$936 and $1,404 Monthly for SSI Social Security Benefits – Supplemental Security Income

$936 and $1,404 Monthly for SSI Social Security Benefits - Supplemental Security Income

$936, up to $1,404 each and every month for SSI beneficiaries. I have all the details and what you need to know right here in the topic, so let’s get right into it. All right now, all of this information is changing very rapidly and all of these numbers continue to update very frequently, because we’re living in a very fluid situation right now, and all of this information continues to change very rapidly, therefore also impacting the low income and fixed income beneficiaries. As far as how much your benefit is going to be, well, based on some new information that was just released, I want to talk about it for you right here in the topic and let you know how it’s going to impact SSI beneficiaries and the massive boost you could be seeing to your monthly benefits. So let’s get into it and discuss all the details in regards to SSI, otherwise known as Supplemental Security Income.

As information is changing rapidly and as we’re getting all of these new pieces of information hitting the table in regards to money, benefits, programs, checks, as well as new bills, piece of legislation, and of course, reform, as well as massive boosts to benefit. So there’s a lot going on right now. And I’ll continue to be here for you, right by your side, every single day, keeping you updated, as that’s my commitment, and as always, I’m sticking to it. And based on this new information, what are we looking at as far as a massive boost to SSI Supplemental Security Income, which, by the way, this topic is dedicated to SSI.

If you’re somebody receiving Social Security, whether it’s retirement or SSDI, or survivors or VA, RRB, I have a lot of topics here on the site that is dedicated to you as well, and I will have more topics going forward for you as well. But I do want to specifically focus on SSI in this topic, simply because when it comes down to SSI and all of these other benefits administered by Social Security, it all comes down to this. Virtually everybody gets a different benefit amount. However, when it comes down to SSI, this is its own individual program where the benefits are kind of capped, and therefore, the vast majority of beneficiaries kind of do get the same amount. So even though the programs do seem very similar SSI is a different program.

Therefore, I want to make it specific in this topic to this program because the rules about the program are different, and the amounts are different. There are a lot of different parameters around SSI versus just straight-up Social Security. So don’t get me wrong, I have all these other topics for Social Security, retirement, SSDI, Survivors, VA, and Beneficiaries as well. But let’s focus on SSI right here in this topic. All right, so let’s talk about some new information that was recently released and how this is going to translate into a massive boost to your monthly benefit.

Now, maybe you’ve seen some of my other topics recently. There’s a lot to talk about this topic, which is why I’ve been making some other topics dedicated kind of circling around this topic because realistically this is almost historic. It sounds like super dramatic to say that, but that’s practically the truth here, right? The numbers that we’re dealing with right now are virtually historic when it comes down to raising all these benefits for millions of beneficiaries. So it’s kind of a big deal.

Like super big deal, right? At the end of the day, like I’ve talked about in previous topics, when it comes down to it, the amount that you get on a monthly basis is your livelihood. It deals with your finances, your bank account, how much money you have on an ongoing basis, your lifestyle. So it’s probably very important, right? I mean, these benefits indicate is it going to be tough going forward?

Is it going to be a little bit easier, what’s going on? So I don’t know about you, but your benefit amount and the money that you’re bringing in on a monthly basis is probably very important, right? So anyway, I think so anyway, because especially with everything going on right now, I think it’s pretty important. Anyway, let me break these numbers down for you. So based on the most recent inflation data that was just released a short time ago, coming in at 9.1% super hot, by the way.

That is very hot. This should be around 2%. 2% to 2.5% is where they should be sitting. That is the goal of the Federal Reserve. You can see they’re above their goal by about 7%.

So ouch. That’s a bad one, right? So let me tell you the details about this. As a result of that, we got some information out of the Senior Citizens League where they came out and estimated how much benefits could be increasing. Announced by the Social Security Administration for the annual cost of living adjustment.

Catch this. They gave a raise of a range anywhere between 9.8% all the way up to 11.4%. Massive, right? 11.4% would be huge. That’d be the biggest race that we’ve seen since 1981 when we got 11.2%.

