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Social Security Update: Will Recipients Receive $1,400 Soon?

Retirees
The largest boost in 40 years in Social Security benefits are leveling up by 5.9%. (Photo: Social Security Matters)

The Senior Citizens League (TSCL) urges Congress to grant Social Security beneficiaries a fourth $1,400 stimulus payout. According to an update, TSCL Chairman Rick Delaney submitted letters to legislative leaders requesting another round of stimulus funds for persons on Social Security income (SSI).

A $1,400 stimulus payment for Social Security recipients, according to Delany, would be an excellent way to get additional non-taxable cash into the hands of the elderly. Delaney thinks that a special stimulus for Social Security beneficiaries would help alleviate the additional expenses that some would face if next year’s COLA pushes them into a higher tax band, resulting in higher tax rates on their income and Medicare Part B premium surcharges.

Benefits for retirees and surviving spouses, as well as those who have lost a spouse or a qualifying ex-spouse, and those who are disabled are all provided by the Social Security system—officially known as OASDI in the US. (Photo: The Motley Fool/ Getty)

Social Security Beneficiaries To Get 5.9% Monthly Increase

In 2022, Social Security beneficiaries will get a 5.9 percent monthly increase. It is the highest rise in over 40 years. The typical retired worker would enjoy a monthly gain of approximately $92. Still, most of that will be eaten up by inflation and Medicare premium hikes.

The Senior Citizens League, on the other hand, claims that this will not be adequate since the change would push some seniors into higher tax categories. But according to Fortune, this might result in surcharges on their Medicare Part B rates.

According to the organization, a special boost for Social Security users may help offset healthcare premiums and rising taxes. Social Security payouts increased by just 1.3 percent this year.

ALSO READ: Fourth Stimulus Check: Will the Petition Urge Congress To Act on $2,000 Monthly Stimulus Checks, $1,400 for Senior Citizens

Online Petition Update

However, seniors aren’t the only ones looking for a fourth stimulus payment. Nearly three million people signed a Change.org petition. They are asking Congress to immediately help families with a $2,000 payment for adults and a $1,000 payment for children, as well as recurring checks for the length of the crisis.

To assist mitigate the economic effect of the COVID outbreak, three stimulus payments have been awarded so far. Through March 2020, the first payment of $1,200 was paid, followed by $600 checks in December 2020. Payments of up to $1,400 were granted in March 2021. Congress has shown no indication that it intends to enact a fourth stimulus package.

On the other hand, NJ.com said the Biden administration has rejected the discussion of a fourth stimulus package. He instead focused on the expanded Child Tax Credit and the American Rescue Plan.

RELATED ARTICLE: Fourth Stimulus Check Update: Biden is Eyeing To Extend Child Tax Credit; More Stimulus are Coming To Millions of Americans