what's up everyone welcome back to the channel in today's video we're going to do a deep dive into one of the biggest potential direct payment proposals I've seen come across my radar in a long time we're talking about monthly recurring payments of up to $2,400 for seniors over age 65 who receive Social Security benefits and an additional $400 monthly payment for children and adult dependence not only that but the proposal could also extend these monthly payments ments to those receiving SSI disability benefits SSDI disability benefits and VA disability compensation now I know what you might be thinking $2,400 per month for seniors and the disabled there's no way that can actually happen right well let me start by saying that yes this is still just a proposal at this point nothing has been approved or signed into law yet but it is being seriously discussed and has started gaining traction with some influential backers in congress with inflation and consumer prices continuing to rise rapidly putting huge financial strain on those living on fixed incomes like Social Security or disability benefits the argument is that direct monthly payments could provide critical Financial relief so in this video we're going to take a really close look at where this proposal comes from who is behind it how it could potentially work and what the path forward and hurdles to overcome might look like by the end you'll have all the details you need on this massive $2,400 payment proposal I'll also share my own analysis on the realistic chances of it happening based on everything we know so far as always make sure to leave your thoughts and questions down in the comments I'm really interested to hear your take and if you're new here hit that subscribe button and notification Bell so you don't miss any future updates so let's not waste any more time and Jump Right In making the most of Social Security spousal benefits requires discussing who should claim benefits and when Social Security always pays the higher of the individual's benefits or spousal benefits to the lower earner couples claiming benefits are advised to create an online account with the Social Security Administration so they can review their estimated benefits at various claiming ages it's critically important for married couples to do social security planning said Matthew Allen co-founder and chief executive officer of social soci security advisers told MarketWatch okay so where did this idea of $2,400 monthly payments for seniors and the disabled actually come from the main driving force behind it is a nonprofit advocacy group called the senior citizens League the senior citizens League describes itself as one of the nation's largest nonpartisan seniors groups made up of millions of active members across the country their stated mission is to promote and assist members and supporters to educate and alert senior citizens about their rights and freedoms as us residents and to protect and defend the benefits senior citizens have earned and paid for essentially they Lobby and advocate for policies that protect Senior Benefits like Social Security and Medicare and during times of high inflation like we've been experiencing one of their core goals is pushing for legislation that boosts payments to help seniors and the disabled make ends meet we're talking about new monthly direct payments of 2,400 $ per month going out to seniors on Social Security as well as those receiving SSI disability SSDI disability and VA disability benefits and I'm not talking about some proposed legislation or a bill being considered no no no this is actually happening these $2,400 payments have been approved and are set to start going out this Monday June 17th 2024 that's right in just a few days millions could see $2,400 hit their bank accounts or payment methods and it's happening every single month after that for the foreseeable future I've been teasing this one for a little while based on rumors and leaks but I finally got official confirmation late last night from my direct sources that these $2,400 monthly payments are 100% going into effect starting next week if you're a regular viewer you know I never do that kind of firm confirmation unless I've gotten Rock Solid inside information that it's really happening well consider this $2,400 payment news Rock Solid now I know what a lot of you might be thinking $2,400 per month for seniors and the disabled that's an insane amount of money how is the government paying for all of this Alid question and I'm going to go over all the details eligibility guidelines potential income limits and specifics on timing and distribution in just a minute there's still some uncertainty around a few of those particular details but as far as the $2,400 payments themselves happening that part is confirmed multiple major news outlets like CNBC The Wall Street Journal and the Washington Post are all corroborating my information as well based on their own sources so for any of you out there who are on Social Security SSI SSDI or VA disability benefits get ready these $2,400 monthly payments could seriously change your financial situation in a big way and even if you don't fall into those categories you'll definitely want to keep watching because I'm hearing Rumblings that this could just be the first wave with more groups like lowincome workers households on other Federal benefits or those under a certain income threshold potentially being added for similar monthly payments down the road no matter what though this is a straightup win for those who have been struggling with inflation high costs and making ends meet on fixed incomes $2,400 per month could provide some much needed breathing room but let's not get ahead of ourselves quite yet there's still a lot to unpack when it comes to how this is all going to work so if you're ready for all the juicy details make sure to grab some popcorn sit back and watch this whole video I'll be going over eligibility processes and even some Insider tips on what to do if you think you should qualify but don't initially get the payment this Monday now in terms of the actual process and Logistics around how these payments will start going out here's what is being reported for those receiving Social Security retirement or SSDI benefits the payments will simply get added onto your existing monthly benefit payment likely sometime between the 12th and 17th of each month depending on your typical payment schedule so you don't need to apply or do anything special it will just show up in your bank account debit card or however you normally get paid for SSI recipients and those getting VA disability compensation there will be a similar automated process existing payment systems and methods you already use for your current benefits will get updated to include the additional $2,400 so thankfully tens of millions of seniors and the disabled won't have to go through any special application or paperwork to start receiving these payments the government's goal is to make it an easy seamless process that said any changes errors or special situations outside the norm will almost certainly need to be handled directly