Social Security Update! $232, $291 Raise | Increase to Monthly SSI Benefits – Supplemental Security Income

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Social Security Update! $232, $291 Raise Increase to Monthly SSI Benefits - Supplemental Security Income
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A quick update on the $232 or $291 per month raise to monthly benefits for SSI Supplemental Security Income. I have all the details and everything you need to know right here on this topic. As I am your one and only daily advocate, my dedication and commitment to you and this community is to be here for you right by your side every single day to help you out in any way that I possibly can through this very busy and confusing time by doing all the research and breaking it all down into these short topic so that you can get the latest details hot off the wire each and every day as this information is being released.

So as of recently, I’ve seen down in the comments section, as well as a handful of you been emailing me, as well as through other means, reaching out, asking for the latest updates on the SSI program and a potential big raise that could be coming to your benefits in the amount of $232 or possibly even up to $291 each and every month. Now, I’ll break down the whole details about that As far as why I’m talking about these two different numbers, 232 or possibly 291 each and every month, which, by the way, that would be life changing for a lot of people, especially those people who are receiving SSI. And the $841, which is the maximum benefit right now, by definition of 841 per month, that benefit is well below the poverty line by about 30%. So, yeah, this raise, the benefits would be very substantial, and ultimately it’d be life changing for a lot of people right now. So anyway, I have the full breakdown for you here in just a minute. I’ll bring you all the details on that.

So as of right now, there’s about 8 million people that are drawing on SSI Supplemental Security Income benefits. Which one quick side note here. This topic right here is dedicated to SSI. I do know that there’s a lot of you here in the community receiving Social Security benefits or retirement or SSDI survivors, VA RRB, low income, low income. There’s a lot of stuff out there for you right now as well, but I do want to focus specifically on SSI Supplemental Security Income in this program.

Sorry about this topic. So anyway, let’s talk through all the details on this. All right? So all of this is in reference to. Yes, the SSI Restoration Act.

Now what is this? And let me tell you some of the details about it, because we got to understand what this thing is as it’s a pretty powerful provision out there right now that could be changing these benefits for a lot of people, about 8 million people, those people receiving SSI. The SSI Restoration Act was actually introduced back in about June or so of last year, 2021. So summer of 2021, a group of Senate Democrats came out and reintroduced the SSI Restoration Act. Now, this is something that’s very powerful because here’s why there’s multiple different provisions within this plan, and a couple of which is they want to raise the monthly benefits up to 100% of the federal poverty line.

All right, so here’s where that difference comes between the $232 that I talked about a minute ago and the $291 each and every month. What do I mean by this? Here’s what it comes down to. So last year, in 2021, when they originally introduced this, the federal poverty line was at $12,880 each, and every year divided out on a monthly basis comes out to $1,073 each and every month. However, if we were to take $1073, which would be the federal poverty line last year, in 2021 and divided out or sorry, the $1073, that is the monthly basis, minus the $841, is the current SSI monthly benefit right now.

That’s the maximum. It brings you up to a benefit raise of $232 each and every month. Pretty nice, right? However, here’s the difference here in 2022. Now, the federal poverty line has been raised to $13,590.

Pretty nice, right? But here’s the deal. If we divide that out on a monthly basis, it comes out to $1,132 each and every month. Now, if we take that same number, $1132, $1,132, which is the federal poverty line on a monthly basis, and we minus off, the maximum SSI benefit as of right now in 2022, comes up with $291 each and every month. So depending on how they actually approve this and how they actually approach this whole situation is if we look at the SSI Restoration Act, one of those major provisions in there is to raise the SSI monthly benefit up to the federal poverty line.

So the major question would be is which federal poverty line are you going to use from last year in 2021 or the newly revised federal poverty line here in 2022, which would either be the difference of $232 each and every month if they use the federal poverty line from last year or the $291 this year. And I think all of us can probably agree. I think the 291 sounds a little bit better. Right. So that’s a difference of $59 each and every month.

So that actually results in quite a bit of money over the course of the entire year. So with the SSI Restoration Act, that is one of the major provisions in there next. They also want to increase the asset levels. As of right now, if you’re an individual and you receive SSI, you can have $2,000. If you have anything more than $2,000.

Look out because they’re coming for your benefit. You know what I mean? You probably know about this. If you have anything more than the limit of assets that they allow you to have, they pretty much reduce your benefit in a big way. So they essentially do not allow you to have very much money at all, which makes it really difficult to actually maybe set aside a little bit of money in the event of a rainy day type of situation or maybe a major car repair or anything like that.

