A FOURTH stimulus check is unlikely to be sent out to Social Security recipients before the end of the year.
This year, high inflation has caused millions of Americans to suffer, but the increased cost-of-living-adjustment for 2023 will help provide some relief for seniors.
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Social Security and Supplemental Security Income (SSI) beneficiaries have been holding out hope that Congress will consider a fourth stimulus check.
There is a petition online that aims to convince lawmakers to send senior citizens a fourth, $1,400 stimulus check.
Also, the Senior Citizens League, a non-partisan advocacy group, has been calling for a one-time $1,400 stimulus check for Social Security claimants, who are among the hardest hit by higher prices.
The group sent a letter to Congress last year, stating the cost-of-living adjustment, combined with inflation, will hit hard for many older Americans who are on a fixed income.
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The proposal came after it was heard from many seniors who shared their hardships in the aftermath of the pandemic.
Shannon Benton with the Senior Citizens League previously told The Sun: "We have received hundreds of emails from people concerned about making ends meet.
"The high cost of living adjustment, for many, just exacerbated their financial woes by bumping their income above program limits to qualify for medicare savings programs and extra help."
And with inflation remaining high, the need for an injection of financial stimulus remains essential for millions of Americans.
The Senior Citizens League isn't the only one that is trying to get Congress's attention on the issue.
There's seperate petition on Change.org, which has gotten more than three million signatures.
The innitative, which was started by a Denver restaurant owner, aims to reach the support of 4.5million.
It's asking Congress to provide monthly stimulus checks of $2,000 for adults and $1,000 for children for the "duration of the crisis".
Will lawmakers act?
Dozens of lawmakers have pushed for recurring stimulus payments, but any hope was sidelined when lawmakers focused on the Build Back Better agenda.
While a scaled-down version of it was signed into law by President Joe Biden in August, it did not include stimulus check.
Currently, no talks about stimulus money are on the table, so Social Security claimants should not expect to get a $1,400 check.
COLA change in 2023
In 2023, the Social Security Administration said the new COLA increase of 8.7 percent will kick in.
So depending onhow much you typically receive each month in benefits, you'll see a considerable change.
For example, retirees who have been receiving $1,681 per month, which is the Social Security Administration's estimated average monthly Social Security benefits, will now get $140 more.
With the COLA increase, all retired workers who receive that average in benefits will now get $1,827 starting in January.
For a retired couple who are both receiving benefits, the average monthly check will increase from $2,734 to $2,972 in the new year.
Other help for Social Security claimants
The Social Security Administration looks at the cost of living and makes any necessary increases to Social Security benefits.
This practice has been going on since the 1950s to offset inflation for people living on a fixed income.
The COLA increase impacts at least 70million Americans.
Despite the increases each year, high inflation has lowered Social Security claimant's buying power by about 40 percent since 2000.
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In other Social Security news, 33 states have bumped up Supplemental Security Income (SSI) so recipients will get payments of $841.
Plus, we explain how to get the most out of Social Security when you retire, including ways to boost your payments.
I've spent extensive time studying economic policies, government initiatives, and the impacts of financial stimuli on diverse demographics. Stimulus checks, particularly those related to Social Security recipients, have been a focal point in recent economic discussions.
Let's delve into the concepts:
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Social Security and Stimulus Checks: The mention of a "fourth stimulus check" for Social Security and Supplemental Security Income (SSI) beneficiaries reflects ongoing advocacy for additional financial support. While a $1,400 one-time payment has been proposed, the likelihood of its approval is uncertain, considering current governmental agendas and prior legislative decisions.
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Cost-of-Living Adjustments (COLA): The article discusses the impending 2023 increase of 8.7% in COLA, which impacts the benefits received by retirees. This adjustment aims to counteract the effects of inflation, a practice that has been in place since the 1950s. The article provides examples of the potential monthly increases for individuals and couples who are Social Security beneficiaries.
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Advocacy Efforts: Various advocacy groups, such as the Senior Citizens League, have been actively pushing for additional financial aid, citing the detrimental impact of inflation on fixed incomes. Petitions and initiatives, including one on Change.org and efforts by lawmakers, aim to secure further financial assistance, proposing monthly stimulus checks or additional one-time payments.
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Inflation's Impact: Despite regular COLA increases, the article highlights how inflation has significantly reduced the purchasing power of Social Security claimants by approximately 40% since 2000, underscoring the ongoing financial struggles faced by this demographic.
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Supplemental Security Income (SSI) and State-Level Increases: The article briefly touches on SSI increases in 33 states, mentioning a rise to $841 for recipients, possibly as an attempt to offset rising living costs.
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Future Prospects: The current political landscape seems focused on other legislative priorities, diverting attention from recurring stimulus payments. As a result, immediate expectations for additional stimulus checks for Social Security claimants might be unmet.
Understanding these concepts helps assess the economic challenges faced by Social Security recipients, the efforts made to alleviate their financial strain, and the mechanisms in place, such as COLA adjustments, to counteract the effects of inflation on fixed incomes.
