Seniors And The Fourth Stimulus Evaluation
Seniors, in particular, are battling hard for the fourth stimulus check.
The Senior Citizens League has asked Congress to deliver another $1,400 payment to Social Security recipients.
Because they live on a fixed income, their needs are larger.
For 2022, the COLA rise, which would raise their monthly income, was 5.9%.
Will You Get A Fourth Stimulus Check
If youre hoping for a fourth stimulus check, its very unlikely. Similar to student loan cancellation, its challenging for Biden to support more stimulus check and also argue that the economy is recovering. While the Covid-19 pandemic is ongoing, the high vaccination rates, stock market recovery and employment statistics have improved over the past year. That said, there are still millions of Americans who are struggling financially as a result of the Covid-19 pandemic. This includes student loan borrowers who recently got more student loan relief, which is one reason that Biden extended student loan relief for 90 more days. . However, it also includes renters who no longer may have access to federal rent assistance. .
The first three stimulus check were limited based on income and other requirements, so they werent universally provided to all Americans. Congress is unlikely to support a fourth stimulus check, let alone a recurring $2,000 a month stimulus check. Biden didnt support $2,000 a month stimulus checks during his presidential campaign and is unlikely to support recurring stimulus checks now. That said, Vice President Kamala Harris has previously supported $2,000 a month stimulus checks for the duration of the pandemic. .
The petition has a goal of 4.5 million signatures. Despite the momentum, Congress or the president doesnt appear ready to issue a fourth stimulus check, whether one-time or monthly.
Federal Funding Retention Bonuses
Several states have decided to use some of the federal money as retention bonuses for their teachers, as most schools are expected to open in-person this year, AS reported. The bonuses also act as a thank you for the particularly rough school year most teachers had to endure.
Florida allocated a $1000 check to most teachers and administrators, but controversy arose when Governor DeSantis notably left some educators out. The situation is still developing.
Find: 7 Money-Saving Tips for Teachers Georgia
Georgia has one of the more generous plans, with Governor Kemp authorizing all full-time teachers and administrators to receive $1,000 checks, with part-time teachers receiving $500. There is a plan underway to provide for pre-K educators as well.
Although a retention bonus like Georgia and Florida has not yet been outlined, Michigan sent out $500 hazard pay bonuses to its teachers earlier in the year.
Tennessees state government passed a bill in June that scrapped an expected 2% raise and replaced it with a $1,000 check it labeled as a hazard pay bonus to full-time teachers. Part-time teachers get $500. Eligible individuals will receive their checks by the end of the year.
Find: 25 Experts Predictions on When We Will Bounce Back From COVID-19
More From GOBankingRates
Read Also: When Will We Get A Second Stimulus Check
Inflation Leaves Seniors Struggling
As inflation surges, the Social Security Administration has announced that beneficiaries will see an increase of 5.9% in benefits next year, the largest boost in nearly 40 years. The increase is due to a cost-of-living adjustment which determines changes in Social Security payments each year.
“This would be the highest COLA that most beneficiaries living today have ever seen,” Mary Johnson, The Senior Citizens League Social Security and Medicare policy analyst, said. “But a high COLA means exceptionally high inflation is impacting consumers. The Senior Citizens League has received more than 200 emails over the past month, with many retired and disabled senders describing the dire situations they face as rapidly rising inflation makes it impossible to pay the bills.”
SSA increased payments by an average 1.4% over the past 12 years, and 1.3% for 2021. Now, TSCG says this increase is too little, too late, as seniors deal with rising inflation and other costs.
“Over the past 21 years, COLAs have raised Social Security benefits by 55% but housing costs rose nearly 118% and healthcare costs rose 145% over the same period,” Johnson said.
The senior citizens group said economic impact payments for eligible individuals on Social Security retirement income could help offset these costs.
California Stimulus Check For Ssi Recipients: Are The Social Recipients In Line For A 4th Stimulus Payment In 2022
Around 70 million Americans will benefit from the 5.9 increase in Social Security and Supplemental Security Income benefits in 2022. The 5.9% Cost of Living Adjustment starts with benefits going out to over 64M Social Security beneficiaries this month. The increased payment to around 8M beneficiaries started on December 30. There is also the additional support of the California stimulus check for SSI recipients.
The Golden State Grant for seniors and people having a disability who receive SSI benefits will get a one-time stimulus check of $600. It is part of the COVID-19 relief bill and provides direct aid to people severely impacted by the pandemic.
This relief includes a single grant of $600 to SSI disabled people and seniors. This should help partially to meet the high costs SSI recipients are struggling with during the pandemic. Most California stimulus checks for SSI recipients are going out in paper checks through the US postal service, hence the delay in some cases. The payment started for the SSI recipients is going out on a rolling basis.
