For months, struggling Americans and progressive politicians have called for the fourth round of stimulus checks, but one organization is asking for $1,400 stimulus payments.
Senior Citizens League Calls for $1,400 Stimulus Checks
In a recently published article in Penn Live, only Social Security beneficiaries should get $1,400 payments, according to the Senior Citizens League. The Virginia-based non-profit has started an online petition to send the idea to Congress.
Despite the fact that the American Rescue Plan has provided economic advantages to important groups like homeowners and struggling renters, as well as parents, via stimulus checks and the child tax credit, the Senior Citizens’ group is the sector in the community that is left behind in terms of economic aids.
Online Petition of Senior Citizens League
The petition of the Senior Citizens League states that Social Security payments are one of the few forms of retirement income that are inflation-adjusted. However, rising inflation has taken a toll on the family finances of Social Security beneficiaries who are retired or handicapped, according to an article published in AL.
Additionally, it also mentioned that Social Security payments rose by just 1.3 percent in 2021, amounting to a monthly increase of only approximately $20. However, 86 percent of Social Security beneficiaries polled believe their costs have risen much more than that. As a result, they’re pleading with Congress to approve a $1,400 emergency stimulus payment for Social Security beneficiaries.
Furthermore, The need for these stimulus payments comes as the Senior Citizens League reports that Social Security beneficiaries’ costs are rising. The petition also comes at a time when it is being reported that Social Security payments are in jeopardy, with seniors facing a 22 percent reduction in payouts by 2034.
Other Important Information About the $1,400 Stimulus Checks for Senior Citizen
In 2022, Social Security beneficiaries may receive a cost-of-living adjustment of up to 6.2 percent, the most since 1983. However, rising inflation and Medicare Part B expenses may cut into that gain. The Consumer Price Index for Urban Wage Earners and Clerical Workers, or CPI-W, is used to calculate the COLA for Social Security each year. It’s based on information from the third quarter.
According to the Senior Citizens League, the overwhelming majority of SSI users said that their monthly costs increased by more than $20 this year, with 40 percent reporting increases of more than $100. The COLA was 1.3 percent last year. The final decision will be made at the conclusion of the fiscal year, and the hike will take effect on January 1, 2022.