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Wednesday, August 10, 2022

Stimulus Check Update: Recipients Of Social Security Could Get More

The March of this year saw the Biden administration putting out a stimulus check payment of $1,400 which was sent to a large population. But right now, there is absolutely no possibility of a fourth stimulus payment from Congress or the Oval office.

This is because the economy has gone about improving tremendously over the last couple of months, and currently, it seems pretty implausible that a new stimulus payment would be available for the masses. But there have been quite a few advocates who have insisted that although the general public does not need another payment, seniors who rely on social security could be made an exception. 

Seniors Need A Stimulus Check To Maintain Their Buying Power

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Currently, there isn’t much information available about how much of a stimulus check seniors will be receiving next year. The reason is that the annual COLAs will be calculated based on the third-quarter data from the CPI for Urban Wage Earners and Clerical Workers. As of now, the only CPI-W data that is available is for the months of July and August. Until the number for September comes in, the COLA won’t be determined.

But seniors would definitely be getting the official word on their COLA of 2020 shortly. And no matter how the entire thing shakes out, it seems that the recipients of Social Security will be getting their biggest raise in decades. 

Whether legislators of Congress agree to a stimulus check for a senior-specific has not been determined. But it is pretty clear that most of the seniors who usually get the bulk of their income from Social security have usually been struggling for years- something that would continue even if the raise of 2022 is as generous as experts have been thinking it would be. 

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It can be ascertained that the near-term senior-specific stimulus check payment could be very dubious. However, one of the changes that would take place is the way COLAs are calculated. 

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