California stimulus check for SSI recipients became necessary even as 1.2M older adults and disabled peoples conditions went from bad to worse. Due to the cuts back in 2009 for SSI recipients, the poorest of Californias oldest adults and people with disabilities are hanging on by a thread.
Read Also: How Do I Check My Stimulus
Some Federal Benefit Recipients Already Have Received An Economic Impact Payment
The IRS emphasizes that federal benefit recipients in these groups who file tax returns already started to receive Economic Impact Payments earlier this month, along with other taxpayers.
Because some federal benefit recipients do not file tax returns, the IRS did not have in its tax systems the current information needed to generate the Economic Impact Payments. Last year, the IRS took the unprecedented step to receive and review data from other federal agencies and use that data to deliver payments automatically to these recipients. This action which had never occurred in previous stimulus efforts minimized risk and burdens for the American public during the pandemic. Due to regular changes in the federal benefits population, the IRS needed to receive updated information this month from other government agencies. With these critical updates, eligible federal benefit recipients who dont normally file an income tax return will get a payment automatically in the next few weeks.
Making these automatic payments to federal beneficiaries involves a complex, multi-step process to handle recipient data from the other agencies. For the first round of Economic Impact Payments last year, recipients in these groups received payments within four to six weeks after the CARES Act was signed into law. For the American Rescue Plan signed March 11, the IRS projects that it is on track to deliver Economic Impact Payments to federal beneficiaries at the same or faster speed.
Increases In Cola Have Never Been Higher Over The Last Four Decades
There has been a 55% increase in Social Security income over the last two decades because of the COLA raise. The cost of necessities has gone up a lot in the last few years. When it comes to housing and health care, the prices have gone up by 118% and 145%.
There are a lot of people who have wasted their retirement money, says TSCL chair Rick Delaney in Marcas report. Many people have written to say that they dont like how our government has treated them.
Giving Social Security recipients a $1,400 stimulus boost might give them more money that isnt taxed.
You May Like: H And R Block Stimulus Checks
Seniors And Fourth Stimulus Check
One group is fighting hard for fourth stimulus checks, specifically seniors.
The Senior Citizens League has called on Congress to send another check worth $1,400 to seniors collecting Social Security.
Their need is greater due to the fact that they live on a fixed income.
The COLA increase, which would increase their monthly income, was 5.9% for 2022.
While thats incredibly high in recent history, the announcement was made in Oct. 2021.
On top of inflation, Medicare prices are rising.
Seniors have admitted to cutting back and eating one meal a day as well as cutting their prescription medications in half.
Qualifying For Recovery Rebate Credit
Should you qualify for the Recovery Rebate Credit, you are able to claim the child on your 2021 tax return, which will be completed in 2022.
Those who qualify for an additional payment via the American Rescue Plan will be able to have the credit arrive as part of their 2021 refund.
In order to qualify, dependents must be under 19 at the end of the year unless they are a student, or any age but are permanently disabled. In addition, the dependent must be a child, brother, sister, foster child, stepbrother, stepsister, half-brother or half-sister, or a descendent of any of them.
There are some income requirements that must be met to receive the Recovery Rebate Credit payment, though, as taxpayers can receive the full amount if they have an adjusted gross income under $75,000, or an income of $150,000 and are married and filing jointly.
Recommended Reading: How Much Money Will I Get From The Stimulus
What If The Irs Didnt Send Me The Full Amount For The First Or Second Stimulus Payment
According to the IRS, people who receive Social Security retirement, SSDI, SSI and Railroad Retirement benefits, as well as Veterans Affairs beneficiaries, were automatically eligible for the first two stimulus payments. If you receive these federal benefits as your only form of income, you werent required to file a federal income tax return in 2018 or 2019. Under the CARES Act, you should have received a stimulus check automatically.
If that money didnt arrive, its possible you might have had a payment garnished for child support or funds diverted to pay a specific kind of creditor, but the rules changed with the second check. However, an IRS error could also be a potential culprit or the IRS may have needed more information about your eligibility.
To receive your money now, you need to claim the additional amount as part of tax season 2020, using the Recovery Rebate Credit. Even if you dont usually file taxes, youll have to file to get the funds. The deadline for filing your 2020 taxes was extended to May 17, 2021.
In some cases if you received a letter from the IRS confirming that your payment was sent, but you never actually got the money, for instance you may need to contact the IRS to request a payment trace.
The IRS says you can create and then check an IRS account to see more information about your eligibility around the first two stimulus payments.
Read Also: What Is The Cut Off For Stimulus Check
Will My Stimulus Check Arrive As An Eip Card
The IRS projects that 5 million stimulus payments will be made by Economic Impact Payment debit card, but checks going out to Social Security recipients wont take the form of an EIP card. According to the SSA support website: The IRS does not plan to issue prepaid debit cards to beneficiaries for this third round of EIPs The Social Security Administration does not administer the EIP debit card program, and did not decide who received an EIP debit card instead of a paper check.
