Some really good news for Social Security, including retirement, disability, SSDI survivors, and SSI beneficiaries. I have all the details and everything you need to know right here on this topic. All right, Finally, lawmakers are working on reform to these very important programs. This is actually really exciting because these beneficiaries encompass about 65 to 70 million beneficiaries. Well, on this topic, I do want to talk about a new bill that was just introduced in the Senate by a couple of different senators. Yes, you are hearing me correctly. They are finally introducing a bill that’s going to impact millions upon millions upon millions of beneficiaries. So I want to talk through that bill with you on this topic. Things are changing very rapidly right now. If you’ve been reading the topics for any length of time now, you know that I’m back every single day with the latest updates as this information is hitting the wire. It’s a busy time out there, but I am your one and only daily advocate.
I am very much dedicated to you in this community. Also, share this topic with your friends, family, social media, and stay tuned as things are changing very rapidly. But don’t worry, I’m doing all the research, breaking it all down into these short topics so that you can stay updated every single day with all of these changes as they are happening and as they’re hitting the wire. All right, So I do know that a lot of you right here in this community are living on a small fixed income benefit, which is exactly why I like to focus these videos on exactly that information because it pertains to a lot of you right here in this community. So I do want to talk about this new bill that was just introduced in the Senate. I know. I can’t even believe it, too, when I hear myself say that right. It’s been a long time since they have done virtually anything.
However, I want to talk through this with you All right. So first off, full Disclaimer, which I want to talk about here for just a second. This bill is in reference to SSI. However, for those of you who do not receive SSI, maybe you receive SSDI or retirement benefits. Stick with me. Because here’s the thing. This bill is likely the floodgates that will open up reform to many other programs and provisions within these programs. They’re all highly correlated, just like I’ve talked about in previous topics. All of this stuff is highly, highly correlated. Therefore, it is intertwined. Right, It is all working hand in hand. Therefore, if they actually do something with this bill that I’m about to talk about, it just means that they’re likely going to push through other things as well that we’ve also been talking about here on the channel. This is good, right? All it takes is one to start the flow. Once they get the flow going, then it’s just a matter of time until they get other things through the works as well. This is pretty good. All right, So did you know at this point as of last month, by the way, this was in the report that I just read about this, as of last month, the average SSI beneficiary is getting $625 per month. That’s an average SSI benefit as of right now, $625 on average for the average beneficiary receiving SSI as of last month, who’s expected to live on $625 a month.
I mean, let’s just be real right now. $625 gets you? Well, not much. I think you know what I’m talking about. I mean, seriously, $625 is nothing to live on these days. When I saw that number, I thought that is unbelievably low. Here’s the thing.
$841 for SSI is very low, but 625 is unbelievably low. Anyway, they’ve got to do something about this and they’ve got to do something about it really fast. Anyway, so the new bill that was just introduced in the Senate was actually introduced by two senators out of the state of Ohio. So, yes, here’s what’s interesting about it. One is a Democrat and one is a Republican. Therefore, we have bipartisan support for this bill, which is actually a really good thing. Because here’s the thing.
We don’t get bipartisan support on all that many bills. The simple fact that we have two senators, one Democrat, one Republican, coming together. Bipartisan on this thing is actually a really good thing. This is an amazing thing. So by the way, the two senators that I’m referring to are Sharon Brown, who’s a Democrat, and Rob Portman, who is the Republican in the situation Right. So two guys here talking about this pretty good stuff. Let me tell you the details of this. So the bill’s name is the SSI Savings Penalty Elimination Act. Okay, What does that mean? They always have really elaborate, official sounding names for these bills. Right? So that’s the name of the bill, the SSI Savings Penalty Elimination Act. Well, the name alone doesn’t really tell us a whole lot about it, but let me tell you the details on this. So as of right now and again, this is also something that we recognize within the SSI Restoration Act. They want to raise the asset levels, in other words, allowing you to have more money in your possession without fear of penalty to your monthly benefit. Well, check this out. This bill that I just talked about, is the name of the bill, this bill actually is talking about raising the asset levels for SSI beneficiaries to $10,000 as an individual and $20,000 as a married couple.
