A big announcement that will directly impact Social Security beneficiaries, including retirement disability, SSDI survivors, SSI, and VA beneficiaries. I have all the details and what you need to know about right here on this topic. All right, so things are changing very rapidly right now, and we’re watching everything very closely, especially as it pertains to all those fixed income beneficiaries that I mentioned at the beginning of the topic because I know that a lot of you right here in the community do receive some of these monthly benefits. And as we all know, these monthly benefits are incredibly important and make up the vast majority of income for the vast majority of recipients.
Therefore, any kind of updates or announcements or anything coming out right now, we got to continue watching it very closely. As a result of that, a new announcement just came out. And I want to share that with you in this video simply because of things that are going on right now that are changing so incredibly fast right now, this new announcement is talking about the impact on your monthly benefits. And I’ll give you a little hint. It’s actually in a good way.
There are not that many announcements that come out these days that say, oh, this is actually good for fixed income beneficiaries. However, this is actually a pretty good announcement. And I want to walk you through all the details and what it means for your monthly benefits going forward.
I am your one and only daily advocate. I’m doing research all day, every single day, boiling it down into these short topics so that you can stay updated with everything going on right now, especially as it pertains to your monthly benefits. As I said, this is very, very important. And these monthly benefits do account for the vast majority of income for the vast majority of beneficiaries. Therefore, it’s very important, Right? So I want to make sure that you’re staying updated and anytime that new programs are announced, money checks, benefits, stimulus, other programs that are out there that the low income and fixed income can take advantage of, I certainly want to make sure that you know about it right away.
All right, So this is actually an announcement out of the Senior Citizens League. Yeah, we’ve heard about them a few times recently, and they’ve been out with some pretty interesting announcements and some interesting reports. Now, remember, the Senior Citizens League is a big advocacy group, and they are a very reputable and reliable group, as well as they are also advocating for the same groups that we are right here on this site as well, trying to get more money in the form of benefit raises, trying to actually get more stimulus checks. Remember, they’re the ones who had the petition a number of months ago late last year calling on a focused $1,400 stimulus check.
Yeah, this is the group Right. So we certainly want to listen when they are speaking and some of the reports that they’re coming out with. So let me talk you through the details on this one. This one just came out of the Senior Citizens League, and they are counting on and they’re pointing toward, based on the most recent reports that were released, an 8.6% increase or raise to monthly benefits.
Now, to put this into perspective, this would actually be the biggest raise to monthly benefits since 1981, when the raise was 11.2%. Now, the likelihood of getting to 11.2% is probably not going to happen this year going forward, but it could anything could happen at this point. However, according to their latest estimates, they’re pointing at an 8.6% raise. That’s nearly 3% more than what Beneficiaries actually received this year in 2022. That would be a pretty big raise.
Right? So 41 years ago would have been the last time that a raise would have actually been implemented anywhere near this amount. So this is actually a pretty good thing. However, here’s what’s interesting about it. So yesterday we got the inflation data that was released.
Right? We went through the details on that. However, just like I say so many times in the topics, we’ve got to watch everything closely. And we need to read between the lines because a lot of times with these reports that are released, especially out of like the Bureau of Labor Statistics and all these other agencies out there that release all these economic reports, you got to watch stuff closely because if you don’t read between the lines, it’s very easy to kind of look at things and think, oh, that looks good. But really under the surface, it’s not that good.
And let me tell you the details. This is a classic example of that right here, right now. So yesterday we got the inflation data. It came out at 8.3%, as we discussed. It looks like it had gone down, right?
No, that’s actually not the case. As we dig into the number a little bit more here, it actually shows that inflation went up last month. Meanwhile, the headline number 8.3%, makes it appear that it went down to tens of 1%. Let me break down the details on this because this is very important to understand. So here’s the thing.
This inflation data that they released to us is broken down into two separate numbers. Okay? So they give you the headline number, that’s the 8.3%, but then they break it down into the core number. And this is the one that we really need to watch. So by the core number, this is when they take out food and energy because these are more volatile measures.
So the headline number came in at 8.3% and it shows that or maybe inflation went down to 10% of 1%. However, that’s the headline number. Now, as we take out the volatile measures, which are food and energy, breaking it down to the core number, it actually shows that inflation went up last month over the previous month. So as we dig in and we look under the hood, the initial report shows that inflation looks like it went down a little, but it actually didn’t. If we look at the real number, the core number, the one that really, really matters, inflation actually has gone up month over month and year over year once again.
