Ssi, otherwise known as Supplemental Security Income. The new information recently released that will directly impact your monthly benefits in a really good way. We have a lot to talk about right here on this topic. So let’s get into it right away. All right So in this topic, we’re going to be talking about this new report that was recently released that will impact your benefits in a really good way. And we’re also going to be talking about a bunch of different numbers that also may translate into a pretty nice raise to your monthly benefits. We have a lot of different aspects to cover right here on this topic. So let’s get right into this. However, one quick side note.
I want to throw this out there. This is not all about the SSI Restoration Act. Now, we’ve talked about that in a separate topic. However, there will be an element of this topic where we will discuss the SSI Restoration Act because there are a couple of very important provisions within the SSI Restoration Act that I want to point out for you, because with this new report that was just released, as well as the provisions within the SSI Restoration Act if enacted, would actually result in a very healthy raise to your monthly benefits. And I want to lay that all out for you so we can all see what is actually going on right now and what we could potentially be looking at in the event that any of this actually does come through, as in the SSI Restoration Act and or whatever else is covered in this report here that I want to talk about.
I am your one and only daily advocate. I’m here right by your side every single day, helping you out in any way that I possibly can. Information is changing very rapidly right now. I’m doing all the research, breaking it down into these short topics so that you can stay updated with everything going on right now, as it’s going to pertain to you your monthly benefits. And as a low-income or fixed-income individual, I truly want to help you out and make sure that you’re staying updated with everything going on right now because it is such a busy time. Things are changing rapidly. And I want to make sure that any time that something comes up, whether it’s money, benefits programs, stimulus checks, anything else like that, I want to make sure that you know about it immediately so you can start taking advantage of any of these new programs, benefit raises, or whatever else is going on, as well as knowing what’s possibly floating around Congress.
All right, So first off, let’s quickly talk about this report that was just released, and then we can talk about the provisions within the SSI Restoration Act in accordance with this new report, kind of tie it all together and show you that this may actually result in something pretty cool.
And again, provided all this does happen. But again, we do know that what was covered in this report will actually be happening. So let me lay this out for you. All right So just recently, there was a new report that came out of the Senior Citizens League.
Now, here’s the thing. The Senior Citizens League focuses their attention on fixed-income beneficiaries. Primarily, those people are receiving Social Security benefits and all the benefits encompassed within well, that also includes SSI. Even though SSI is technically not Social Security benefits, it’s still administered by the Social Security Administration. And this program is focused on seniors, older adults, and, of course, people with disabilities.
Therefore, it’s very important Right. So we got to watch all this stuff very closely. So I’m going to talk through the details of this report that was released by the Senior Citizens League and let you know what it actually pertains to in accordance with your monthly benefits All right.
So here’s what’s going on Sorry The Senior Citizens League was out in this report based on the most recent economic data coming out. And they’re suggesting that the annual raise to your monthly benefits is according to right now, according to the most recent reports, we’re looking at an 8.6% raise to your monthly benefits. Now let me shake all that out for you.
Now, again, I want to throw this out there really quickly just so that we’re all on the same page and that we understand what’s actually going on here. Of course, the official announcement will be in a few months from now out of the Social Security Administration. However, the Senior Citizens League, just like we do here on the site, we watch everything very closely and they’re pretty good. They estimate things very closely because they’re watching all this stuff very closely, just like we do. But anyway, their analysis shows that based on the most recent inflation data, we could be looking at an 8.6% raise to monthly benefits.
And yes, this does include SSI beneficiaries. So I’ve ran the calculations on this for you. I have all the numbers and I want to play this out for you so you can understand what your benefit may look like in the event of an 8.6% raise. So as you know right now, the maximum benefit in 2022 is $841. So that’s the number we’re going to use right now to run the calculations off of just anticipating that everybody is getting the maximum.
And again, I know that everybody does not get the maximum, but again, let’s just use the maximum for easy mathematical purposes, and we can always calculate from there as well. All right. So here’s what it comes out to. $841 multiplied by a potential 8.6% raise, would give a $72 per month raise to benefits. That’s pretty nice.
Right now that would actually equate to over $840 a year of extra benefits. However, your new benefit would actually bump up to rather than 841. In the event of this 8.6% raise, it go from 841, up by $72 per month, up to $913 every single month. That’s a pretty nice jump, right? So remember last year in 2021, the maximum benefit was $794 each and every year.
And as a result of the 5.9% raised for this year, it bumped up by $47. So this time we’d be looking at potentially $72 a month. So that actually be pretty nice, right? That’s an extra what is that, $25 a month? That’s pretty nice, right?
