Social Security will likely witness a change in the monthly benefits and additional checks this year. Beneficiaries need to check the eligibility criteria and other details. As the pandemic progresses, inflation is wreaking havoc in some communities. Even though more than 169 million stimulus checks were distributed in the third round, there is still a push for a targeted fourth round. With a rapid transmission rate, the new covid-19 variant of Omicron worried financial markets at first, but early studies have calmed them a little as illness appears to be less severe overall. FingerLakes1 reports that the retirees have received a 5.9% COLA increase, the highest in the past four decades.
Americans have launched a petition for additional stimulus checks
A petition in support of Americans on Social Security receiving a fourth stimulus check is still gaining traction with the passing of each day in the year 2022. The petition put forward requests that Congress send another $1,400 check to those on a fixed income who receive Social Security benefits. Congress could issue a fourth stimulus check in red ink. The price rise has affected millions across the country and is likely to continue in the upcoming months.
Americans are still hopeful for fourth stimulus checks
If we look at the information and data published, the increase did not positively impact and didn’t help in countering inflation. Reports suggest that the increased benefits pushed many people over income limits on things which included Medicare. The retirees cannot meet the basic expenses and fail to reach financial security; they need to choose several alternatives to increase their wealth.
The petition has gained mass support
A petition with over 3 million signatures on Change.org is also attempting to persuade Congress to send another check. This one requests that adults receive $2,000 and children receive $1,000 for the duration of the pandemic. Seventy thousand checks worth $1,200 are being distributed. The Build Back Better Act includes provisions to assist seniors, but one of them is not a stimulus check. The bill was supposed to be passed by 2021, but it has yet to be passed in 2022.