During the COVID-19, three rounds of stimulus checks were distributed to citizens of the United States as the government sought to provide financial assistance in the face of rising inflation and job uncertainty. While a fourth stimulus check does not appear to be on the horizon, Social Security beneficiaries may be in line for an unexpected stimulus check.
Stimulus Check for Seniors
According to Fingerlakes1.com, due to economic uncertainties and the proliferation of yet another variety, the group has decided to approach Congress for a solution. They are requesting an additional check that would serve as a stimulus payment for the economy.
It also stated that some seniors have admitted to eating only one meal per day and reducing the dosage of their prescription pills in order to extend the duration of their medications. It is possible that the COLA increase did not outweigh the increased expenses of inflation and Medicare increases, and that this may have resulted in some seniors being forced into the next tax bracket.
Over the course of 21 years, the cost-of-living adjustment has increased by a total of 55 percent. Housing costs have increased by 118 percent in the last two decades, while healthcare costs have increased by 145 percent.
During this difficult period, many seniors have had to dip into their retirement savings. If they were to receive a fourth stimulus check, it would be extremely beneficial in helping them to cover the costs of food, energy, and medication.
Getting Extra Non-Taxable Income
According to the Chairman of The Senior Citizens League Rick Delaney, it has been brought to their attention by thousands of seniors who have depleted their retirement funds. Many people have written to the organization to express their dissatisfaction with their government.
He added that a $1,400.00 stimulus cheque for Social Security recipients may be an effective approach to provide them with additional non-taxable income.
More than 95,000 individuals have signed a petition from TSCL in support of the $1,400 check for SS beneficiaries, indicating that public opinion is rising, as per Marca.