$200 Monthly Increase, $1400 Fourth Stimulus Check – Social Security, SSDI, SSI, Low Income Update 2022
$200 monthly increase, plus a $1,400 4th stimulus check specifically focused on Social Security, including retirement, disability, SSDI survivors, SSI, VA, RRB, low income, no income, seniors, older adults and people with disabilities. I have all the details and what you need to know right here in the topic. So let’s get right into it. It all right now. This is an interesting scenario that I do want to discuss right here in the topic in regards to a monthly benefit increase and of course, a one time $1,400 4th stimulus check specifically focused on all the fixed income beneficiaries I mentioned just a few seconds ago.
Now, we all completely understand the low income and fixed income need a lot more money into your pockets and of course, into your bank accounts. And that’s what I want to discuss here in the topic in regards to the monthly benefit increase and of course, a one time, one $400 check as well as everything going on right now and what all of this means for the low income and fixed income. We’ve got a lot to talk about. Let’s get right into it. However, really fast.
I am your one and only daily advocate, I’m here for you, right by your side, each and every day, watching all this new information, hitting the wire, doing all the necessary research and breaking it all down. Into these short topic so you can stay updated with what’s actually going on right now. And most importantly, how it’s going to impact you.
Your money, your benefits, your lifestyle, your bank account, and of course, anything out there. Right now you can possibly grab and or take advantage of as a low income or fixed income beneficiary, including money, benefits, raises to benefits, checks, programs, stimulus or anything else like that. Of course, I want to bring it to your attention right away.
If you haven’t done so yet, I’ll be here for you, right by your side, every single day. That’s my dedication, that’s my commitment, and as always, I’m sticking to it. All right, thanks again. Let’s get into it and talk about what’s going on here with the $200 per month increase to monthly benefits from millions and millions of beneficiaries and of course, how this translates into a one time, one $400 for stimulus check as well. All right, so the reason I want to talk about this is because I’ve had a number of people reaching out with some questions on both of these as of recently, and I want to talk about the details about this.
Believe it or not, one is way better than the other. Now, here’s the thing. We can look at both of these situations and think, hey, I want the $$1,400 check or I want the $200 raise, whatever it happens to be. But I do want to talk through the details because I’ve had a number of questions coming in on this saying is it one versus the other? Is one better than the other?
Are we going to get both a whole variety of different questions like this? And I want to talk through the details about that because it’s actually a very interesting scenario that’s kind of playing out with these two different things that are out there right now. All right, so let me talk through the details about this and hopefully within the next couple of minutes here, I’m going to answer a lot of the questions that I’ve continuously seen down below in the comments section. So first off, these two are actually very, very different. In fact, they’re not even close to the same thing, okay?
$1,400 stimulus check is basically a refundable tax credit or in advance on a refundable tax credit. So in the event of another stimulus check so let’s just say in the event hypothetically, there is a fourth stimulus check that happens, which by the way, as of right now, there’s not a fourth stimulus check. But I’m just saying in the event that there happens to be one and again, I’m not really sure maybe there will be, maybe there won’t be. I’m not really sure if there will, won’t be. But again, with everything going on economically right now, we’re kind of setting the table for something like that to happen, right?
But again, let’s just talk through this. Now, a fourth stimulus check, or any stimulus check for that matter, is an advance on refundable tax credit. Okay? So basically that’s like the technical term for it, okay? That’s virtually what it is, right?
However, when it comes down to a $200 per month increase that is completely separate, that has nothing to do with an advance on a refundable tax credit, that would essentially be an increase from the Social Security Administration on monthly benefits for millions of beneficiaries based on legislation that came out of Congress, okay? Now, again, this is also something that has not been passed yet, but it is also something that is being discussed or that it has recently been introduced in Congress as well. Okay, so a couple of these things that we’re talking about here yes, they’re not passed yet. However, they are things that lawmakers have talked about, okay? That’s why I want to bring this to your attention and of course, to answer all the questions that I’ve seen down below, all right?