So this is what they’re actually anticipating as of now. But again, we’ll need to wait for the official announcement out of the Social Security Administration in a few months from now after they get all of the final pieces of the puzzle here going forward over the coming months. However, now, a couple of minutes ago, I said there would be an aspect of this topic where we’re going to talk about the SSI Restoration Act. Let’s talk about it for just a second here because this is also something we want to take into consideration All right.
So one of the provisions within the SSI Restoration Act, as you probably know, is to raise benefits up to 100% of the federal poverty line, which calculates out to $1,132 on an ongoing monthly basis, that’s the federal poverty line divided by twelve comes out to 1132 a month. That’s a pretty nice benefit, right. However, check this out. In the event that they actually do implement the SSI Restoration Act sometime between now and the end of 2022, potentially raising benefits up to 100% of the federal poverty line, let’s just say that between now and the end of 2022, they do raise benefits up to the federal poverty line, which is again, this $1,132 a month. And again, I just want to make it very clear.
I’m not here saying that it will happen and I’m not here saying that it won’t happen. I don’t know. I’m not sure what Congress is doing here. I’ve talked about it many times before, but the reports are showing that they want to get this done before the midterm elections. But again, we can talk about that in a separate video.
Who knows if they’ll actually get it done or not? Only time will tell. But anyway, let’s just say that they do actually implement this and it goes into effect at some point in 2022. Here’s the thing. If this were to actually happen, the maximum benefit then being $1132 a month, as in $1,132 a month.
Now, applying the 8.6% raise to that number would actually result in a $97 per month raise. So rather than going from $1132 each and every month here in 2022 as a result of raising benefits to 100% of the federal poverty line, now you’re looking at a $97 per month raise which would actually boost benefits up once again for 2023 up to $1,229 every single month Right. So you can kind of see how in the event that they would actually do this, it would kind of like stack benefits Right.
So not only would you potentially be getting a raise up to the federal poverty line as a result of the SSI Restoration Act, and that one major provision within it. But then once the year rolls around into 2023 and they apply the new cost of living adjustment, again being a percentage of a higher number, now we’re dealing with a higher result Right. The sum of the calculation comes out to a higher dollar amount as far as what it would actually turn into, as far as another Cola raise on top of it Right.
So since we’re dealing with percentages, the higher the number gets, the more that we or when we apply the percentage to it. Of course, the number that it produces is a higher number Right. So now, again, I just want to throw this out there. Who knows if the SSI Restoration Act will actually happen this year?
Not really sure. I’ve seen multiple reports on this coming out saying they want to get it done here over the next few months. But again, actions speak louder than words Right. I think we can all agree with that.
We hear it. We hear all the talk, we hear everything that they want to do. But then, just like us, I think there are a lot of things that we want to do as well. But maybe it’s just not feasible for us Right?
Well, unfortunately, maybe it’s the same situation for Congress. They want to do things, but at the end of the day, will they or can they do it? And can they get it done within the amount of time allotted? That’s another whole question Right.
So anyway, these are the numbers, these are the reports. This is everything that I wanted to walk through in this topic, let you know what’s going on here. But either way, whether the SSI Restoration Act happens or not, sometime this year in 2022, I want to throw this much out there. The cost of living adjustment will happen. This is something that will happen.
Okay, Whatever the percentage happens to be, that’s still up in the air. We don’t know the exact percentage quite yet because that will be released out of Social Security here in a matter of months. But the cost of living adjustment will happen. That is something that will happen.
Okay. So at the end of the day, we might be thinking, oh, they’re not going to do anything for our benefit.
Well, we will get the annual raise, and we do know for a fact. Well, let me take that back. We don’t know for a fact, but there’s a very high likelihood that there will be a raise that is probably pretty substantial going into 2023 as a result of the annual cost of living adjustment. We do know that much the likelihood of the raise being zero this year or going into next year is probably very slim. But who knows, maybe anything could happen.
Of course, can’t really say it’s fact quite yet because they haven’t released the numbers and we have no idea what inflation is going to do during those three very important months where they actually run the cost of living adjustments off of July, August, and September. Those are the three months that they watch closely to determine the next raise for benefit. So anyway, I hope that makes sense again, as always, time will tell and we’ll have to continue watching it very closely, and again I always have my ears on the ground just like a good elephant would do and I’m listening for the vibrations and all the rumbles on the ground and anything that comes out, any announcements, things like that. Of course I’m right here for you making sure that you have all the latest updates and anything that you need to know as it directly relates to you and or your monthly benefit. So again thanks so much for reading this.
Thanks again, enjoy your day and I’ll catch you later.