Social Security, including retirement disability, SSDI survivors, and SSI beneficiaries. You’ll get this much based on some new information that was recently received. I have all the details, everything you need to know, and all the numbers you want to know right here on this topic. I am your one and only daily advocate and I am very much dedicated to you and this community to do all the research so that you don’t need to and to break it down into these short topics so that you can stay updated with the information that is being released hot off the wire each and every day. There’s a lot going on right now and things are changing very rapidly, but I’m here for you in any way that I possibly can be. So make sure to subscribe down below if you haven’t done so yet so you don’t miss any updates going forward during this very busy time. All right, thanks again. Let’s jump right into this update.
All right. So we are certainly living through a very weird and unique time right now with everything going on. All of this information is updating on a very regular basis. And to be honest with you, these numbers are also updated on a very regular basis. But surprisingly, these numbers are updating in the favor of the fixed income beneficiaries I just mentioned a minute ago, which is actually a little bit surprising because let’s be real with ourselves.
It is not very often that these numbers or anything out there actually updates in the favor of fixed income beneficiaries of Social Security, retirement, SSDI survivors, SSI VA, RRB, and even the low-income seniors, the elderly, people with disabilities. It’s very rare that we see basically anything update that actually benefits all of these people. So when we see these numbers updating and all this information updating in a good way for all these people, I feel like this is a pretty big win. So I want to talk you through all the details on this. Let you know what this actually means going forward, what we can anticipate here over the next couple of months, as well as what this information actually means to you as a fixed income beneficiary or a low-income individual.
Either way, if you’ve been watching the videos for any length of time now, you know I am very much dedicated to you and this community. I truly want to do whatever I possibly can to help you out. I know it’s a tough time out there right now, and seriously, I’m doing everything I possibly can to be here for you. So again, if you haven’t done so, make sure to leave your comments and questions down below. All right
So first off, I want to throw this out there. I have been seeing a little bit of hate mail down in the comment section. That’s okay. I’m totally fine with that because as I’ve said in my videos, please leave your comments, questions, and feedback down below. And that’s totally okay.
Everybody is entitled to their opinions and everybody is entitled to share whatever you feel. But here’s the thing. I want to throw this out there before we get into some very important numbers here. This is your money, this is your benefit, and this is your future. So to me, this seems like it’s very important, especially during a time right now when all of us are wondering, where are we going to get some more money?
Are we going to get a permanent raise? Are we going to get a stimulus check? Are we going to get monthly ongoing payments? Are we going to get any additional financial relief, any types of money programs, benefits, or anything else out there right now? So when I look at this and think, okay, this is our money, this is our monthly benefit, this is our future.
To me, this is very important. And again, that’s just my opinion. Everybody is entitled to their own opinion. But that’s just me looking at the situation, saying, this is our livelihood right here. So anyway, to me, this is very important stuff.
So I want to run through some details on this and give you the latest information and the calculations as far as what your new benefit could look like as a result of an 8.5% increase to your monthly benefit. Now, I want to be real with you. I just came across another report that is actually anticipating a significantly higher number than that event. However, since I talked about an 8.5% just a couple of days ago, I want to lay it out for you in this video. However, according to some reports out there, they’re actually anticipating even close to 9% or more.
Now, again, I can cover that in a separate video, but I want to stay consistent with the information that I give you, which is I talked about eight 5% the other day. So, therefore, let’s break down eight 5% in the form of a raise to your monthly benefits. What does this look like? Well, don’t worry. I have all the numbers for you right here in my little noggin.
And I’m going to lay it all out for you right here. So hopefully I can remember all the numbers, which I can because I practiced and I’m very much dedicated to making sure everything is accurate. So here we go. Let’s get into the numbers. All right, so here’s the deal.
Applying. Let me say this much first. So now, again, I’m going to use some round numbers here just to kind of round things out. Now, obviously, everybody’s benefit is different for the most part. Pretty much everybody’s benefit is different, but I want to give you some round numbers here and this will get you very close to what your benefit would be going forward in the event of an 8.5% raise.