So these two things are very different. Now, why does this matter? Here’s why it matters because in theory, both of these technically could happen, okay? Here’s why one would not replace the other. It’s not an either or.
It’s not an ultimatum type of situation. It is we could have both. We could have one. We could have one or the other and whatever the situations or we could have none. Right.
So that’s what it comes down to with both of these situations. A $200 per month raise would be coming out of legislation from Congress and then the Social Security Administration would be the ones implementing a potential $200 per month raise or basically any dollar amount raised to monthly benefits at that point, right. So that’d be something completely separate of a fourth stimulus check. Okay? Stimulus checks and raises to monthly benefits are completely separate.
That’s like almost asking the same question of is the Cola the same as a $1,400 check or $1,400 stimulus check? Is it the same thing? No, not even close. Okay. The Cola and any other raises to benefits are completely separate.
So what’s kind of cool about all this is in the event that they came together and did something on this piece of legislation and actually passed something like this through, potentially Beneficiaries could be eligible for both. Now, again, I want to make it very clear I’m not saying that both are going to happen. I’m not even sure what Congress is going to do going forward. I’m just simply laying out the scenario and again answering some of the questions that I’ve been seeing, which is are we going to get both? Is it one or the other?
Do we get to choose? When are we going to get them? All these questions that I’ve continued to see, okay, so that’s what it comes down to in theory, both of these technically could possibly happen. That’s why it’s kind of interesting to look at this situation and think, wow, there’s actually some pretty cool stuff out there that potentially could happen for low income and fixed income. Now again, let me point this out as well because one here is way, way better than the other.
Now as we look at these, we would think, wait, a $1400 check would be way better than the other. Well, is it really? Though? Let me tell you the math behind this because I can tell you this much. A $200 per month raise would be significantly better than a $1400 check.
Here’s why. But then, but then again, there’s also a couple downfalls for a $200 per month raise. So again, it’s like you kind of got to weigh the differences here. But let me talk through them really quickly for a second here’s what it comes down to. A stimulus check generally is a one time payment unless for some reason they get into ongoing monthly payments, okay?
Ongoing monthly checks, that’s a totally different scenario right there, right? But again, let’s just assume a one time $1,400 check. It’s a one time check. You get it. And then once you spend it or whatever you do with it, that’s it.
It’s gone. It doesn’t come again, right? Unless for some reason congress approves another one but again, we’ve seen as of recently, that’s pretty much an uphill situation going on, right. We know that that’s kind of difficult to get passed out of Congress, okay? So we understand that, okay?
$1,400 check or any check of that matter is just a one time thing. It comes and it goes almost just as fast. Right. And then we’re right back in the same situation. However, a $200 per month raise to benefits would actually be significantly better.
However, there is one major downfall behind it. Let me talk you through that. Here’s what it comes down to. A $200 increase to benefits. Yes.
It would be significantly less than $1,400.01 time lump sum payment. However, the $200 raise would be ongoing for many, many months and realistically, many years, according to the legislation that is out there in Congress. In fact, it’d be a raise for benefits for many decades into the future. So, $200 per month, even though it sounds way less and it doesn’t sound quite as appealing as a $1,400 lump sum payment in the long run, over just seven months, it would only take seven months to break even. On month number eight, you’d be actually ahead of the game, okay?
At the course of a year, you’d be ahead of the game by $1,000. So over the course of a twelve month period of time, you’d be ahead by getting a $200 raise. You’d be ahead by getting $2,400 versus $1,400. So you’d be ahead of the game by $1,400 just over the course of twelve months. Okay?
Now spread this out over, say, 510, 1520 years, something like that. You’re way, way ahead of the game by getting a $200 per month raise versus what you would actually get from a one time $1,400 check, right? So again, I think a lot of us would look at the situation and think, wait, I want the big lump sum. Fourteen hundred dollars. I agree.
That would be very cool. But at the end of the day, if you want to play the long game on this one, going for a $200 raise would actually be significantly better in a lot of ways, okay? Significantly better in the ways of, well, $1,000 over the course of just one year, better. And then over many years, you’d be way ahead, thousands and thousands of dollars, way ahead versus getting a one time payment. Okay?
