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Friday, January 27, 2023

Social Security Stimulus Check Updates

As early as October, a bipartisan advocacy group called the Senior Citizens League (TSCL) began lobbying Congress to help the people benefitting from Social Security via additional stimulus checks. After that, inflation has risen by over 2%, rendering last year’s historic living cost increase irrelevant, and there are no plans for additional stimulus funding in the near future.

According to the previous reporting by GOBankingRates, the letter addressed to Congress requests that seniors receive a one-time payment of $1,400 in the form of a stimulus check for Social Security. That part reads:

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Because of what inflation has done to them this year, “we’ve heard from thousands of them [seniors] who have exhausted their retirement savings, who have begun eating just one meal a day, who have begun cutting their pills in half because they can’t afford their prescription drugs,” the article reads.

Is there pending payment? TSCL’s Medicare and Social Security analyst Mary Johnson told KGW.com’s VERIFY team that the association is optimistic that “a provision will be included in relevant budget legislation later this fall” because it is still early in the legislative year and because it is an election year.

Elderly People Can’t Rely On Another Simple Stimulus Check

Although seniors would benefit from a stimulus check, it wouldn’t be enough. As previously reported by GOBankingRates, payments for social security beneficiaries will have to be, at least, $540 higher every month to keep pace with their purchasing power from over 2 decades ago, after adjusting for inflation.

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According to what Johnson said back then, the purchasing power of retirees’ money has decreased significantly since 2000, with $100 only buying $60 of goods and services today.

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