Recommended Reading: Are We Getting A 2000 Stimulus
Also Check: Check Where My Stimulus Check Is
Everything You Need To Know About The 4th Stimulus Check Some Americans Will Receive
A surprise stimulus check is on the way for some Americans that qualify.
Individuals living in California, Florida, Georgia, Maine, Maryland, Michigan, and Tennessee qualify to receive money. Under the new laws in those areas, the funds are for low-income families and people who work in the education system. Some are for first responders. .
Here is the breakdown of each state and everything you should know:
Surprise $1,000 December stimulus checks being sent
Those Born Between The 11th And 20th Will Be
Infections with the omicron virus have increased in the united states, highlighting the critical. Stimulus package update , fourth stimulus check update today 2022 and daily news update. The senior citizens league has been working tirelessly to call on congress to send that fourth stimulus check to seniors who need it.
Don’t Miss: When Will Green Dot Deposit Stimulus Checks
Fourth Stimulus Check Update 202:
While thats a substantial increase, it still isnt high enough to offset inflation. The senior citizens league started pressuring congress to send those receiving social security additional stimulus funds. The senior citizens league has called on congress to send another check worth $1,400 to seniors collecting social security.
What Other Aid Is Out There
While a fourth stimulus check is improbable, more direct payments to Americans have already been signed into law. The American Rescue Plan includes an improved Child Tax Credit and extended unemployment benefits.
Under the revised Child Tax Credit, the Internal Revenue Service is paying out $3,600 per year for each child up to five years old and $3,000 per year for each child ages six through 17. Monthly payments of up to $300 per child started July 15 and will continue through December of 2021. The remainder is to be issued when the recipient files their 2021 taxes. The benefit does not depend on the recipients current tax burden. In other words, qualifying families will receive the full amount, regardless of how much or little they owe in taxes. Payments start to phase out beyond a $75,000 annual income for individuals and beyond $150,000 for married couples. The more generous credit will apply only for 2021, though Biden has stated his interest in extending it through 2025.
Additional money in peoples pockets from any proposed plan is still hypothetical, of course. Nothing has found its way through Congress yet.
You May Like: Irs Stimulus Checks Direct Deposit Date
Can Congress Make A Fourth Stimulus Check For Seniors Happen
Congress could act at any time, paving the way for a fourth stimulus check whether it be to seniors or Americans at large. The question is Will they?
It remains unlikely that a fourth stimulus check lands in bank accounts by the end of 2021. However, 2022 is a new year and if supply chain issues continue to drive up the cost of goods and services theres increased likelihood that another round of stimulus checks become necessary.
If not, Congress could have to act in controlling the cost of various goods and services to serve as a check-and-balance to growing economic uncertainty in the U.S. for people of all ages.
Chances Of A Federal Stimulus Check Appears Slim At This Point
An additional provision for direct relief stimulus checks was not a part of the infrastructure package that Congress pushed through in 2021. There is no provision either for any direct payment in the Build Back Better act either. As the Biden administration struggles to push that bill through, the President appears reluctant at present to go for a fresh battlefront in the Congress over any further direct stimulus package.
Even within the Biden administration, Joe Manchin has been a loose cannon as he has been opposing the Biden BBB bill. The passage of the bill would bring benefits for Social recipients. More important, it would allow the administration to go for an expansion of Medicare facilities and negotiate with big pharma for lower drug prices.
Confusions remain about Social Security recipients will be receiving the Golden State Stimulus II payments. It will all depend on state guidelines and only certain beneficiaries will be beneficiaries of Californias stimulus check. With 4.5M stimulus checks going out to Californians, a large number of payments could go out under this program.
California stimulus check for SSI recipients should go out to 6.1M Social Security beneficiaries in the state as per a 2020 census. This includes the survivors of beneficiaries and children according to data released by the Social Security Administration.
Also Check: How Does The Stimulus Child Tax Credit Work
The Average Retired Worker Will See An
The senior citizens league has asked congress to deliver another $1,400 payment to social security recipients. The senior citizens league, according to marcanews.com, is urging congress to pass legislation that would provide seniors with an additional $1,400 stimulus payment. $1,400 payment on offer at the start of.
How To Obtain Your Economic Impact Payment Of $1400
While it is an astronomically high figure in the previous history, the statement was made in October of 2021.
Medicare premiums are growing in tandem with inflation.
Seniors have acknowledged reducing their calorie intake and eating just one meal each day, as well as having their prescription medicine dosages.
You May Like: When Is The 3 Stimulus Check Coming
Will These Checks Be Distributed In Every State
Every state will get a federal budget to administer these money, but it will be entirely up to the administration of each state to decide how to spend these dollars and which particular benefits will be included in this plan.
Although most states are anticipated to carry out this effort, the manner in which it will be given will differ from one to the next, thus it is important to visit your local authorities official websites to find out exactly what is required to get this money.