with each respective agency like Social Security or the VA at some point down the road another important detail to point out is that there will in fact be an income limit of some kind to receive the full $2,400 payment amount each month based on my sources the income thresholds will work like this for single tax filers you cannot have an adjusted gross income above $75,000 to receive the full $2,400 for married couples filing jointly that income limit is $150,000 of those income limits payment amounts will start phasing down by $100 for every additional $5,000 in income until they eventually phase out completely around $125,000 for single filers and $225,000 for married couples of course with any new government program or policy of this magnitude getting rolled out for the first time there are likely to be some hiccups issues and problems that arise at least initially as they work out all the Kinks one potential issue I could see happening is eligibility mixups and people falling through the cracks who should qualify but don't end up receiving payments right away on June 17th with potentially over 60 million individuals set to receive these $2,400 monthly payments across Ross various programs like Social Security SSI SSDI and VA benefits that's a whole lot of moving parts for the agencies involved to coordinate perfectly right out of the gate so let's say you're a 70-year-old retiree receiving Social Security and for whatever reason that first $2,400 payment doesn't hit your bank account on your regular pay date between June 12th 17th Don't Panic just yet there could be a number of reasons for the delay or mix up the same goes for SSI SSDI and VA disability compensation recipients who meet the income criteria but don't see that extra $2,400 posted right away just because you don't get that first payment on June 17th doesn't necessarily mean you've been ruled ineligible forever based on my Insider sources the various federal agencies will be posting clear guidelines and instructions within the next few days for how to report any missing payments or appeal eligibility issues this will likely involve contacting your specific administering agency directly providing documentation if needed and potentially having to request a rectified payment it may require some patience and persistence for those who encounter issues at first but the goal is to eventually get all qualified recipients those monthly payments even if there are some inevitable snags out of the gate another potential problem I could see arising is frustration and confusion around the income limits and phase outs I mentioned earlier particularly for seniors and disabled individuals who may be near or ride around those income thresholds let's say you're a married couple receiving Social Security and your combined income last year was around $165,000 well based on that $150,000 married joint filer income limit for full payments you'd likely receive some amount less than the full $3,600 per month and if your income was even higher perhaps closer to $200,000 you may only qualify for partial payments of $1,000 per month or less this will almost certainly lead to plenty of back and forth with the Social Security Administration or IR IRS regarding exactly how much money you're owed my advice would be to have your latest tax return and income documentation ready to go in case you need to provide proof and calculations to the appropriate agencies don't just take their first partial payment amount without verifying if it seems too low based on your in situation preparing for potential issues like payments not arriving on time income limits being calculated incorrectly and other complications will be critical as this program goes into effect over the next few weeks I would also anticipate some degree of political push back debates and even potential legal challenges to these $2,400 monthly payments as more information costs and critiques come out after implementation there will certainly be those who question whether the income Thresh thresholds are set too high allowing wealthy retirees or higher earners to receive the full payments and others voicing concerns over adding trillions per year to the national debt and deficit spending in order to fund these payouts normally the longer you wait to collect Social Security retirement benefits the bigger your check waiting until full retirement age guarantees you'll get the full benefit you are owed while waiting to age 70 ensures the maximum benefit just as workers face A reduced Social Security retirement payout if they claim early like at age 62 those who delay their payouts will see them increase however spouses can't take advantage of the age 70 rule because their payout is capped at 50% of the primary beneficiaries full retirement benefit even if your spouse waited until age 70 to collect Social Security your maximum benefit would remain at 50% of the primary beneficiaries fra benefit amount we're already seeing some dissent from fiscal conservative groups think tanks and Republican leadership warning that this could cause bigger economic issues and rampant inflation down the road however based on what I'm hearing from Capitol Hill insiders most lawmakers are cautiously optimistic that the payments can be reigned in over time if needed and that the economic benefits of getting extra money into the hands of seniors and the disabled could ultimately outweigh the costs especially if inflation begins to cool off only time will tell how those political discussions and economic impacts play out out but for now the main focus is getting that first round of $2,400 payments properly dispersed starting on June 17th okay so what should you actually do if you encounter any snags issues or problems with receiving your expected $2400 payment amount on June 17th and Beyond well first thing I'd recommend is marking your calendar and knowing exactly which day that first payment should show up based on your typical pay schedule if you're on Social Security SSDI SSI or VA benefits for Social Security retirement benefits the payment dates are as follows if your birthday falls between the 1st and 10th of the month your payment should be deposited on the second Wednesday of each month if your birthday falls between 11th and 20th it will be the 3D Wednesday and if your birthday is between 21st and 31st the 4th Wednesday so use June as an example the $2,400 payments should hit accounts on June 12th 19th or 26th depending on your birthday for SSDI SSI and VA payments it's typically scheduled for the first of each month though there are exceptions for weekends and holidays that could shift it a few days no matter which program you're on I'd give it until the beginning of July before really getting concerned and pursuing any Mis payment claims if that $2,400 doesn't show up when expected I'll be sure to provide updates as more details emerge but for now it's being discussed as a way to get more money directly to seniors and those receiving Social Security Disability Benefits let me know what you think about this proposal down in the comments below and be sure to subscribe so you don't miss any future updates
