The 4th Stimulus Check Update: When Will Social Security Payouts Begin?
A powerful nonpartisan organization that advocates for older folks continue to lobby Congress for a fourth stimulus payment to benefit seniors.
The Senior Citizens League recently wrote to members of Congress, encouraging them to consider a tailored stimulus for Social Security users. A payment of $1,400 is requested by the organization.
“We’ve heard from thousands of them (seniors) who have depleted their retirement savings, who have cut their pills in half because they can’t afford their prescription drugs, to name just a few of the drastic measures so many have had to take as a result of what inflation has done to them this year,” said TSCL Chairman Rick Delaney in his letter.
Delany pointed out that a $1,400 stimulus check for Social Security beneficiaries would be a good way to get more non-taxable cash into the hands of seniors.
“We think that a particular stimulus for Social Security beneficiaries might help alleviate the greater expenses that some may face if next year’s COLA pushes them into a higher tax band, resulting in higher tax rates on their income and surcharges on their Medicare Part B premiums,” he added.
In 2022, Social Security beneficiaries will get a 5.9% monthly increase, the highest rise in over 40 years. The typical retired worker would enjoy a monthly gain of approximately $92, but most of that will be eaten up by inflation and Medicare premium hikes.
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.