More than 70 million people in the United States rely on Social Security. According to The Fool, the maximum Social Security benefit is only available to a minimal number of people. The maximum annual benefit in 2021 is $46,740, or $3,895 per month. Next year, the maximum monthly benefit of $4,194 or $50,000 is expected to rise by 5.9 percent due to rising inflation.
More than 70 million people in the United States rely on Social Security. According to The Fool, the maximum Social Security benefit is only available to a minimal number of people. The maximum annual benefit in 2021 is $46,740, or $3,895 per month. Next year, the maximum monthly benefit of $4,194 or $50,000 is expected to rise by 5.9 percent due to rising inflation. (Photo: Getty)
The Senior Citizen League
The Senior Citizen League wrote to Congress, requesting that Social Security recipients receive a stimulus check as part of the economic stimulus package. It is possible that a targeted stimulus for those participating in the program could benefit some of those who are currently suffering as a result of the current circumstances. The campaign’s supporters had already gathered signatures on a petition as of September. According to Newsweek, 69 million Social Security recipients would benefit from a fourth $1,400 stimulus payment, which senior citizens’ advocacy organizations have requested.
Even though more than a million people have signed a petition supporting the legislation, no national polls have been conducted to gauge public sentiment. According to the AS, the targeted stimulus checks for seniors have received neither support nor opposition from leaders on Capitol Hill.
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More than 70 million people in the United States rely on Social Security. According to The Fool, the maximum Social Security benefit is only available to a minimal number of people. The maximum annual benefit in 2021 is $46,740, or $3,895 per month. Next year, the maximum monthly benefit of $4,194 or $50,000 is expected to rise by 5.9 percent due to rising inflation. (Photo: Cleveland)
Build Back Better Act
According to the Senior Citizens League, as inflation increases, Social Security recipients should receive a $1,400 fourth stimulus check. Social Security recipients are seeing an increase in the cost of living. Prices have risen by 6.2 percent since October of last year, according to the BLS. Food prices have increased by 5.3 percent in the previous year, while energy costs have risen by over 30 percent.
On November 19, 2021, the Build Better Act was passed by the House of Representatives. The stimulus plan includes some benefits for the elderly, even though Social Security recipients will not receive a stimulus check. A few examples of this include Medicare’s expansion of hearing services and the government’s ability to negotiate a limited number of drug prices with pharmaceutical companies each year.
However, this bill will not be passed by the Senate before 2022. Millions of people are without a voice because Democratic Senator Joe Manchin has declared that he will not support the Build Back Better bill. $1.9 trillion bill will not be approved in 2021, despite progress expected in 2022, as per MARCA.
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