Social Security beneficiaries, including retirement disability, SSDI survivors, and SSI. How much would your new benefit be? I have all the details for you and the breakdown on this topic, All right, so with everything going on right now, I think a lot of us are also wondering if when are we going to be getting a raise to our monthly benefits? How much is it going to be and is it going to be substantial enough to actually do something for us during this very difficult time as prices continue to get away from us with all of this rapidly rising inflation? Now, I think a lot of us could probably think back to 2020 when we talked about that $200 per month raise. That’s not what this video is all about, but I do think a lot of us think back to that day and think, Gee, it sure would be pretty nice if they would have implemented that $200 per month raise for all of the millions of beneficiaries.
A lot of us would probably be sitting in a much different position right now in the event that that actually would have been implemented. However, one quick side note on that that was actually set to expire at the end of 2021. So I guess it probably wouldn’t be the best time right now, considering how rapidly rising prices are right now, to probably have that $200 per month dropped. But again, it never even happened in the first place. But my point is it sure would have been nice and it probably would have helped out a lot of people in a really big way.
But anyway, just a quick side note there, it’s kind of hard to not think about that because that was something that was very encouraging at the time when it was introduced by that small handful of lawmakers. Maybe there’s a way who knows, maybe there’s a way we could possibly get out to Congress and have them introduce something once again like that. Either way, that’d be pretty nice. But again, I apologize. Just a quick side note there.
But anyway, let’s quickly talk about what’s going on right now and how this may pertain to all of these millions of beneficiaries. By the way, I’m talking about 70 million beneficiaries under the umbrella and under all of those benefits that I mentioned at the beginning of the video. So anyway, with everything going on right now, inflation continues to rage higher as we continue to see on a monthly basis. And realistically, with everything going on right now, the analysts, the experts, everybody that’s talking about this right now is anticipating we’re likely going to be seeing 10% or possibly even higher inflation at some point here in mid-2022 unless they do something about it relatively rapidly. We’re going up much higher than where we are right now.
So as a result of that, we’re also seeing some preliminary numbers coming out as far as how much of a raise millions of beneficiaries could be getting on your monthly benefits going forward. So there’s a few different numbers out there that have been floating around, and I do want to implement these into this topic and kind of give you a better idea of where we could be sitting in the near term. Well, in the future, I should say, in regards to your monthly benefits and what your benefit could look like as a result of some of these bigger raises that some of these people are talking about. So the races that we’re talking about here, I want to break down into this topic and give you some actual numbers to kind of lean on to kind of give you an idea of what we’re talking about here. All right.
So let’s quickly run through some of these numbers here. And now what I want to apply here is a 7.6% and a 7.9% raise to your monthly benefit. So I want to break all this down and show you the differences between what it would look like between a 7.6% raise and a 7.9% raise. I think you’re going to be a little bit surprised here between the differences of the two. I’ll let you judge that.
Let me actually break these numbers down for you. All right. So I’m going to give you some round numbers here, just like I’ve done on other topics. I like to give you round numbers just because it’ll kind of give you a general idea of where to be and realistically, it’ll get you within just a couple of dollars of where your benefit would be anyway. So let’s break this down. All right. So if you’re receiving a $600 benefit, applying a 7.6% to 7.9% raise, it would boost your benefits anywhere between 45 and $47 each and every month. So as you can see there, it’s not much of a difference. It would be $45 at a 7.6% and $47 at a 7.9% so it’s only a $2 difference. All right. So anyway, that’s that example. Now let’s talk about a $700 raise. If you’re receiving a $700 benefit, applying a 7.6% or 7.9% raise to your monthly benefits, it boosts your benefits anywhere between 53 and $55 each and every month. Again, 53 for the seven six and 55 for the seven 9%. So again, not that much of a difference between the two.
Let’s keep rolling, though. If you’re receiving an $800 monthly benefit, applying a seven 6% raise to a 7.9% raise, again, it would raise your benefits anywhere between $60 and $63 each and every month. So as you can see, there $60 on the 7.6 and $63 on the 7.9. So again, not like a ton of money difference between those two raised differences. All right.
So let’s quickly talk about SSI. Now, if you’re receiving the maximum SSI benefit right now, the $841 each and every month, your benefit would actually be raised a pretty substantial amount, well proportionate to the percentages. But let me give you the numbers here. In the event of a 7.6% to 7.9% raise to your benefits, your benefit would go from 841 to either $904 or $907 each and every month. So as you can see there again, the spread between the two only being $3 difference between a 7.6 and a 7.9 But remember that’s on a monthly basis. So I guess if you extrapolate that over the course of the entire year, $3 per month would be an extra $36 for the year. So I guess over the course of the year, I guess it’s $36. But on a monthly basis, it’s only a matter of $3. Right So it’s not like we’re talking $30 or $100, anything like that. It’s just a couple of dollars. But anyway, every dollar counts right now. We cannot dismiss even a dollar during these days. All right, so let’s quickly talk about a $900 benefit.