Anyway, let’s talk through the details about this and I’ll give you the whole breakdown on this. So let’s just anticipate that we get an 11.4% raise. Let me tell you the numbers behind this, because this is pretty massive when it comes down to it. The maximum benefit right now in 2022 is obviously $841. We all know that.

But applying an 11.4% raise to that benefit would raise benefits by $95 every single month from 841 this year in 2022, all the way up to $936 every single month next year. That’s a raise of $95 every single month. That’s pretty nice. I mean, that’s pretty nice right there. I don’t know if you agree or not, but I have to think $95 extra per month is pretty exciting.

It’s pretty exciting, right? So that is pretty cool stuff. So anyway, that is where we’re at as of right now. However, let me lay out this next number for you. So as we also do know, right now, in 2022, the maximum benefit that a married couple receiving SSI can receive is $1,261.

That’s the maximum as of right now as a married couple receiving SSI. However, check this out. Applying an 11.4% raised to this number, do you want to take a little wild guess really quickly? I’ll tell you. It would raise your benefits from 12 61, 12 61 all the way up to a maximum of $1,404 every single month.

That is an effective raise on a monthly basis of $143 every single month. That’s pretty massive right there, right? I mean, that’s huge. That’s just under $1,700 more throughout the course of the entire year for these groups of people. That’s a lot.

That’s pretty nice right there. Finally, a little bit of a generous raise for the beneficiaries who need it. But again, we also have to completely recognize that, yes, this is pegged off of inflation. So as a result of this, this is reactionary. In other words, inflation is very high this year.

Therefore, they’re going to react and ultimately raise benefits as a result of this very high inflation. So at the end of the day, the whole purpose behind the annual cost of living adjustment is simply to adjust benefits to account for the cost of living, right? So at the end of the day, it’s not like we’re all of a sudden getting this nice generous boost because out of the kindness of their hearts, they want to help out the people more. No, unfortunately, that’s not the case. I don’t think they’re doing it out of the kindness of their hearts.

They’re doing it simply because this is what the rules say with the annual cost of living adjustment. That’s what it comes down to. But either way, regardless of how you cut it, it’s still going to be a very generous raise. Now, one more quick disclaimer here. Yes, these numbers could be adjusted sometime before the Social Security Administration comes out and announces the official numbers in mid October.

But again, until then, this is what it’s looking like as of right now, with the current inflation situation and the latest numbers that were just released. Of course, as I do get more details and as these numbers get adjusted either higher or lower, I’ll continue to be right here for you, breaking it all down and letting you know what’s going on and how it’s going to impact your benefit going forward. But as of right now, it looks pretty nice, right? I think we can all agree, looking pretty healthy these days. So it’s a pretty nice little raise.

So, of course, I’ll continue to keep you updated. Which, by the way, just to put it into perspective one more time here, remember last year in 2021 to 2022? Guess how much the raise was for SSI? It was $47 a month. And that was based on a 5.9% raise.

The 5.9% was the biggest race that we’ve seen in a very, very long time. So even $47 seemed pretty generous at the time. But you can see here now, here we are in 2022, and inflation is way higher than that. Way higher, right? So, yeah, the whole 5.9%.

Yeah, kind of a joke at this point, because it’s nowhere near what it needs to be right now, just to make sure that everybody is keeping up with the extra cost that is costing us to live. Right? Otherwise known as the cost of living adjustment. Anyway, interesting. So I’ll keep you posted as you get more details.

But I wanted to break this down for you. It’s looking pretty good for SSI. Seriously, we might be breaching over $1,000 per month here on SSI probably pretty soon. I mean, realistically, if there’s high inflation once again in 2023, which according to what it’s looking like there probably will be, we could easily be over $1,000 a month on SSI sometimes by probably 2023, possibly 2024. So, pretty incredible, right?

So, of course, as I do get more details, I will continue to keep you posted. Share the topic with your friends on social media. Thanks so much for visiting our site.

Have a good one, and I’ll catch you again later.

 

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