Seriously, $2,000 these days doesn’t get you too far anymore, right? A couple of years ago, it got you a little bit further. But these days, with all this massive inflation, $2,000 doesn’t get you a whole lot anymore. But they do want to raise the asset levels as an individual and a married couple. So here’s what it would be right now as an individual.

It’s $2,000 as a married couple, $3,000. But here’s what they want to do as an individual under this new SSI Restoration Act. They want to raise the benefit. Oh, sorry, they want to raise the benefit also. But yes, they want to raise the asset levels up to $10,000 as an individual and $20,000 as a married couple.

Just imagine how would your life be different if you had $2,000 today as an individual and all of a sudden they said you can have $10,000 and you are able to stock away $10,000. Would your situation maybe be a little bit different? I’m guessing probably right. Yeah. Your income may still be pretty low, but the deal is if you had $10,000 set aside, you’d be able to do a lot more with that than just $2,000.

Right. Kind of a major difference. So that’s something that they also want to do. Now, one of the other major provisions in this also is they want to remove the marriage penalty. This is a really big one.

I’ve seen this down in the comments section many times now, and a lot of you say, hey, the marriage penalty not really sure why it’s there, but it’s significantly reducing my benefit if you’re somebody who is married and or I’ve seen this down below as well, hey, I’m engaged or I’m with the person that I want to be with. But the problem is we can’t get married simply because if we do, it’s going to reduce our benefits. Well, yeah, that’s something else that they want to remove in there as well is the marriage penalty. Now, the SSI Restoration Act was actually enacted way back in the early 1970s under President Richard Nixon. So the last time that this program went under any type of major reform.

Yeah, you called it basically never, essentially since the program was incepted way back in the early 70s, I think all of us can probably agree. Yeah. It’s about time for the SSI Restoration Act to actually undergo some major changes here. Right. Anyway, that’s kind of the brief breakdown of the SSI Restoration Act.

There’s a lot of good stuff in there, a lot of major provisions that would help out a lot of people, 8 million plus people that receive SSI benefits right now. And maybe this would also translate into some type of reform to Social Security as well. And that’s actually what I want to talk about next. So to answer your questions, as far as those of you that have been asking what’s going on with the SSI Restoration Act, is there some kind of changes coming? Is SSI going to be changing?

Are the benefits going to be boosted? What’s the latest details and what’s kind of all the information going around right now? So the latest word out there right now that I can find for you is that it looks like there may be some discussion about this here over the next couple of weeks. Sometime in earlyish to mid-April, it looks like they want to be discussing the SSI Restoration Act as well as the Social Security 2100. It seems that they want to bring both of these to the floor simultaneously in Congress.

It looks like they’re going to come to the House of Representatives first, especially the Social Security 2100, and the SSI Restoration Act may be accompanying it again at the same time. Now, here’s the differences, though. The Social Security 2100 was actually introduced by John Larson in the House of Representatives. Meanwhile, the SSI Restoration Act was introduced by a handful of Democratic senators, obviously in the Senate. So these may be coming through side by side, but basically what it comes down to is they actually want to start working on these and they want to bring these to the floor sometime in mid April.

However, I want to throw this out there as well. We’ve seen so many delays with so many other things out there right now. Even though they say this is what they want to do, they want to bring these to the floor. They want to discuss them in April. The fact of the matter is we also know at the same time they’ve also wanted to bring multiple other pieces of legislation to the floor in the House and in the Senate.

And did they make it? Well, maybe they made it, but did they advance? Well, not really. Right. So I just want to throw that out there as well.

Just because they say that they want to talk about it, just because they say they’re going to bring it to the floor does not necessarily mean it’s going to for surely pass or that it’s going to get any momentum and move anywhere. Now, we can hopefully cross our fingers and say that, yeah, hopefully something will also prevail out of all this and that they will actually get something done on this. But realistically, only time will tell. And we should be getting those answers here within the next couple of weeks, according to what I’m finding.

So as far as those of you that have been asking, yeah, I know it’s a slow process. It’s a very slow process but this is kind of the nature of Congress. They work very slowly. But as I do get more information, as I’ve always said, I’ll continue to be here for you right by your side, breaking it all down and to help you out in any way that I possibly can. So these are the updates that I have for you as of right now with this.

But again, when it comes to the SSI restoration act or Social Security 2100 or any of these other provisions out there right now, of course, as I do get more information, I’ll keep you posted but I think we also need to continue watching anything pertaining to Stimulus as well right now because there are some pretty promising things out there right now when it comes to stimulus, monthly checks or even a lump sum payment going forward. Anyway, I’m here for you. I’ll break it all down as I do get more information.

I hope this one helps you and I hope it gives you the latest details of what is actually going on. Enjoy your day.

Thanks so much for reading and I’ll catch you again later.

 

 

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