 Show With inflation in America at an all-time high, seniors and others on a fixed income have been some of the hardest hit by the rising costs of groceries, utilities and fuel. In these tough financial times, many have been holding on to hope that a recent proposal to Congress calling for a new wave of $1,400 stimulus checks specifically for those receiving Social Security payments might be pushed through to the President’s desk. However, it doesn’t appear there’s been any action by Congress to put forth legislation as of yet. Learn:
Social Security COLA Increases Could Cost Seniors Money — Here’s How The proposal was the initiative of Rick Delaney, chairman for The Senior Citizens League (the largest national nonpartisan agency for seniors), who first addressed Congress about the idea in October 2021. As he shared in his letter to House and Senate representatives, as GOBankingRates previously reported, Delaney’s rationale stated, “We believe that a special stimulus for Social Security recipients could help defray the higher costs some would face if next year’s [cost-of-living adjustment] bumps them into a higher tax bracket, causing higher tax rates on their income and surcharges to their Medicare Part B premiums.” Website VERIFY reached out to the Internal Revenue Service, the federal department that issues the checks, to inquire about the status of a fourth round of the Economic Impact Statements. A spokesperson stated that, currently, “There are no further stimulus payments authorized by law.” Given that the last stimulus checks issued by the government came over a year ago in March 2021, with funds likely depleted for many by now, the latest update isn’t exactly welcome news, even as Social Security benefits were increased by 5.9% in January of this year to account for the higher cost of living standards. That increase has impacted about 70 million retired and disabled citizens (though not all) who count on these payments for monthly living expenses. To help encourage Congress to act on the proposal for Social Security stimulus checks, TSCL has set up an online petition that anyone impacted can sign. The petition reads, “I (and/or my spouse) want Social Security recipients to receive a $1,400.00 emergency stimulus check to cope during this unprecedented inflationary year. Social Security benefits are one of the few types of income in retirement adjusted for inflation. But soaring inflation has taken a toll on household finances of retired and disabled Social Security recipients. In 2021 Social Security benefits increased by just 1.3 percent raising the average benefit by only about $20 a month. But about 86 percent of Social Security recipients surveyed say their expenses increased by much more than that amount.” Discover:
Don’t Qualify for SNAP? The Commodity Supplemental Food Program Could Help Seniors Get Food At the same time, FOX News has reported that many seniors have signed up for SNAP benefits amid soaring grocery prices, while reports a probable 11% COLA increase in Social Security benefits to help those on fixed incomes. More From GOBankingRates
This article originally appeared on GOBankingRates.com: No, Social Security Recipients Should Not Expect a 4th Stimulus Check The third round of stimulus checks saw more than 169 million payments sent out to eligible Americans, and some are pushing for a fourth as inflation continues to bite. The threat of the more contagious covid-19 variant, Omicron, has spooked the markets and created new wave of illness. In early January the United States surpassed one million covid-19 cases in a single day for the first time, and then went on to beat that record in each of the three following days. With individuals forced to self-isolate after a positive test there is concern that millions could have their livelihood threatened. The non-partisan advocacy group Senior Citizens League (TSCL) has called on Congress to send those receiving Social Security additional stimulus money. In a letter, TSCL Chairman Rick Delaney implored leaders in Congress to approve a one-off $1,400 Social Security stimulus payment for seniors. Read more
The Omicron crisis comes at the same time as high levels of inflation in the American economy have seen prices soar across the country. Those on a fixed income like Social Security are seeing rapid decreases in their purchasing power. The Bureau of Labor Statistics has reported that since October 2020, consumers are paying on average 6.2 percent more across the market. Prices for food are up 5.3 percent. Social Security Administration announced a historic COLA increaseThe campaign began before the announcement of the 5.9 percent COLA increase, but has continued after reports from thousands of seniors said they were experiencing extreme financial hardship as prices began to trend upward. Many have expressed a feeling of abandonment from the government telling TSCL “our government has forgotten about us.” Researchers with the TSCL have found that costs for seniors have outpaced COLA increase. While over the last twenty-one years, "COLAs have raised Social Security benefits by 55 percent," the costs for housing and healthcare increased 118 and 145 percent, respectively.
Is a new stimulus check coming for Social Security beneficiaries?On Friday 19 November, the House of Representatives passed the Build Back Better Act. While it does not include a stimulus check for those on Social Security it does include some benefits for seniors. These include the expansion of Medicare to include hearing services, and provisions that will grant the government power to negotiate a limited about of drug prices with pharmaceutical companies each year. However, the bill could not be passed before Christmas after key moderate Democrat Sen. Joe Manchin announced that he would not support the Build Back Better bill. The bill would have extended the Child Tax Credit, but had no provisions for another stimulus check. So far, leaders on Capitol Hill have been silent on their support or opposition to a targeted stimulus check for seniors. Seniors feel the brunt of inflation pressuresThe Center on Medicare and Medicaid announced a 14.5 percent increase in the price of the Medicare Part B premium which is subtracted from a Social Security beneficiary's check each month. From 2020 to 2021, the price only increased two percent, showing the impact that inflation is having on the healthcare market. After the increase was announced, Mary Johnson, a Social Security and Medicare policy analyst urged leaders to take action and warned that “The Part B increase from $148.50 to $170.10 per month is the highest since 2016 and will consume the entire annual cost of living adjustment (COLA) of Social Security recipients with the very lowest benefits, of about $365 per month.” Is there a stimulus check for 2022 for seniors?The maximum check is $841 in 2022 for eligible individuals for this federal program, which provides support to disabled, blind and elderly people who have little or no incomes. The average monthly benefit is $624.
Are Social Security recipients getting an extra check in 2022?When the increase takes effect: The increase will begin with benefits that Social Security beneficiaries receive in January 2023. Increased SSI payments will begin on December 30, 2022. When your notice will arrive in the mail: We mail COLA notices throughout the entire month of December.
Are Social Security recipients getting another stimulus?After the original stimulus checks, some lawmakers did push for another stimulus check, but the social spending plan stalled in Congress in late 2021. Congress has not been planning to provide beneficiaries with stimulus money.
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Are seniors on social security getting another stimulus check
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