Why a group is campaigning for a fourth incentive check for seniors

Why a group is campaigning for a fourth incentive check for seniors

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The cost of living adjustment to social security costs for 2022 may be the highest in decades.

The latest estimates from the Senior Citizens League, a non-partisan seniors group, point to potential growth of 6.2% for next year based on the latest Consumer Price Index data. By comparison, the profit increase this year was only 1.3%.

Yet next year’s potential growth comes as older people already face rising costs. Additionally, higher premiums and taxes on Medicare Part B benefits may also weigh on this adjustment.

Now the Senior Citizens League is hoping to do something about it.

Last week, the organization sent its supporters an email in which it informed members of Congress that it plans to ask for a new stimulus check of $ 1,400 just for seniors.

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“We really struck a chord with this first email,” said Mary Johnson, Social Security and Medicare policy analyst with the Senior Citizens League. “It was an immediate response to support the idea.”

The group received over 100 responses from seniors sharing their stories.

Johnson said more than 50 of those posts mentioned cutting back one meal a day or having difficulty shopping. Several seniors who responded also said they were reducing their use of prescription drugs.

Johnson said next year’s COLA may be the highest in years, a concern for many seniors.

Johnson said a big cola is plaguing low-income seniors who are facing adjustments to their health insurance costs, food benefits, rent subsidies and things like that.

Johnson said the new stimulus checks could be a way for him to earn additional tax-free income. The hope is that these payments could help cover the higher costs some people will face if next year’s COLA puts them in a higher tax bracket, resulting in higher levies on their income and share. Medicare. There is a supplement on the B premium.

Johnson said the Senior Citizens League plans to contact Congress with their campaign shortly. The group plans to advocate for payments specifically for low to middle income retirees, although it is flexible on how the money will be distributed.

Certainly surveys show that additional stimulus checks are very popular with Americans. However, there is no indication that Congress is considering including a fourth payment in its busy legislative agenda.

Data from a Progress survey released in January found that 65% of Americans favor a monthly stimulus check of $ 2,000.

In addition, a March Bankrate survey found that 61% of Americans said the latest $ 1,400 stimulus check, released earlier this year, would last no longer 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 more likely to spend emergency savings, replace investments, or withdraw more savings than usual. In addition, some have turned to the pantry or so-called SNAP (food subsidy) benefits, asking for help with heating and cooling bills, Medicare or pharmacy assistance programs, or assistance. location.

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