$2100 Raise to Social Security Benefits from President Biden

$2100 Raise to Social Security Benefits from President Biden

$2100 raise to Social Security from President Biden. I have all the details and what you need to know right here in the topic, so let’s get right into it. Alright. Now, I just came across some captivating information that I wanted to share with you right here in this topic, though, because it is suggesting a $2,100 raise from President Biden. So let’s get into it and discuss all the details and where this is actually going and where this is actually coming from.

So let’s get right into it. However, really quickly, before we do. As I am you’re one and only daily advocate and I am very much dedicated to you and this community to continue doing all the research. Breaking it all down into these short topics to keep you updated during this very busy time.

Especially as it pertains to all these new announcements coming out of the administration. The President. Lawmakers. Congress. And anything in regards to these new bills.

Packages. Proposals. Reform to these very important fixed income benefits. Money benefits. Raises to benefits.

And of course. Checks. Stimulus. Or anything else going on right now. There’s a lot going on, there’s a lot of things that are changing and some pretty big announcements that continue to hit the wire every single day.

So again, thank you so much for visiting our site and I’ll continue to be here for you, right by your side every single day, as that is my commitment and my dedication to you and this community and of course, I’m sticking to it. All right, thanks again. Let’s jump into it and discuss all the details. And what is this $2,100 raise to Social Security beneficiaries from President Biden all about?

Yeah, I know. Does it catch your attention? Because it certainly caught my attention when I was doing some research and I came across this. I thought, wait, what is this? Let me take a little peek.

So I opened it right on up and started reading about it and I thought, okay, now this is what it actually means. So let’s quickly talk through the details about this. Now, if you’ve been reading the topics here on the site for any length of time, you know that I’ve come back and talked about all of these different proposals that have recently hit the table to raise Social Security benefits, reform, Social Security as a whole, as well as adjust the annual cost of living, adjustment, all kinds of different things, right? We could go on and on and on. We could sit here and talk for a very long time about all these different provisions that we’ve heard about in all these different pieces of legislation that have been talked about and introduced from a whole variety of different lawmakers wanting to change Social Security.

It’s good, right? However, when it comes down to it, we do know this much. There is going to be a pretty substantial raise to Social Security in 2023 as a result of the annual cost of living adjustment. That’s not a secret. We all know that right now.

We all completely understand that there will be a pretty substantial rate coming at this point. And as of this recording right now, we don’t know what it’s going to be quite yet, but we do know pretty confidently that it’s going to be a pretty substantial raise to benefits. However, here’s what’s interesting about it, since that’s when this was actually implemented, 1975, so what is that? A long time ago, almost 50 years ago, 47 years ago was when this was implemented. So prior to 1975, the annual cost of living adjustment was actually indicated by Congress.

Congress was the one who actually indicated how much the annual cost of living adjustment was going to be. However, after 1975. So 47 years ago, it’s all been pegged to the inflation rate. So how much inflation when they compare third quarter of this year compared to third quarter of last year, and that’s going to determine how much the race is going to be for the following year. Okay, we all understand this, right?

So that’s what the calculation has always been for the last 47 years. The President has nothing to do with this. The President, in fact, has nothing to do with this. However, what I just came across and what I just read was making it sound like President Biden is going to be approving a $2,100 raise to Social Security beneficiaries in 2023. Let me clarify because I have a feeling that this is going to be floating around all over out there right now and a lot of people are going to look at this and think, wow, this is great.

The President is off on a run here, right? No, he’s not. And again, by the way, this is not a political statement. This is nothing against Biden at all. This is giving you the reality of what is really going on here.

So the annual cost of living adjustment has nothing to do with the President. The President does not indicate this. It doesn’t matter if it was Biden or anybody else prior to him. It does not matter. This is not indicated by the President.

He has nothing to do with the decision on the cost of living adjustment. Nothing to do with it. But here’s the fact of the matter when it comes down to it, because this big raise is going to be coming for Social Security beneficiaries, the headline that I saw was $2,100 raised the Social Security from President Biden. And I thought, no, that’s not true at all. That’s not even close to true.

