out saying, is this going to be implemented next month? So I do want to offer some clarification here. No, this would not be coming next month. Now, again, I know this is not what you want to hear, but I’ve still got to be completely honest and transparent with you with the information that I’m finding.

And this is just the preliminary information based on what economists are saying, what analysts are saying, and what the experts are saying that are watching all of this very closely right now. They’re saying based on the current data that we have at hand right here, right now, this is what we’re anticipating based on future inflation data. They’re potentially looking at about a 7.6%. But all of that can change very, very rapidly. It could even go higher than that, or it could go much lower than that.

We honestly don’t know. But that is just the data that we have as of right now. Is that kind of makes sense. Anyway, I did want to lay that out for you a little bit more clearly. Right there.

So some of you have also been wondering what is going on with our monthly benefits? Are we going to get some kind of raise? Are we going to be getting any type of additional relief going forward? Is there going to be a stimulus check? What is going on right now?

We need this additional money. And I also did see a few comments from you reaching out saying, yeah, great, the Cola is cool, we love it every year. But at the same time, it’s not that great simply because what they do is they reduce our other benefits. Snap benefits is what most of you referred to. And yes, unfortunately, this is something that continues to happen.

And honestly, it seems still so weird to me that there’s not some type of clause written into the language, some type of exclusion written in there saying when you get a raise to your monthly benefits, it will not offset other benefits that you may be receiving, like Snap benefits. That’s the deal is. I do know that a lot of you here in the community do receive Snap benefits because honestly, you should be receiving Snap benefits. Right? Those benefits are available for lower-income and fixed-income people who are maybe struggling, living on a lower income.

And it just helps you out with a couple of $100 towards food and groceries each and every month. But that’s also something that we need to watch. But still, like I said a second ago, it’s still very confusing that they haven’t written something in there. Like there’s not a clause in there that simply says when you get a raise, it’s not going to offset your other benefits because does it really make any sense? I mean, all of us deal with this every single year.

We see the whole thing play out, the raise comes in, and all of a sudden a reduction to the other benefits. I mean, does that make any sense to anybody? To me, it does not make any logical sense why they would give a raise with one hand and then take it all away with the other hand. But again, that’s just how the system is set up. It simply doesn’t make any sense to me.

But again, what do I know, right? I don’t know. I think a lot of you also agree with this. But again, it would be really nice if they changed that. It would not really take all that much effort for them to change that.

But again, we’d have to jump through a bunch of Hoops and all of that business to get it all done. But essentially, at the end of the day, one of the main questions that we continue to get right now is when, if there will be some kind of permanent raise to benefits and or will they be issuing a one-time stimulus check for all of the fixed income beneficiaries? Again, as I’ve talked about in previous videos, there is some encouraging information out there. But at the same time, I don’t want to be here and mislead anybody. I don’t want to leave anybody on.

I want to give you the honest, accurate information, which is, yes, there is some encouraging information out there right now about a one-time focused check on the low income and the fixed income. But at the same time, there’s still a lot of up in the air. I don’t know what type of situations going on right now. Right. So that’s kind of the deal right now with everything going on is Congress has so many different things that they are working on,

and it’s like they’re trying to do this big juggling act where everything is still up in the air, but yet nothing is necessarily being plucked out of the air and actually worked on specifically. However, even though it’s very encouraging to see that maybe there could be a focus check going forward for all these beneficiaries, it’s just one of those things that is kind of a wait and see approach right now, which we’ve been waiting for so long now, not really sure how much longer we really need to wait on this, but the further that we get into the year and closer to the midterm elections, you would feel like we’d have to continue building the stronger case for potential checks because honestly, all this is going to translate into votes at the end of the day. Right. So I think a lot of us kind of vote with maybe our wallets, our bank accounts.

Unfortunately, that’s usually what happens. We look at our current situation and say, well, has this group performed for us? Again, I’m not here taking sides. I’m simply telling you this is what a lot of us do have. I struggled throughout the course of the year.

If the answer is yes, then, well, is this particular person or group helping me or are they not helping me? Again, I’m not here to try to take political sides. I don’t do that. I’m simply just saying that is kind of the reality of the situation. And they recognize that as well.

Congress knows this. They know that we vote with a lot of times, our wallets, our bank accounts, things like this. We want to get relief. We need support right now. And it’s kind of all up to Congress.

They have the authority to do it. And of course, the administration is the one who has the final say to sign off on anything that could be done. So I’ll continue doing anything I possibly can, within my authority, within whatever I can possibly do to help all of you in this community also to try to reach out to Congress and get their attention in any way possible just to remind them that, hey, the fixed income, the Social Security, SSDI survivors, and SSI beneficiaries certainly need a focus check. We’ve known this for a very long time now. Congress knows this.

And we also know that according to the most recent reports, as of maybe a month ago, there’s about $800 billion still sitting on the books right now. That could be reallocated. It could just be redirected and sent out in the form of a check. And honestly, we wouldn’t even need that much, 100 billion at the most to get the job done for a lot of people going forward. Anyway, I hope this kind of clarifies a little bit more information here for those of you that were leaving those comments down below on the previous video.

But again, I just want to make it very clear this is the preliminary information that has been floating around in regards to the most recent inflation data, what we could potentially be looking at for a raise to monthly benefits as a result, again, as the cost of living adjustment. But again, we’ll have to watch the inflation data going forward throughout the course of the year, especially July, August, and September, see what those numbers come in at. And of course, I will continue watching everything very closely and keep you posted with anything between now and then in the form of monthly raises, additional checks, any type of other money, benefits, programs, anything else that could be coming down the line. I’m right here for you. That’s why I do all the research.

That’s why I’m watching everything very closely so that we can stay tuned with everything going on. Again, hope this one helps you out, please leave your comments and questions down below. If you need me to clarify anything further, I can absolutely do that for you. Otherwise, I’ll be back a little bit later with another update and more things that are going on. There’s a lot going on right now.

Of course. That’s why I’m here to boil it all down into these short videos and to help you out in any way that I can and ultimately be here as your one and only daily advocates right by your side every single day. So again, thanks so much for your continued support. Thank you for believing in me and thank you so much for your continued support here in the community. Thanks for being part of it.

Honestly, it means a lot to me and I really love reading through all the comments down below and all the contents. A lot of great stuff. So many nice people here. I love reading through the comments that all of you write to each other. I mean seriously, there are so many awesome conversations.

It’s just really fun to read through it so I really enjoy it. So thanks again. Enjoy stay safe and I’ll catch you in a little bit later bye.

 

 

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