How Much Will SSI Get Now? Social Security Update

How Much Will SSI Get Now Social Security Update

How much will SSI get? Now, I have all the details and everything you need to know right here in this video. Alright, So I do completely recognize that there are many of you right here in this community living on a very small fixed income, whether it’s from Social Security, SSDI Survivors retirement, SSI, VA, or RRB benefits.

Which is exactly why I’m doing all this research every single day, and why I make all these dedicated topics simply because I want to help you out in any way that I possibly can. Especially right now, as money is very, very tight for millions and millions of people. In fact, probably for the vast majority of Americans right now, money is very tight and it doesn’t get any better for the low income and fixed income. It actually gets even more tight. However, in this topic, I specifically do want to talk about SSI Supplemental Security Income.

Now, if you’re a beneficiary of all those other benefits I mentioned a second ago, don’t worry. I do have dedicated topics for you as well. In fact, I will have a follow-up to this one as well, simply focused on all of these other groups because there’s some very important information out there right now going on. And I want to make sure that we’re all on the same page and that I’m helping you out in any way that I possibly can, as well as keeping you informed with everything going on. Because ultimately, as I say in some of my topics, your benefits are basically your future, your livelihood, your money, your benefits.

They are incredibly, incredibly important. Therefore, anything that pertains to your benefit we’ve got to watch very closely. Right? Anyway, I do have more details on this, which I want to get into in this topic.

I am your one and only daily advocate and I’m very much dedicated to you in this community to do all the research every single day to break it all down into the shortest possible topics I can provide right here on the channel to help you out in any way that I can, as well as to keep you updated with everything going on during this very busy time.

So like I said, I do want to specifically talk about SSI Supplemental Security Income in this video. Now, this encompasses about 8 million people who receive these monthly benefits. And by the way, these monthly benefits for these 8 million roughly people is very important. I think you know exactly what I’m talking about. Generally, for the vast majority of these beneficiaries.

This is your only money or your only income on an ongoing basis. Therefore, it is very important. However, I do want to talk about in regards to the latest reports here how much your new benefit would be looking like. So I want to break this down for you because there are some encouraging reports out there right now that could be looking at a pretty nice raise to your monthly benefits. So let me get into all the details.

The latest reports and preliminary estimates are actually pointing toward an 8.9% raise to your monthly benefits for those of you receiving SSI. Now, you might be thinking, okay, that’s a nice percentage, but what does that calculate out into as far as dollars? Don’t worry, I have the calculations for you and I will run you through all of the exact numbers here. So based on the most recent inflation data that was recently released, they’re coming in at 8.5%. However, that is just the inflation data as of last month.

Now here’s the thing. Going forward, inflation is likely going to continue moving higher. Therefore, the actual raise to your monthly benefits is likely going to be more than that 8.5% because it averages out three very important months, including July, August, and September. However, we still have a couple of months to go until we get into those months to get those final numbers. However, I do want to run through the preliminary estimates as of right now as far as what the raise could be to your monthly benefits.

All right. So as you know, the maximum SSI benefit right now in 2022 is $841 per month. That is the maximum benefit for SSI beneficiaries. Not much to live on these days as money does not go very far anymore, right? I think you know exactly what I’m talking about.

The dollar these days are getting pretty thin, right? So my point is they don’t go very far anymore. Anyway, as we go forward and we apply a potential 8.9% raise to your monthly benefits, here’s the breakdown in exactly what things would look like. So the maximum benefit, again, $841, if we apply an 8.9% raise to that maximum benefit, you’d be looking at a $74 per month raise, which would raise your benefits from 841, the maximum, up to $915 every single month. Again, $74 more every single month for your SSI benefits.

Let me tell you this much, too, just in case you’re wondering how much that $74 actually calculates out into on an annualized basis. So over the course of all twelve months, it actually comes up to $900 over the course of the entire year. So you’re essentially getting another benefit, right? So you’re basically getting a 13th benefit. Essentially what it kind of comes down to right now.

Obviously, it’s all averaged out over the course of all the twelve months. It’s not like you get an extra benefit. But my point is it’s basically like getting an extra month’s payment, right? Not bad, right? $900 over the course of the entire year.

So it’s pretty nice. But at the same time, I don’t want to sit here and be like, oh, $915 is a ton of money. Because here’s the thing. As I said, if inflation wasn’t sitting at eight and a half percent and prices through the roof on literally everything, $900 a month, it could possibly be doable. In fact, a couple of years ago it probably was doable.

It was probably really tight. But at the end of the day, it was something that was a little bit more manageable today. Now, with inflation as high as it is and prices on everything going up all the time here, that $841 or even a $900 monthly benefit is not going nearly as far anymore. Right? So if you have not done so yet, I would highly advise you to check into some of these programs out there right now to help you pay some of your bills.

There are a lot of programs out there and they can help you out in a pretty big way. I’ve talked about these previously in other videos, but let me buzz through some of these programs just really fast here. Number one, the LIHEAP Program Low Income Home Energy Assistance Program to help you out with your heating and cooling bills.

Sorry. Low Income Household Water Assistance Program. This one will help pay for your water bills. Next is the ACP Affordability Connectivity Program. This one will pay for your Internet.

Yes, your internet bill up to $30 a month. Check that one out as well. Please. Also, check out Snap Supplemental Nutrition Assistance Program. If you haven’t done that one, you can get some money for your food every single month.

The next one is WAP Weatherization Assistance Program. This one will actually help you come in and weatherize your home, maybe fixing up some windows, your doors, making them a little bit more efficient, making sure that you’re paying as little as possible in your heating and cooling bills just to make sure that your home is properly insulated and all is good to go there. So check out that program as well. Also, if you are a low-income senior, you may want to check out some of these other programs as well. Like Commodity Supplemental Food Program.

This one is where you can get a box of food every single month sent to your door up to $600 every single year in value of food that can be sent over to you. Another one. Again, this one is focused on low-income seniors. You can check out this one. This is Seniors Farmers Market Nutrition Program.

Sorry. Food Program. No, sorry. Let me say that again. I said it wrong a couple of times.

Seniors Farmers Market Nutrition Program. I said it right the first time. Anyway, that is the program. You’ll get vouchers where you can go out and buy food from farmers markets and roadside stands, things like this. Please check out that program as well.

Again, I can go on and on and on. If you want me to stay here for another hour going through programs, I can certainly do that for you, but let’s leave it there for right now. But either way, these are some programs that are specifically focused on the low income. So between all these programs you could take advantage of pretty much all of them and you could be helped out in a pretty big way when it comes to your housing, your utilities, your bills, your water, your food, your internet, all kinds of stuff, right? So anyway, if you’re in that situation, please check that out.

Otherwise, I hope this topic helps you to give you a better understanding of based on the preliminary numbers as of right now, what we’d be looking at for a monthly benefit for those of you receiving SSI supplemental security Income.

I hope this helps you and please leave your comments, your questions, and your feedback down below. I do my best to read as many comments as I possibly can each and every day. All right, thanks again and I’ll catch you later on the next topic. Bye.

 

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