So the current levels right now are $2,000 as an individual and $3,000 as a married couple. Well, that doesn’t really give people a whole lot of money to lean back on in the event of a kind of situation that may arise. Right. So this bill was just introduced in the Senate, and like I said, it has bipartisan support as of right now. So this is actually a really good thing and actually a center out of the JP Morgan Policy Center. Now get this. This is actually pretty good because if you haven’t heard of JP Morgan, I’m pretty sure everybody has probably heard of JPMorgan. Like JPMorgan Chase. Yeah, exactly. Huge bank, one of the biggest banks in the United States. Actually one of the biggest banks in the world is out of one of their centers. The JPMorgan Policy Center is also pushing toward and actually supporting this idea of raising asset levels as well as raising the SSI benefits up to 100% of the federal poverty line, just like what is within the SSI Restoration Act. Amazing stuff right here. Right. So we have some big names behind this. And of course, this new bill right here calling on raising the asset levels up to the $10,000 for an individual and $20,000 as a married couple.
Now, again, the report goes on to talk about how raising this level would actually incentivize people to save more money and just do better things like save more money and get more money stacked up in the event of a situation, you have more money to lean back on rather than $2,000 as an individual and $3,000 as a married couple. That is not a whole lot of money to lean back on in the event of some type of situation that may arise. Really good stuff right? Here’s what else they have found with some of these reports. It also allows people to be a little bit more encouraged to go out and maybe work part-time as somebody who is maybe low income or a disabled person.
Because here’s the thing. All of us know the whole situation. Right. If you are somebody who is maybe low income or living on a fixed income, if you work a little bit and you have a little bit of earned income, guess what they do? They say if you earn a Penny over this threshold, we’re going to garnish your benefit. Is that encouraging for anybody to go out and maybe work part time as a disabled person? Probably not.
Because here’s the thing. The vast majority of people rely on their monthly benefits as the sole source of their income for the month. Right? Well, if we are constantly being bombarded with the ideas of thinking if I go out and work and if I earn a little bit too much, they’re going to garnish my benefit, the benefit that I rely on so much, they may take some of it. Is that encouraging and for anybody to actually think about and want to be encouraged to go out and maybe work a little bit as a possibly disabled person. No, you’re probably not going to be all that encouraged to go out and think, oh, I want to go to work. And then now they might take some of my benefit as a result. No, that’s not very encouraging. Well, the report goes on to talk about how by actually raising these asset levels to $10,000 as an individual and $20,000 as a married couple would actually encourage a lot more people to maybe enter into the workforce, because now you can have a lot more money saved out without any worrying about them garnishing your benefits. Yeah, pretty good stuff.
Now, here’s the thing. You might be wondering, what do we care about this? What is the likelihood that we’re actually going to have $10,000 or $20,000 saved up? Again, that’s a really good question. That’s a lot of money to have saved up. But the thing is, if you’ve been watching some of my other videos, if you keep at it long enough, you can probably do it. I guarantee you can do it if you stick at it long enough. But again, we don’t have to talk about that. We can talk about that in a separate topic. But my point is basically what is going on with this right here? This is potentially like the floodgate that could open up all of this other reform, including the SSI Restoration Act, to help raise benefits and ultimately reform these programs, which, by the way, SSI has not been reformed in any substantial way since. What is that like 33 years ago, if my math is correct, I think that’s 33 years ago was the last time that SSI was reformed in any kind of major way. That’s a long time ago. How could they expect to go on with a program like this without any kind of major reform and bringing it up to date in 33 years?
Yeah, that’s a very long time, Anyway. So this is something that we’ve got to watch very closely because if they bring this through and actually pass this bill and they do it through bipartisan support, this could be a really good thing. It could be an absolute game-changer because ultimately this is one of the provisions out of the SSI Restoration Act as well to raise the asset levels as well as remove the bearish penalty, including raise benefits up to 100% of the federal poverty line. Anyway, very encouraging. This is not only encouraging for SSI, but it’s also encouraging for Social Security.
Because remember, as I’ve said so many times now, it is very likely that the Social Security 2100 which has a multiple different provisions in it that are very good will likely move hand in hand side by side simultaneously through the legislative process along with the SSI restoration act kind of makes sense. So this could be a really good thing for about 65 to 70 million beneficiaries who draw on these monthly benefits. Anyway, some pretty cool stuff. If you want to check it out feel free to do so again. The name of this bill that they just introduced is the SSI savings penalty elimination act and it was introduced by Sharon Brown and Rob Portman, two senators out of the state of Ohio.
Anyway, here’s the information for you. Hope this helps you out but again I will continue watching this one very closely. Honestly, I do feel like this is very encouraging not only for raising the asset levels but also very encouraging for reforming all of these programs for like I said, probably 65 to 70 million beneficiaries, possibly even more. That’s amazing stuff. So anyway, hope you’re having a nice day so far.
Hope this one helps you out. Thanks again, I truly appreciate it. Enjoy your day and I’ll catch you again later in the next topic.