Social Security, SSDI & SSI - Your New Monthly Benefit 2021 - 2022
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So again, thank you so much for watching subscribe down below and let's get right into this. All right. So as we approach the end of the year, we need to keep a focus on our new benefit that will be arriving very soon as a result of the 5.9% cost of living adjustment that was just announced by the Social Security Administration in mid-October.
This is pretty exciting, right? The 5.9%. This is the biggest raise since 1982. So it's been about 40 years since we've seen a rise of this size. So a lot of people have been reaching out wondering, what is my new benefit?
How much can it be? Can you help me figure that out? So here's the deal. Regardless of how many times we run it through our own calculators, no matter how many times we type the numbers in our own calculators, it's all going to be up to the Social Security Administration and what they actually calculate on our behalf when it comes to our exact situation. And our benefit, however, has no fear because we have a way that we can check into that.
So I want to walk through the steps in this for you. So there's actually a couple of different ways that we can look into this. Now, don't get me wrong when it comes to a benefit raise and more money in our pockets. I totally get it. We want to know the numbers immediately, right?
We don't want to wait a week. We don't want to wait two months. We want to know right now how much am I going to get? All right. So let me talk you through a couple of things here.
1st 1st off, usually in early December, early to mid-December. Sometime in the month of December, you'll be receiving that paper in the mail from the Social Security Administration again. It could come sometime in mid-December, early December, pretty much anytime in December time, but they send out that long piece of paper, right? It has tear-offsides. You tear those off, you open it up and it expands a few times.
And then somewhere on the page, it gives you the breakdown of your benefit, right? It says your benefit is and then they minus off Medicare Part B or any other expenses on there. And then the bottom line number, it says your new benefit will be, and it gives you a number. Right? Pretty exciting.
It's exciting until you work your way down the line and you realize deduction deduction deduction. Oh, okay. This is what I'll actually get. Do you know what I mean? So either way, it's always exciting to get that piece of paper in the mail, but there's actually a faster way and a better way.
Let me tell you what this is. So many of you probably know about this because maybe you're signed up, but I have seen a number of people that maybe haven't been signed up for this, and you can check this out. So if you go to the Social Security website, SSA. Gov right there on the main page, it should be up on the top somewhere. It could look a little bit different based on the browser that you're using.
Or maybe if you're using it on a desktop versus a mobile device, something like that. But either way, somewhere on the top of the page, it will say log in or sign up one of those. So if you go in there, you can actually sign up on a My Social Security account. Now, here's the thing. If you have already done this or if you have not done it yet and you decide to do so again, whatever works for you, totally fine with me.
I'm trying to give you the information. So if you go in there in early December, your new benefit amount will be visible in your My Social Security account online if you just so happen to have that account. So again, it's not going to be updated until early December. That's what they've said. So a few weeks here, we could have until it'll actually update.
But once the Social Security website actually updates, you could probably get that amount sooner than actually waiting for that piece of paper in the mail. So you'll also be getting the paper in the mail in conjunction with the update on your My Social Security account. So for those of you who are a little bit antsy like me, right. I'm very impatient a lot of times, but when it comes to that, this may be a faster way that you can actually check your benefit and stay tuned with things updates in direct relation to your account and your situation.
So let me walk you through the steps again.
If you want super easy, make sure you go to SSA. Gov. Gov not. Com because you just never know there are so many weird websites out there right now. You want to make sure that you're landing on the right website.
Okay. Ssa. Gov. That's the official Social Security website. And again, based on whatever you're searching on, whether it's mobile or tablet or laptop, desktop, whatever it may look a little bit different, but the sign up process is really easy.
You basically just create a new account. And then once you get logged in on your new account, you can then see everything related to your benefit. You specifically. But in early December, again, from the information that I found, I did not see a specific date. They just continue to say early December.
Right? So whatever early December is a few days into December, your new benefit will update right there on your Social Security account. So pretty cool, right? I mean, a long time coming. I totally get it.
A lot of people have been waiting. What's it going to be, what's our new benefit going to be? Things like this. Now, here's one of the interesting parts. As for this recording, I thought it would have been out by now, but I haven't seen it yet.
As of this recording, I have not seen the Medicare Part B premium. I'm recording this video in what is the day today? The 7 November. So as of right now, I have not seen the Medicare Part Be premium for 2022. Typically, it's out by now.
I've thought in the past I've pretty sure I've seen it in late October, early November. Previously, maybe not, but I was always sure that it was out by now. But again, that will be released here very soon. Now, again sometime before your new benefit is actually calculated and shows up in your Social Security account. Of course, we'll need to know what that new Medicare Part B premium is going to be, which I would anticipate should be announced any of these days right now, just based on where we're getting to be in the year, it should be announced literally, like any time now.
But as soon as we get that information, of course, I will bring that to you and let you know what it's going to be. But according to the reports that I've been seeing and everything out there that suggests what it may be. It looks like it's going to be about a ten-dollar raise. I think the percentage was what was the percentage anyway? Maybe like 6% or something like that.
Again, I'm not recalling exactly what it was, but it was some kind of raise. But either way, it shook out to be about $10 for the Medicare Part B premium. So currently, right now, in 2021, the Medicare Part B premium is $148.50 each month. But it sounds like according to this new raise, again, we don't know exactly what it's going to be, but it's sounding like it's going to be about $10. So it's going to bring that new benefit. Or sorry, the new premium is up to about $158 or so 158, $159, according to the reports that I've been seeing. But of course, we want to know the exact number. We don't want some about the number. We want the exact get me to the Penny. Right.
So when we get that information, of course, I'll come back and I'll let you know, and I can always run some more calculations with you here and kind of go through everything. But we need to pay attention to that as well as that will be one of those dreaded deductions on your benefit. Right. But unfortunately, there's not a whole lot we can do about it, unless, of course, you opt out of it that. But again, I'm not here to tell you what to do.
I'm just simply here to give you the information. But anyway, all of that information should be coming out here as far as the Medicare Part B premiums that should be announced very soon. And then, of course, in just a matter of a couple of weeks from now in early December. Wow. The end of the year is coming really fast.
Weird. Right. Where did this year go already? But anyway, by early December time, we should be getting that update in your My Social Security account followed up shortly thereafter or right around that same time that letter in your mail, which will give you the paper, the hard copy of basically the same information that you can find on the My Social Security account. So I hope this helps you out again.
I've had a number of people reaching out to me saying, hey, can you run the calculations on my account? Well, here's the thing. I can always run the calculations for you. That's not a big deal. That's fine.
But there's also a lot of other specifics about your situation that I may not be able to know. Therefore, your benefit may be off a little bit from what I could calculate for you. I can simply take your benefit and run a 5.9% calculation for you. That's not that hard, right? We can do that.
But there are other factors that go into it. Right. What's the Medicare Part B premium going to be? Do you have other deductions coming out of your benefit? Right.
So there's a lot to know about that. So in order to figure out what your total take-home benefit will actually be, what's your gross benefit minus off deductions and what's your take-home or net benefit going to be? Well, all that can be found on the My Social Security account or on the paper that will be delivered to you sometime in December. Anyway, for those of you who have been wondering, again, this is a way that you can check it if you haven't been signed up on the My Social Security account yet. Of course, you can go over there to do that.
It's totally free to do so. It should probably only take a few minutes to get it all setup and done. But again, please confirm that you're going to SSA. Gov rather than anything else. Right.
That's the official Social Security website. So again, hope this helps you out. I will keep you posted as we get more information on any of this information going forward. Don't worry. I'm here to help you out in any way that I can.
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