However, let me talk through the major downfall here of a $200 payment. Here’s what it would come down to. If everybody were to get a $200 per month raise to their monthly benefits, guess what would happen then? Well, Uncle Sam would come knocking on your door. Not physically, but more like metaphorically.
You’d be owing some taxes on that. Okay? So here’s the thing. When benefits do increase yes. That also applies to your monthly income, right? Your annual income. All of a sudden, your income has just been boosted by $200 a month or $2,400 a year. Well, guess what? When you hit certain thresholds of income from Social Security, guess what? Now that money is taxable, okay? Because that is now income, and you’ll need to pay taxes on some o that, okay? But again, whether you pay taxes on it or not, you’re still going to be way, way ahead of the game in a situation of a $200 per month raise versus a one time $1,400 check, which, again, would not be taxable because we know that in advance on a refundable tax credit, which is technically what stimulus checks are.
They’re not counted as income. They’re not counted as resources. And again, it does not offset other benefits out there that you might be receiving, like utility assistance, housing assistance, food assistance, other things like that. It would not impact any of that. But then again, at the end of the day, like I said, a $200 raise, even taking into consideration all of these other aspects, you’d still be way ahead of the game, which again, that is also something I didn’t mention a second ago, which I’m just bringing up. Now, another downfall of the $200 raise is all of a sudden your income has gone up. Now, you might
no longer be eligible for utility assistance, housing assistance, food assistance, things like that. You might be losing eligibility for those in the event that that would happen. But again, let me say this one more time. Even if you were to lose all of those extra benefits, as in the extra programs that you might be taking advantage of and getting assistance from in the event of that. And if you may be paying taxes on the $200 raise in the event that that were to happen, you’d still be way ahead of the game.
So again, if we want to look at the big picture on this thing, it would only take a few months and you’d be way ahead versus the $1,400 check. But don’t get me wrong, we all want the big lump sum payment. But again, remember this much as well. Both of these are very different.
A $1400 check is a very different situation than a $200 per month raise. So in the best case scenario, potentially both of these could be on the table for fixed income. Beneficiaries so you can see here a lot of moving parts, right? But when it comes down to it, just remember this much. One technically is better than the other. They’re both very good. But at the end of the day, both are eligible or both of them could be eligible for fixed income beneficiaries. Kind of makes sense. So for all the questions that I’ve seen written in a
variety of different ways, including are we getting a $1,500 check? Are we getting a $200 raise? Are we getting both? Is it one versus the other? Is one better than the other? All these questions that I’ve seen here, this topic pretty much answers all of it for you right here. Okay? So that’s what it really comes down to. Now, one more situation. In the event of we were to get a nationwide guaranteed basic income program, the one $200 program that we’ve talked about a couple of times here on the channel, if we were to get something like that or even $500, that would be the gravy train, okay? In the event that that would happen, that would be the best of all the situations above and beyond all of these other situations. So the best of all the situations would be a nationwide guaranteed basic income program for the low income and fixed income in the amount of about 200, 300, 400, 501,000, anything like that.
That would be the best of all the situations by far. Above and beyond everything else. That would be 100% the best, hands down. It would be well above all the other ones. So anyway, hope this one kind of answers it for you, gives you a better perspective as to what’s going on here. Of course, I’m watching all the bills, the packages, the proposals, the amendments, the piece of legislation, anything that lawmakers are introducing right now, as well as all the announcements out of the administration, the president, everybody else out there. I’m watching all of it very, very closely and of course, bringing it to you right here in these short topics. So again, I hope this helps you. Please make sure to leave your comments, questions and your feedback down below. Otherwise I’m going to leave it at that for right now. I’m watching all this detail and I’m breaking it down into these short topics so you can stay updated with what’s actually going on. Like I mentioned earlier as well, I truly want to help you out in any way that I can. share the topic with your friends, family, social, social media.