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Tuesday, June 28, 2022

Stimulus Check Update: Beneficiaries Could Receive $1,400

With the country currently dealing with a surge in COVID-19 infections, there have been increased calls for another stimulus check. This has been brought forth by the Senior Citizens League that has applied immense pressure on Congress to bring about a $1,400 Social Security stimulus payment for the seniors in the country.

Rick Delaney, the TSCL Chairman, recently explained that they had heard from thousands of senior citizens who had already gone through their retirement savings that additional payment would be their only mode of survival. Many have also written to them wondering if the government has given up on them.

Stimulus Check For Senior Citizens

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In such a situation, a stimulus check of $1,400, for recipients of Social Security, could definitely be a way to get some extra non-taxable income to them. The cost of living adjustment for the next year is set to increase to the highest amount seen in the last 40 years, and this would definitely see quite a few seniors pushing into a far higher tax bracket, so the main idea is that the stimulus payment would help offset some of the costs that the senior citizens have to deal with. 

Most of the prices across the country have been rising at quite an astronomical level, with the Bureau of Labor Statistics even reporting that since October of 2020, most of the consumers have been paying an average of 6.2% more across the market. Some of the things, like food, have been up by 5.3%, whereas the cost of energy has gone up by around 30%. In such a situation, a stimulus check payment plays quite a pivotal role.

All this resulted in the House of Representatives passing the Build Back Better Act on Friday, that is the 19th of November, which did bring with itself several benefits for seniors- but as of now, there hasn’t been any sign of another stimulus check payment

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