The Social Security system—officially referred to as OASDI in the US, according to Investopedia—provides benefits for retirees and surviving spouses, as well as those who have lost a spouse or a qualifying ex-spouse and the disabled. Because of the rapid rise in inflation, the Senior Citizens League urges Congress to provide a $1,400 fourth stimulus check for Social Security recipients.
The Social Security system—officially referred to as OASDI in the US, according to Investopedia—provides benefits for retirees and surviving spouses, as well as those who have lost a spouse or a qualifying ex-spouse and the disabled. Because of the rapid rise in inflation, the Senior Citizens League urges Congress to provide a $1,400 fourth stimulus check for Social Security recipients. (Photo: Fool)
Social Security Benefits
Social Security recipients should be given a fourth $1,400 stimulus payment, according to the Senior Citizens League (TSCL). A report stated that TSCL Chairman Rick Delaney requested additional stimulus funds for those on Social Security benefits (SSI).
According to AS, those on a fixed income, such as Social Security, see their purchasing power diminish at an alarming rate because of rising prices. There has been a 6.2 percent increase in prices since October 2020, as per the Bureau of Labor Statistics. Food prices have risen 5.3 percent, while energy costs have increased by more than 30 percent.
Senior citizens’ advocates have asked Congress to approve a fourth stimulus payment of $1,400 for an estimated 69 million Social Security recipients, as per Newsweek. The advocacy group Senior Citizen League requested a stimulus check for Social Security recipients in their request letter to the House of Representatives.
Read Also: $1,400 Stimulus Check Coming For This Group, See If You Are Eligible
The Social Security system—officially referred to as OASDI in the US, according to Investopedia—provides benefits for retirees and surviving spouses, as well as those who have lost a spouse or a qualifying ex-spouse and the disabled. Because of the rapid rise in inflation, the Senior Citizens League urges Congress to provide a $1,400 fourth stimulus check for Social Security recipients. (Photo: Corporate Institute)
Senior Citizens
The league wrote in their letter that they believe a specific stimulus for Social Security recipients can help offset the higher costs that some of them will face. An online petition had also been set up for the campaign’s supporters to sign. TSCL Chairman Rick Delaney requested additional stimulus funds for those on Social Security benefits (SSI). With a $1400 Social Security stimulus payment, Delany thinks that the elderly will benefit significantly from the additional non-taxable cash.
Delaney believes that a particular stimulus for Social Security beneficiaries would help alleviate the additional costs that some would face if COLA pushes them into a higher tax band next year, resulting in higher tax rates on their income and Medicare Part B premium surcharges.
Read Related Article: Up To $10,000 Stimulus Money Available For This Group Of People, Find Out If You Are Eligible
