Social Security Changes $200 Per Month Increase + Stimulus Check Update - YouTube

what's going on everybody david here back with  another video so we're going to do a stimulus  

package stimulus check update we have a few  things to talk about today we're going to talk  

about how many people have received their stimulus  checks so far we're also going to talk about the  

deadline date being extended for filing your  taxes i think that's important for many people  

who are interested in that we saw last year they  extended it this year they did extend it as well  

so we'll talk a little bit about that and then  i want to talk about the 200 race for social  

security and biden's plan for social security  but first off you guys can do me a favor please  

hit the like button it does help with the youtube  algorithm also please subscribe to the channel hit  

that little bell notification that way you'll  get notified any time we put out a video okay  

so the irs has indicated that 90 million people  have received their stimulus checks thus far and  

that's more than half so we're looking at about  160 million people will receive stimulus checks  

90 million people have already received them and  so it's just a matter of time hopefully within  

the next two to three weeks everyone will receive  their stimulus check and they'll also be mailing  

out paper checks as well as debit cards so make  sure you keep an eye out for those but now let's  

talk about the tax filing extension looks like  the irs is extending your tax filing a date to  

may 17th so it's going from april 15 to may 17th  and so that will allow you one more month to  

file your taxes which i think is good and  i was anticipating this was going to happen  

we saw it happen last year and  so they've made another extension  

for those people who have not filed their taxes  yet so now let's talk about biden's plan for  

social security and this is one of those things  where we we saw how important stimulus checks were  

for the american people this is very important  for people who are retired very important and  

so we need to talk about this and we're going to  need to continue talking about this so politicians  

know that this is something that's not going to  go away because we've seen with hazard pay we  

saw that whole situation where they talked about  it for a couple of months and then it was gone  

and that you didn't hear anything else about it  so this is one of those things you need to keep  

you need to keep it in the forefront you need  to keep talking about it and so i plan to  

in the future continue talking about  the the plan for social security the 200  

social security uh increase so make sure you  subscribe hit the little bell notification  

that way you'll get the latest information when it  comes to this unfortunately we haven't heard much  

in the last several months okay so that's part of  the reason why we need to keep talking about it  

so politicians will get back to this topic so let  me let me show you this article now this article  

was published back in december okay and this  is from motley fool okay so here are the key  

points of this article in biden's plan okay  so the first thing that biden wants to do  

is he wants to change the cola calculations okay  so currently what they're using is the consumer  

price index for urban wage earners and clerical  workers okay the cpiw now the only problem with  

this is this is for people who are working and if  you're retired retirees on average spend a higher  

share of their income on medical and housing  costs both of which rise faster than inflation  

this would mean that this consumer price index  would not be as accurate as if you were using  

a different consumer price index and so that's  what the the biden administration wants to do  

they want to change the price index and start  using the consumer price index for the elderly  

okay now if you're using that price index  that would have equated to 0.2 percent  

uh percentage points more as far as you would  receive a little bit more now i know you're saying  

0.2 that's really not much at all we're talking  about the the cola for right now is 1.3 percent  

it would have been 1.5 percent if you use the cpie  for elderly but over time over time compounded  

that's where you start looking at a situation  where it does make sense and it will ultimately  

benefit people on social security uh that much  more so that is the first thing that president  

biden is focused on now another thing president  biden wants to focus on he wants a minimum benefit  

if you work 30 years so if you work 30 years  biden wants the minimum benefit to be 125  

of the federal poverty level okay so we're  looking at that that would equate to about  

1329 and so if you work 30 years that's what  he wants as far as a plan when it comes to that  

and then the percentages can go anywhere from five  to fifty percent and it's be it could be between  

10 and 30 years okay so it doesn't have to be just  30 years but you can you can earn a percentage if  

you work 10 years 20 years 30 years and so  that's what he's focused on when it comes to  

receiving social security depending on how how  many years you've worked now another thing biden  

is focused on higher benefits for people who have  been on social security for 20 years okay in the  

way that they want to work this it's going to  cap out at five percent but it starts at 16  

years so you start at 16 years you move up a  percentage each year so that 16th year you get one  

percent the 17th year you get another percent the  18th year you get another percent the 19th year  

you get another percent and then at the 20 year  you get that last percent that gives you the five  

percent uh increase so if you've been on social  security for 20 years you get that extra five  

percent and this is in addition to cola so this  is not uh replacing cola this would be an addition  

too so that's something that's worth mentioning as  well now another thing that president biden wants  

to do is he wants higher benefits for surviving  spouses so the current social security rules  

allow widow spouses to collect either their own  benefit or 100 of their deceased spouse benefit  

for couples receiving about the same amount that  means the death of a spouse can reduce income  

by 50 and so what president biden wants to do  is he wants to allow you to choose and then give  

you an additional 20 percent okay so raise it 20  percent and so that's that's his plan there and  

this makes a lot of sense because when you look  at it your housing is not going to drop 50 percent  

just because your spouse is is no longer there so  you're still going to have some of the same bills  

and so if you give that increase that 20 increase  and you allow the personal social security  

the survivor to choose which uh which social  security they would like to continue to keep  

then that would at least help them out and you  have to understand some people on social security  

are really struggling they're on a fixed income  so this is a portion of biden's plan what he wants  

to do when it comes to social security he's also  talked about the 200 raise for social security and  

this is what's catching a lot of attention and  this would be a monthly payment of additional 200  

and this has not been talked about very often  in the last few months and that's unfortunate  

but that's where we are right now we were hoping  that this would be in the current stimulus package  

that we're looking at right now but it was not in  there now there could be reasons for that because  

we're talking about a raise and this this stimulus  package was done through budget reconciliation and  

we know when they were talking about the 15 hour  minimum wage the senate parliamentarian said no  

they that's that's not allowed you can't do that  and it couldn't be challenged by by the senate  

because they didn't have enough votes and so that  could be a reason why this wasn't even brought up  

because this would be a raise just like a 15 an  hour minimum wage a raise so we'll have to see  

what happens next with this and this could be one  of those situations where we could do a standalone  

bill and have this 200 a dollar raise in there but  um this is something that we have to see what the  

politicians want to do now this is not new this is  senator warren's plan she proposed this a year ago  

so when it comes down to the this whole situation  this is something that can be implemented i mean  

you have the people in place to make this happen  however you need to get the votes you need to get  

people on board you need to get the senators  on board you need to get the house on board  

to vote for something like this and so that's why  it's very important to keep this alive because  

if you let it go these politicians will forget  about it and they'll move on to something else  

now that we're passed the stimulus package now the  symbols package is done and people are starting to  

receive their money now you need to start talking  about the next thing and the next thing i think  

is going to be the 15 hour minimum wage as well  as the 200 raise for social security so i want  

to know what you guys think so in the comment  section let me know down below if you like this  

video please give me a thumbs up please subscribe  for more and i'll talk to you the next one bye

you