If you’re receiving $900 right now and you apply a 7.6% or 7.9% raise to that, you’d be looking at anywhere between the amount you’d be getting is anywhere between 968 and $971 per month. So again, about a $3 spread there between the 7.6% and the 7.9%. All right, one more example here. If you’re receiving a $1,000 benefit, applying a 7.6% or 7.9% raise to your benefits, again, would raise your benefits anywhere between $76 and $79 per month. Again, a spread of only $3 is the difference.
So as you can see, there realistically, if you are somebody kind of on the lower end, the 600 $700 range, the difference between the two is only about $2. And the higher that you go up, of course, because we’re calculating with percentages, it continues to adjust as a percentage basis. Right. So about $3. So realistically, whether the raise is again, 7.6%, 7.9%, anything like that, it’s only going to be a matter of a couple of dollars each and every month.
But again, like I said we cannot dismiss even a single dollar these days. We want it all. Give it all to us. Please make it fast. Give it to us now.
Right. So I think that’s what we’re probably all thinking right now. But anyway, these are some of the preliminary numbers that I’ve seen out there as of right now. Of course, we won’t know what the official number will be until about mid-October, when the Social Security Administration comes out and gives us the final announcement on this number after we get the inflation data for the month of July, August, and September. But again, the year is zipping right on by so far, and before we know it, we’re going to be right there in those months.
But economists, analysts, everybody that’s watching this stuff very closely right now is saying that we’re likely going to see 10% or thereabout inflation sometime in mid-2022. Well, guess what? Mid 2022 is kind of right in that time frame. July, August, and September obviously may include June also. But at the same time, June doesn’t count for what we’re looking for.
It’s those three months, July, August, and September, that actually indicate how much the cold arrays will be for all these millions of beneficiaries. So anyway, at least it’s a little bit of something to look forward to going forward. But realistically, it sure would be nice if Congress did something well before then to get more money into the pockets of the people. And I’m not necessarily talking about a raise. That would be nice, too.
But realistically, we’re talking about more something like a stimulus check, a relief check, an anti-inflationary check, survival check, who knows what, whatever they want to call it check, we don’t really care. Just money is what we want. So anyway, hopefully, we can call on Congress to do something, at least in the near term, maybe the middle term. Honestly, sometime before the midterm elections, the sooner would ultimately be better. But again, I wanted to break it all down for you.
These are the few of the numbers that I’ve seen floating around out there as preliminary estimates as to what the Cola could be. Now, again, just a couple of days ago, the Senior Citizens League was out actually talking about this, and they were projecting a 7.6%. So even they are pretty accurate with their analysis and their estimates. But again, it’s all preliminary at this time because we need a lot more data points here before we can come up with any substantial numbers.
But they’re calculating it to exactly kind of where I’m finding these numbers at Too as well. So kind of interesting stuff. One more thing I want to throw out there as well, of course, the menace that we all got to watch for, too Medicare Part B premiums. So that’s another big one out there that we would have to watch going forward into 2023. And later this year, as the Centers for Medicare and Medicaid Services comes out with that number last year, in 2021, it was a Whopper 14.5%, and that was an ugly one for a lot of us.
So we can only hope that they come to their senses when they calculate how much the Medicare part B premium would be for next year as well. And again that will be released usually sometime in early November is when that’s released. And hopefully, they can be a little bit more reasonable this year going forward. But again, it’s all revolving around inflation, our new favorite word of the year. Inflation Yes. I’m kidding. That is not our favorite word. It is not a favorite word at all. We don’t even like it. Inflation. Get out of here. We don’t like you. You know what I mean? My point is inflation is not anybody’s friend right now, at least anybody in this community.
If it’s your friend, let me know. I’d like to know what you’re doing to actually think that inflation is a good thing right now. It may be a good thing for some people, but for the vast majority of people who are living on a low income or a fixed income or anything like this, inflation is not our friend. Not right now anyway. So anyway, I want to break this down for you, let you know what I’m looking at, all the things that I’m finding out there with the research and again, these are kind of some of the numbers that I wanted to break down for you in this video and just to let you know what is going on out there, What I’m finding and what the research is suggesting and pointing toward right now.
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Enjoy your dates. Stay safe out there and I’ll catch you again later in the next topic.