Nancy Pelosi, House Speaker, and other Congress members are not considering any more stimulus checks for US citizens. Nonetheless, senior citizens are perpetually sending petitions for assistance.
Some advocacy groups have managed to gather signatures to support the $1400 worth of stimulus checks for Social Security people.
A massive rise in Social Security will take place in 2022. However, the nonpartisan League of Senior Citizens stated that senior citizens are in dire need of more direct payments or stimulus checks to keep them afloat during this inflation period and pay off debts.
Vulnerable Seniors Petition Stimulus Checks
Elderly Americans received an increased Social Security of a mere 1.3% this year to cover cost-of-living.
Surveys show that food prices went up 4.6% compared to last year while energy and shelter expenses are constantly rising. Seniors also require regular medication. Owing to this cost escalation, 2021 Social Security for seniors will get a raise of 5.9%. Retired citizens will get a monthly $1657 average this year.
Increased costs are burning a hole in the bank accounts of the elderly and this raise seems too little at this time. In reality, the Social Security increase is a mere $20 every month for each beneficiary.
This reasonable raise may promote some elderly people to higher-income categories. This will make them unqualified for food funding next year. Many seniors have huge debts which will not be resolved by the raise.
Ways to save your wallet:
1: Credit cards proved useful in paying extra expenses and paying off debts.
2: Always compare prices while buying products online with the help of browser extensions that scours for better prices.
3: People can save a lot now since interest rates have hit a historic low and earn thousands through loans.
4: App named “Spare Change” and other stock market apps are very profitable in getting increased returns on small investments.