So here’s what it comes down to. As we look at this massive race coming in. It’s projected as of right now that the average Social Security beneficiary in 2023 is likely going to get around $175 more per month to their Social Security benefit as a result of this inflation. So I guess unless we’re saying that all the inflation that we’re dealing with right now is from Biden, then I guess we could say, hey, thanks, because yes, then I guess if that’s what we are saying then sure it is coming from him then, right? Kind of indirectly.

And again, I’m not saying anything bad about him or anything like that. I’m just simply saying that the annual cost of living adjustment does not come from the president. So the fact of the matter is when it comes down to it, as of right now in 2022, the average Social Security retiree is getting $1,657 per month. The average Social Security disability beneficiary, SSDI beneficiary, is getting $1,358 each and every month. Well, they’re projecting that the average Social Security retiree is going to get a boost of $175 per month, which actually calculates out to $2,100 for the entire year, provided that person is actually getting $1,657 per month right now.

And the raise actually is what they’re projecting in that report, which was 10.5%. I’m going to be real with you, 10.5% would be really nice right now, but based on the information of what we’re looking at, we’re realistically probably going to be more around in the 9% range, maybe more even like 8.5% to 9% range. Just being real with you. Based on the latest reports and what is going on right now and how things are currently looking, that’s probably more realistic to where we’re going to be now. Again, don’t get me wrong, I hope that we’re at ten and a half percent.

I hope that we’re at 11%. I hope that we’re at 500%. Wouldn’t that be cool? We’re not going to be just so that we’re all clear here, we’re not going to be at a 500% raise. That’d be pretty fun though.

Could you imagine 500% raise to your benefit? That would be pretty cool, right? It’s not going to happen though. Okay, I was just playing for a second because it’s always fun to daydream. I love to daydream because it’s fun to think about cool things.

It’s just fun to think about the possibilities of something ridiculous actually happening. Right. But again, I’m just simply saying it’s likely not going to be 10.5% based on everything we’re seeing right now, unless we get some major changes to inflation going forward. If we see this inflation that we’re currently dealing with right now take off to the moon and beyond, well then yes, we could easily see 10.5%, but it would need to go very high in order to average it out at that ten and a half percent rate. So anyway, hope that kind of makes sense.

But if you happen to see this in the headlines or you happen to see this somewhere else, please be very aware president Biden is not giving a $2,100 raised to Social Security. He has nothing to do with the annual cost of living adjustment. So I want to make that very clear because when I saw this headline, I was very intrigued and I fell for it. I looked at the headline and I thought, wow, really? Let me see what this is all about.

And I opened it up and started reading the article and I thought, okay, this is what we’re talking about. Yeah, it has nothing to do with the president. So unless, like I said, we’re talking about all this inflation being from the president, then I guess we could say, hey, thanks Biden for all the inflation and it’s given us a nice big race. At the end of the day, it’s all costing us more anyway because we’re all dealing with higher prices on everything. So is it really a win-win for everybody?

Not really. Right? And again, I’m not here to take political sides. I never do in my topics. I smash both sides equally just as much.

Right. Because here’s the thing. They’re not doing anything for the people right now. I don’t care which side we’re talking about, which party we’re talking about. They need to do something.

They need to step up as a whole because remember, they’re elected officials. They’re there to work on the benefit of us. They are there representing us, the American people. It’s easy to forget that because it seems like, wait, really? That’s what they’re supposed to do.

Could have fooled me, right? You know what I mean? Seriously, could have fooled me because it seems like they’re all just sitting there doing a whole lot of nothing, right? So anyway, hope this one helps you out again, I want to break this down for you, give you the latest details, what’s going on with this, and if there actually will be a raised out of the President, realistically, it’s not the President that does this. It’s Congress that comes forward with any type of potential permanent raise to benefits with the exception of the annual cost of living adjustment.

That’s basically just calculated and adjusted by the Social Security Administration. They’re the ones who do it. Not a big deal, right? So when we get all this inflation data, of course, I’ll bring that to you and the official announcement out of Social Security. Anyway, hope this topic helps you out.

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