But honestly, it’s looking like we might even be higher than that. But anyway, let’s roll with 8.5%. As of right now, we can always adjust accordingly as we get more information. All right. So here we go.
I’m going to give you some round numbers here, and this will get you within just a couple of dollars. If you’re receiving a $600 benefit, applying an 8.5% raise to your monthly benefit would raise your benefits by $51 every single month, which would actually raise them up to $651 or over $600 every single year. That’s pretty good stuff right there, right? I mean, seriously, that’s pretty cool, right there. $600.
You’re essentially getting another benefit every single year. So let’s keep going because the numbers actually get bigger the higher that we go because we’re dealing with percentages, right? All right. So if you’re receiving a $700 monthly benefit, applying an 8.5% raise to your $700 benefit, it would raise your benefits by $59 each and every month to $759. Again, not bad at all right.
All right. So if you’re receiving an $800 benefit, applying an 8.5% raise to your $800 benefit would raise your monthly benefit by $68 a month up to $869 every single month. Again, not bad, right? That’s over $800, $840, or just a little bit less than $840 a year. So it’s basically another benefit once again, right?
Pretty good stuff. All right, let’s talk about SSI for just a second here. If you’re receiving the maximum SSI benefit of $841 this year in 2022, applying an 8.5% raise to that benefit would raise your benefits by $71 every single month up to $912 a month. That would be pretty massive for SSI beneficiaries. Put it in perspective this way.
Last year the maximum SSI benefit was $794. So this year you’re sitting at 841 and just think, next year you could be sitting at $912. So in the course of one year, you could go from 794 to 912, right? So what is that $118, if my mental math is correct, I think so. That’s $118 over last year.
A month, right? That’s pretty good, right? All right. Anyway, again, now I want to be very clear. This is still below the poverty line on a monthly basis.
So again, it looks nice, like a nice race. But at the same time, it’s still well below the poverty line. Anyway, we can talk about that again here in a little while or in a separate dedicated video. All right. Let’s talk about a $900 benefit.
If you’re receiving a $900 benefit, applying an 8.5% raise to that monthly benefit would raise your benefits by $76 every single month from $900 to $976 every single month. Again, not bad, right? So that’s pretty cool stuff, right? There. That is over $900 a year.
So again, basically another benefit. So essentially what you can see with all these benefits so far is with the raise here, you’re essentially over the course of a year getting essentially one more full benefit out of it. Right? Pretty cool. Yeah.
Anyway, let’s talk about $1,000 benefit. Now, if you’re receiving a $1,000 benefit, applying an 8.5% raise to that would raise your benefits by $85 every single month. So bringing your benefit to over sorry, you bring your benefit to $1,085 every single month. And again, not bad at all. Right.
Seriously, this is some pretty big stuff right here. But again, all of these numbers that I laid out right here in this video, again, unfortunately, are still below the poverty line, considering the poverty line calculates out to as of right now, $1,132 each and every month. So all of these numbers are well below the poverty line. But Congress is still playing around with a few things right now, including the Social Security 2100 and of course, the SSI Restoration Act, which would hopefully raise those benefits up to 100% of the federal poverty line. But again, those are still up in the air right now, but they do want to bring those here to the floor before the midterm elections here in a handful of months.
Now, again, I want to throw this out there as well. The Medicare Part B premium. That is something we need to be very aware of. However, this year in 2022, the Medicare Part B premium was 14.5%. But we also need to take into account that 14.5% raise on Medicare for B premiums, $11 of that.
So $11 of the $21 increase on the premium every single month was because of that one very expensive Alzheimer’s prescription at your home. So we would anticipate going forward, that’s probably not going to be the case for 2023. So we would likely see a much more probably reasonable raise to Medicare Part B premiums. But let’s be real. We probably want zero raise to the Medicare Part B premium.
Right. Because that’s just one of those fees that we have to pay every single month. It comes right out of our benefits. And it’s something that’s not very fun to pay. Right