January 21, 2022

Stimulus Checks in 2022: Can Social Security Recipients Get $1,400?

Inflation hurts some communities hard as the pandemic evolvess and despite more than 169 million payments being sent in the third round of stimulus checks, there remains a persistent push for a targeted fourth. The new covid-19 variant of Omicron initially had major concerns in the financial markets, with a rapid transfer rate, but early studies have calmed them down a bit as illness appears to be less severe overall.

The Omicron variant is spreading rapidly in the US. This has given a boost to the prospect of further stimulus checks as the risk of major economic problems lies ahead. Nancy Pelosi made overtures in a interview on sunday that further incentives can be included in future accounts.

How likely is a fourth stimulus check for SS beneficiaries?

The Seniors League (TSCL), an impartial advocacy group, began a press campaign to get Congress to send those receiving Social Security additional stimulus money. In a letter to leaders of Congress called for TSCL Chairman Rick Delaney for a one-time $1,400 Social Security incentive compensation for seniors. Such a measure could help cover the costs for some seniors of adjusting the cost of living in 2022, the highest in 40 years, putting them in a higher tax bracket.

All of this is in response to the high inflation that the US economy is facing. Prices across the country are hitting record highs, and for those on a fixed income like Social Security, they’re seeing: rapid drops in their purchasing power. The Bureau of Labor Statistics has reported that consumers are paying on average since October 2020 6.2 percent more on the market. Prices for food has increased by 5.3 percent, while energy costs are on over thirty.

What seniors received at the beginning of 2021 is ius the new COLA increase. What this means is that Social Security benefits are: increased by 5.9 percent. However, inflation is already higher than this value, putting recipients at a disadvantage. data shows that inflation grew at the fastest pace in 12 months in nearly 40 years during the month of December. It showed a 7% jump from a year earlier, well above the 5.9% COLA increase.

What about inflation in seniors?

The Center on Medicare and Medicaid announced a: 14.5 percent increase in Medicare Part B premium price which is deducted each month from a Social Security beneficiary’s check. From 2020 to 2021, the price has only increased by two percent, demonstrating the impact inflation has on the healthcare market.

After the increase was announced, Social Security and Health Care Policy Analyst Mary Johnson urged leaders to take action and warned that “Part B’s increase from $148.50 to $170.10 per month is the highest since 2016 and will consume the full annual cost of living adjustment (COLA) of Social Security recipients with the very lowest benefits, from about $365 a month.”

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