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Tuesday, May 24, 2022

Stimulus Check Update: New Payments Would Be Made To These Americans

A new stimulus check worth $1,400 might be in the works, courtesy of a senior citizen’s group calling for it for those who have been left out. The next payment in the series will come out on Friday, as well as from several other state stimulus payment efforts. The advocacy group in question is the Senior Citizens League, and it has been asking the federal government to come out with stimulus packages that have been tailor-made for recipients of Social Security.

One of the major reasons behind this is that even with the record-high cost of living increase to Social Security, increasing prices have definitely taken a chunk of households’ budgets. 

New stimulus check for Social Security recipients?

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A letter that was sent to Congress from the league members which proposed their belief that a stimulus check for recipients of Social Security could definitely help in reducing the higher costs most of them would be facing if the COLA bumps for next year puts them in a far high tax bracket, which would lead to higher tax rates on their income as well as surcharges to their premiums for Medicare Part B. 

The major part of the letter is definitely a call for stimulus check payments worth $1,400 for beneficiaries of Social Security. The letter would be coming the same week as the Social Security Administration, which would announce that benefit recipients would be getting an annual cost-of-living adjustment of 5.9% in 2022.

This has been the biggest increase since 1982. This would also be providing beneficiaries of Social Security an estimated $92 extra every single month. This would, in turn, increase the monthly estimated pay to a sum of $1,657 the next year. 

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The campaign for the group asking for more began in September. This then led to an online petition for stimulus check payments which the group had prepared previously. It read that they wanted the recipients of Social Security to receive an emergency stimulus payment of $1,400 to deal with the inflationary year.

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