NEW BILL! Time To Raise SSI and SSDI Benefits in 2022 | Social Security Update

It’s the time to raise ssi and ssdi benefits in 2022 also known as social security update. The SSI program was established by President Richard Nixon in 1974, but it has gone largely without updates since then. In 2022, based on SSI’s criteria, the full monthly federal benefit for a person receiving SSI is $841 while a couple would get $1,261 — both are below the federal poverty line. But the average recipient receives less than that, just under $600 per month. In addition to the low payments, the lawmakers cited other concerns with the SSI program. To qualify for the benefit, an individual must have less than $2,000 in assets, or $3,000 for couples. So, if they are able to save any money and accumulate more than that, they will no longer be eligible for SSI. Another concern is the stipulation that if the individual or couple receives meaningful income from any other sources, that amount is deducted from their SSI benefits. Recipients are only allowed to keep the first $20 per month from other non-employment sources, like regular Social Security benefits or a pension, without a deduction, and $65 per month from work income without a deduction. These thresholds were determined in 1974, when the cost of living was five times lower. But not only that, they disincentive working for those who can.

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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.

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