Surprise Social Security Boost! See the New Payment Figures Now!

Introduction & Overview of Social Security Increase the latest numbers are in and Social Security benefits will be increasing by this amount if all else stays the same this includes all benefits administered by Social Security such as Retirement disability SSDI survivors spousal SSI and VA benefits I have all the details for you including the exact numbers of how much benefit checks would be increasing in real dollars in your bank account every single month so with that being said let's jump into it and discuss all those details first off thanks so much for liking and sharing the video also make sure to subscribe down below if you haven't done so yet it's totally free to do so I'm here for you every single day so please subscribe down below thank you so much for being here I really appreciate your support let me talk you through the numbers all right so we just got some new information this is the first of three data points that we need to determine exactly how much your benefit raise is going to be I want to say this quickly it's not the best thing in the world but it is certainly better than it could New Inflation Data & Potential COLA have been it could have gone down substantially more than this so it's still holding relatively steady here which is looking pretty good for the beneficiary but at the end of the day I recognize that just as much as you do we need like a 50% raise a 100% raise right I totally get that right now but if the the end of the day just remember this much it could always be a lot worse based on the new inflation data that we just received yesterday morning the CPI W came in at 2.9% however remember the way that they calculate the raised benefits is by using the third quarter inflation from now compared over the third quarter from last year they compare the difference and that turns into the cola for the following year does that make sense based on the 2.9% CPI W that we got yesterday we're looking at a new potential Cola that will be announced here in a couple of months by the way this is not the official announcement but when that's officially announced it's looking as of right now at Detailed Breakdown of Benefit Increases 2.6% I know it's not great it's not huge but at the end of the day it could have been significantly worse than that so let's look at the positive side of this I know sometimes it's hard to do but it could have been way worse than that however let me share with you some real dollar amounts we all want to know 2.6% that's nice but what does it mean for us and our benefits what does it mean for real money in our pocket at the end of the day all of us want to know the same thing how much money does that translate into in my pocket in my bank account so that's what I want to share with you I'm going to run through some numbers here I've already run the calculations for you and I'm going to give you a bunch of numbers rounding to the nearest $100 but here's the thing just take the $100 amount closest to yours and it'll get you within about a dollar or dollar and a half or so of where your benefit Rays would actually land does that make sense I can always come back and run these more precisely once we get the official announcement but let me give you these numbers If you're receiving a $600 monthly benefit applying a potential 2.6% raise to that benefit would increase your benefits by $16 a month if you're receiving a $700 monthly benefit right now applying a potential 2.6% raise to that would increase your monthly benefit by $18 a month again not a ton of money but it's certainly better than nothing if you're receiving an $800 monthly benefit applying a potential 2.6% raise to that would increase your benefit by $21 a month I wish it were What the Percentage Raise Means for You $210 but sorry I said that incorrectly it's $21 a month for an8 $0000 monthly benefit that's what it would translate into If you're receiving a $900 monthly benefit applying a potential 2.6% raise to that would increase your benefits by $23 a month if you're getting a $1,000 monthly benefit applying a potential 2.6% raise to that would increase your benefits by $26 a month if you're getting a $1,100 monthly benefit applying a potential 2.6% raise to your $1,100 monthly benefit would increase your benefit by $28 a month so as you can see with these numbers it's not a ton obviously the bigger the benefit that you have the more of a raise you're going to get because that's just how it works when calculating percentages and rounding numbers that's just how it works the bigger the number the bigger the outcome obviously the bigger the benefit you have the more of a raise you're going to get that's just how it works when you're calculating percentages and rounding numbers the bigger the number the bigger the outcome or sum does that make sense it's not a ton I completely recognize this now here's what's also interesting we continue to see that inflation is moving up in fact on a year over-year basis as I mentioned in the video yesterday we see that shelter prices are still up 0.4% on a month-over-month basis and 5.1% on a year-over-year Current Economic Indicators Impacting Benefits basis meanwhile food prices were up 0 2% on a month-over-month basis and they continue to report food was up only 1.1% year-over-year I'm not sure if I buy that but that's what the report is showing as of now like I said at the beginning of the video if all else stays the same and we end up with a 2.6% raise this is what it would look like the good news and potentially the bad news is that we still have two more reports to go before we get the official announcement from Social Security about what the cola will be the good news is is that the cola could come in higher the bad news is that it could still come in lower if I have to give you my best estimate and again I said this in the video yesterday but I want to repeat it quickly if I have to narrow it down to a half percentage Point range as to where the cola is likely to land with the highest probability here's my best guess this is within a half% range there are others who provide much broader ranges such as between 1% and 4% that's something anyone could guess but I'm giving you a range of 2.4% to 2.9% based on the latest numbers this is my best guess right now in another month when we get the next inflation data point I'll be able to provide a much closer range probably within 0.2% but for now I think the range of 2.4% to 2.9% is where we're likely to Predictions for Final COLA Announcement land I hope this helps a little bit let's try to look at the positive side I know it can be frustrating finances are tough and many people are struggling including seniors and those with disabilities living on a fixed income I get it I see the comments down below but at the end of the day remember it could be zero a 0% raise is a real option too if you had to choose wouldn't you rather have the 2.4% 2.6% or 2.9% Final Thoughts & Staying Positive rather than a potential 0% I highly doubt it will be zero inflation would have to be very negative for the next couple of months to result in a zero increase and that's just not likely to happen I hope this helps you please subscribe down below if you haven't already share the video with your friends on social media using the share button below and like the video if you're right there thank you I really appreciate it otherwise check out the other videos on the channel you can find the ones I've hand selected for you down below in the description or at the top Subscribe, Share & Closing Remarks of the comment section also check out the videos popping up on your screen right now I'll catch you in the next one thanks so much for your support enjoy your day take care and I'll see you again in the next video