Senior Congressional Officials Stimulus Check Campaign Likely Not Heard
Campaigns for Senior Stimulus Check are not being heard
While the speaker Nancy Pelosi and the rest of Congress stopped considering another COVID-19 stimulus check for Americans, thousands of seniors have asked for help.
An advocacy organization quickly collected signatures on a petition calling for $ 1,400 stimulus checks for Social Security recipients.
Despite next year’s big social security hike, the Non-Partisan Seniors League says out-of-pocket payments are needed to deal with inflation and debt.
Inflation reduces the purchasing power of the elderly.
Many older people face financial difficulties, which is why a 1.3 percent increase was made to their social security cost-of-living allowance this year.
Food prices rose 4.6% year-on-year in September, the largest monthly increase since December 2011. Housing and energy prices are on the rise.
Seniors will benefit from a 5.9% increase in Social Security in 2021, the highest in 40 years, due to high inflation this year. The average monthly pension for retirees will be $ 1,657, up from $ 1,565 last year.
But the increase may be too late. After years of rising costs, the league estimates that Social Security’s meager increase in 2021 would only add $ 20 a month to the average beneficiary’s monthly check.
The Senior Citizens League launched a petition in September, urging Congress to provide a stimulus check for seniors. The petition is quickly approaching 75,000 signatures.
All forces are putting pressure on the budgets of senior executives.
According to the organization, due to today’s higher prices, older people – who mostly have fixed incomes – have started skipping meals and crucial prescription doses.
There is another problem.
The sharp increase could push some older people into higher income brackets, making them ineligible for food aid next year, according to Marie johnson of the Senior League.
Many seniors are already heavily in debt, and a modest increase in benefits next year would essentially maintain the status quo.
According to a recent study from the Center for Retirement Research at Boston College, increases in the cost of living are lagging behind increases in health care and federal taxes.
When benefit taxation was first implemented in 1983, only 8% of eligible households paid taxes on their benefits. Researchers estimate that 56% of aid recipients currently pay taxes on their benefits.
For now, a check for $ 1,400 from the Senior Citizens League prevents seniors from skipping meals to pay for necessities like home insurance.
What can you do while you wait for Congress to act?
Even though more people have signed the petition since it was published in the first week of September, their demands may go unheeded.
Despite more than 3 million signatures on a separate petition calling for the fourth wave of stimulus checks, Congress and the White House have not budged.
For now, here are some things you can do on your own to protect your finances.
Many people have relied on credit cards to get by over the past year, but high interest rates will only make life more difficult in the future. Combining your debt into one debt consolidation loan can help you save money and pay off your debt faster.
- When shopping online, never overspend.
How do you compare prices when there are hundreds of internet shops? Use the internet to find deals that fit your budget, saving you time.
- Improve your mortgage rate.
Right now, interest rates are at their lowest; refinancing can save you hundreds each month and thousands over the life of your loan.
- Make a large portfolio with your spare parts.
Even if you don’t have a lot of money, you can profit from the booming stock market. You can invest your “spare part” from ordinary purchases.
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