In the United States, more than 70 million people are receiving Social Security benefits. The maximum Social Security benefit is only available to a limited number of people, according to The Fool. In 2021, the maximum monthly benefit is $3,895, or $46,740 per year.
In 2022, the maximum monthly benefit is expected to rise by 5.9 percent to $4,194 or $50,000 per year due to rising inflation.
Social Security Benefit
The Senior Citizen League sent a letter to Congress requesting that Social Security recipients be given a stimulus check. It is possible that a targeted stimulus for those on the program could help some of those affected by the current circumstances. The campaign’s supporters have already compiled a petition as of September. According to Newsweek, Sixty-nine million Social Security recipients would benefit from a fourth $1,400 stimulus payment requested by senior citizens’ groups.
Although more than a million people have signed a petition supporting the legislation, no national polls have been conducted to determine public opinion. Seniors’ targeted stimulus checks have so far received no support or opposition from Capitol Hill leaders, as per AS.
The Build Back Better Act
Senior Citizens League wants Congress to give Social Security recipients a $1,400 fourth stimulus check as inflation rises. People on a fixed income like Social Security are seeing rising prices. According to the Bureau of Labor Statistics, prices have increased by 6.2 percent since October last year. Over the past year, the cost of food has risen by 5.3 percent, while the energy price has been increased by more than 30 percent.
The House of Representatives passed the Build Back Better Act on November 19, 2021. Even though Social Security recipients won’t get a stimulus check, some benefits for the elderly are included in this plan. Medicare’s hearing services expansion and provisions allowing the government to negotiate a capped number of drug prices with pharmaceutical companies each year are two examples of this.
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