So this is why we got to watch them very closely because a lot of times sometimes these reports don’t tell the full story, which is why we’ve got to watch everything very closely. However, you might be wondering, okay, who cares? What does this have to do with Social Security benefits? Well, get this, the number that was released yesterday. That is the CPI Consumer Price Index.
However, the raise to your monthly benefits is pegged off of what they call the CPIW Consumer Price Index for Urban Wageworkers and clerical workers. Okay, what does that mean? This is the measure in which they actually peg the annual raise off of. And this is the number that we need to watch closely. This is up 9.4% year over year.
So you can see it’s up 1.1% year over year versus the other number, the headline number that we just went through. Therefore, this 9.4%, you can see the inflationary measure on this reading the CPIW that we just explained there is actually up significantly more than just the other just plain old CPI number Right. And this is the one the CPIW is where the annual raise to your monthly benefits is pegged off of. Therefore, if inflation continues to rise, this 9.4% number is easily going to go over 10%.
But again, I have no clue what the future is going to hold. I have no idea what inflation is going to do going forward over the next couple of months here. However, here’s one thing that we do know. Just a couple of days ago, two days ago, we hit a new all time high national average of one gallon of gas, which exceeded the previous high by $0.04. That was set back about two months ago.
So once again, it would be anticipated that once again, going forward, inflation this month will likely be very high once we get that number in about a month from right now, in a mid-next month. Right. So anyway, as we look at the numbers that actually pertain to monthly benefits, this number is coming in 9.4%, and it’s considering if inflation continues to run hot, which it likely is because obviously, it is. According to all these reports right now, this number that actually tracks benefits and how benefits are actually raised off of is likely going to exceed 10% going forward. Therefore, the raise your monthly benefits is likely going to be even higher.
Kind of get what I’m saying here? Yeah. It’s a very important metric that we need to watch closely because it directly relates to your monthly benefits. Now, I want to throw this out there as well. As I’ve said before in previous topics, I know that some of you I’ve seen it down in the comments section say we don’t care.
That’s a lot of months from now. Okay, I get it. You might not care right now, but at the end of the day, let me say this much. Do you care about your benefit? Do you care about your money?
Do you care about your livelihood? Do you care about your lifestyle? Do you care about pretty much your income? I think the answer is yes to all those questions. That’s why we’ve got to watch this very closely, because this number alone, even though we’re talking about economic stuff right now, again, I don’t try to talk about this in great detail because I know that a lot of you maybe don’t care to the depth that maybe I’m going to talk about it.
Right. So I try to keep it usually a little bit slim on this kind of information. However, I try to explain it in such a way that makes you understand that this is very important because this is directly related to your monthly benefit, your livelihood, your money, and basically your benefit. Right, Everything.
That’s why it’s very important. This directly relates to you basically, at the end of the day, how much money you’re going to get every single month. That’s why it’s so incredibly important. Right. So that’s why I try to explain this stuff and make it very clear that even though we’re talking about economic data, at the end of the day, I get it kind of boring.
Right. But still, it directly relates to you and your Social Security benefit, including all those benefits I mentioned at the beginning of the video, which are retirement SSDI survivors, SSI, and VA Beneficiaries, about 70 plus million people in this country. This will impact that’s a lot of people. Right. So anyway, I hope that kind of makes sense and why I continue to watch this stuff because, at the end of the day, it’s all going to trickle down to your benefit. That’s very important. Right, As I’ve always said, I’m dedicated to being here, making sure that you’re staying updated and understanding what is going on. Because it’s directly relating to your bank account, your pocketbook, your checkbook, your purse, your wallet, whatever you want to say, your Direct Express card. It’s all impacting that. So anyway, I want to make sure that we’re on the same page here and let you know that I’m watching everything closely. I’m digging under the hood, doing whatever I got to do here and making sure that you’ve updated, and just making sure that I can help you out in any way that I possibly can.
So again, this is an announcement and a report that was just released out of the senior citizens League. Good stuff coming out of them recently. A lot of really good reports here as I do get more information. Of course, I’ll be right back here for you breaking it down helping you out in any way that I possibly can. Share the topic with your friends, family, and social media so that everybody else can see what is actually going on in the real world right now and what fixed income beneficiaries are actually dealing with right here, right now. Thanks again, I appreciate you, enjoy your day, stay safe and I’ll catch you later in the next update.