The latest estimates from The Senior Citizens League, a nonpartisan senior group, point to a possible 6.2% increase for next year based on the latest Consumer Price Index data. In comparison, this year's bump to benefits was just 1.3%. Yet next year's prospective increase comes as seniors are already facing rising costs. Moreover, higher Medicare Part B premiums and taxes on benefits could also eat away at that adjustment. Now, The Senior Citizens League is hoping to do something about it. Last week, the organization sent an email to supporters informing them of its plans to petition members of Congress for new $1,400 stimulus checks just for seniors. More from The New Road to Retirement:Here's a look at more retirement news.
"We have really hit a nerve with that first email," said Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League. "It was an immediate response of support for the idea." The group received more than 100 replies from seniors who shared their stories. More than 50 of those messages mentioned having to cut down to one meal a day or trouble affording groceries, Johnson said. Many of the seniors who responded also said they were cutting back on prescription drugs. While next year's COLA could be the highest it's been in years, for many seniors that is cause for concern, Johnson said. A big COLA makes low-income seniors nervous that they are going to be facing adjustments to their Medicare costs, to food benefits, rental subsidies and that sort of thing, Johnson said.  watch now VIDEO1:2501:25 Social Security benefits in 2022: How much more money you can expect Invest in You: Ready. Set. Grow. New stimulus checks could be a way to get extra non-taxable income to them, Johnson said. The hope is that those payments could help defray the higher costs some would face if next year's COLA bumps them into a higher tax bracket, prompting higher levies on their income and surcharges to their Medicare Part B premiums. The Senior Citizens League plans to contact Congress with its campaign soon, Johnson said. The group plans to advocate for payments particularly for low- to middle-income retirees, though it is flexible on the terms of how the money would be distributed. To be sure, polls show additional stimulus checks are widely popular with Americans. However, there has been no indication that Congress plans to include fourth payments in its busy fall legislative agenda. A Data for Progress poll released in January found 65% of Americans are in favor of monthly $2,000 stimulus checks. Moreover, a March Bankrate survey found that 61% of Americans said the last $1,400 stimulus checks, deployed earlier this year, wouldn't last for more than three months. The Senior Citizens League said many seniors have had to make financial adjustments since March 2020 in response to the Covid-19 pandemic. A recent survey found they were most likely to spend emergency savings, change their investments or withdraw more savings than usual. Moreover, some turned to food pantries or so-called SNAP (food subsidy) benefits, sought help with heating and cooling bills, Medicare or pharmacy assistance programs or rental assistance to get by. The Senior Citizens League is pushing for $1,400 stimulus payments to seniors on Social Security, but legislation hasn’t been introduced. Credit: JJ Gouin - stock.adobe.com Author: Megan Loe Published: 12:26 PM EDT May 24, 2022 Updated: 12:26 PM EDT May 24, 2022 Since the third round of stimulus checks, formally known as Economic Impact Payments, began arriving in people’s bank accounts in March 2021, many VERIFY viewers have asked if a fourth round of payments is on the way. Those eligible for the third round of payments received up to $1,400, and married couples filing a joint return received up to $2,800. The checks were intended to help people pay their bills and boost the economy during the coronavirus pandemic. Daphne reached out to the VERIFY team on Facebook to ask if people receiving Social Security benefits are receiving another $1,400 stimulus check now. THE QUESTIONAre Social Security recipients getting new $1,400 stimulus checks? THE SOURCES
THE ANSWERNo, Social Security recipients aren’t getting new $1,400 stimulus checks. WHAT WE FOUNDA spokesperson for the Internal Revenue Service (IRS) told VERIFY “there are no further stimulus payments authorized by law.” Congress would need to enact legislation that would then be signed into law by President Joe Biden in order to authorize additional stimulus checks. This hasn’t happened for stimulus checks for Social Security recipients or any other Americans since March 2021. That doesn’t mean additional stimulus hasn’t been proposed. Rick Delaney, chairman for The Senior Citizens League (TSCL), sent a letter to Congress in October 2021 proposing a one-time $1,400 Social Security stimulus payment for seniors, but Congress hasn’t yet acted on the request. Social Security provides people with income when they retire or can’t work due to disability. Those who are retired can start receiving their Social Security benefits as early as age 62. Delaney argued these types of stimulus checks could offset higher taxes caused by a Social Security cost-of-living increase. “We believe that a special stimulus for Social Security recipients could help defray the higher costs some would face if next year’s [cost-of-living adjustment] bumps them into a higher tax bracket, causing higher tax rates on their income and surcharges to their Medicare Part B premiums,” Delaney wrote in part. The Social Security Administration (SSA) raised Social Security and Supplemental Security Income (SSI) benefits for about 70 million Americans by 5.9% in 2022 due to an increase in the cost of living, the agency said on its website. The cost-of-living adjustment (COLA) for the majority of Social Security recipients began in January 2022, and the average payment for all retired workers is now $1,657. RELATED: No, all Americans are not receiving checks worth $1,657 The Social Security Act ties the annual COLA to the increase in the Consumer Price Index, the most widely used measure of inflation, which is determined by the U.S. Bureau of Labor Statistics. The COLA increases the amount that Social Security recipients receive in their monthly payments and is not a separate payment. TSCL is also collecting print and online petitions urging Congress to provide the $1,400 stimulus check to Social Security recipients. In an email to VERIFY, TSCL Social Security and Medicare Policy analyst Mary Johnson wrote that while it is advocating for members of Congress to introduce legislation, the group isn’t aware of any bills that are on the table right now. “However, our membership base strongly supports a one-time $1,400 check targeted to Social Security recipients, to help offset record levels of inflation over the past year,” Johnson said, adding that this is a legislative priority for TSCL in 2022. Johnson said “May is still relatively early in the legislative cycle” even though 2022 is an election year, and TSCL is hopeful that “a provision will be included in relevant budget legislation later this fall.” Related Articles
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