Stimulus Check For SSI, SSDI, Low Income & Social Security | Stimulus Package Update 2022/2023
Stimulus Check For SSI, SSDI, Low Income & Social Security | Stimulus Package Update 2022/2023
An influential non-partisan group that lobbies on behalf of senior citizens is continuing to push Congress for a fourth stimulus payment to benefit senior citizens. The Senior Citizens League recently sent a letter to members of Congress urging them to consider a targeted stimulus designed to benefit Social Security recipients. The group is asking for a $1,400 payment. “We’ve heard from thousands of them (seniors) who have exhausted their retirement savings, who have started eating just one meal a day, started cutting their pills in half because they can’t afford their prescription drugs, to list just a few of the drastic steps so many have had to take because of what inflation has done to them this year,” the letter from TSCL Chairman Rick Delaney said a $1,400 stimulus check for Social Security recipients, Delany noted, would be a way to get extra non-taxable income into the hands of senior citizens. “We believe that a special stimulus for Social Security recipients could help defray the higher costs some would face if next year’s COLA bumps them into a higher tax bracket, causing higher tax rates on their income and surcharges to their Medicare Part B premiums,” he said. Social Security recipients are set to receive a 5.9% monthly increase in 2022, the largest boost in almost 40 years. The average retired worker will see an increase of about $92 a month, but much of that is expected to be eaten away by inflation and increases in Medicare premiums. So far three stimulus payments have been approved to help buffer the economic impact of the COVID pandemic. The first payment of $1,200 was sent in March 2020 followed by $600 checks in December 2020. In March 2021, payments of up to $1,400 were approved. Congress has not indicated it plans to pass a fourth stimulus check.
Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.
