Advocacy Group Offers One-Time Payment of $ 1,400 for Social Security Recipients
Seniors advocacy group reaches out to senior members of Congress to support one-time Social Security stimulus payment of $ 1,400 to help older Americans overcome their financial difficulties caused by inflation and the current COVID-19 pandemic.
See: 5 things most Americans don’t know about Social Security
Find: Fact check: will a fourth stimulus check take place?
The Senior Citizens League, a non-partisan group that advocates for benefits for seniors, announced on its website last week that President Rick Delaney had sent letters to congressional leaders proposing the stimulus payment.
In the letter, Delaney noted that his organization has heard from thousands of seniors who “ran out of retirement savings, started eating only one meal a day, started cutting their pills in half because they cannot afford prescription drugs ”.
“[These are] just some of the drastic steps so many people have had to take because of what inflation has thrown at them this year, ”Delaney wrote, adding that many seniors think“ our government has forgotten about us ”.
A $ 1,400 stimulus check – combined with a 6% increase in the Social Security cost-of-living adjustment slated for next year – would go a long way to alleviating these problems, said Mary Johnson, analyst of Social Security. social security and health insurance policies at TSCL.
“There are several reasons why a $ 1,400 stimulus check for Social Security recipients is still badly needed,” even with the COLA increase, Johnson wrote in an email to GOBankingRates.
On the one hand, she said, a large percentage of social security beneficiaries find themselves in “financially fragile” circumstances.
“About 43% of people who responded to our online survey say they don’t have retirement savings,” Johnson said. “Among people who have savings, our surveys found that 50% of those surveyed said their retirement savings had not returned to their pre-pandemic value as of December 31, 2019, despite the sharp rise in the stock market. later in 2020 and the first part of 2021 when our survey was conducted.
She also noted that while the higher COLA will increase the income people receive from Social Security, it could also increase the amount of their taxable benefits. A higher COLA could also result in reduced benefits for other programs such as food stamps, rent assistance, and health insurance savings.
TSCL officials are realistic about how their proposal could be approved by lawmakers, who have recently been busy haggling over issues such as the debt ceiling and President Joe’s proposed infrastructure bill. Biden.
In his letter, Delaney said “Congress is unlikely to take action on our proposal this year, but if we can get enough support from the elderly for it, we hope it can become a major problem.” next year and that congressional support will increase. . “
Delaney’s letters follow TSCL’s previous petition to Congress to issue a series of senior-only stimulus checks. As GOBankingRates previously reported, the petition urged lawmakers to support a stimulus payment of $ 1,400 because “soaring inflation has taken a toll on the household finances of security recipients. social retirees and disabled “.
More from GOBankingTaux
This article originally appeared on GOBankingRates.com: Senior Stimulus: Advocacy Group Offers One-Time Payment of $ 1,400 for Social Security Recipients