Incentive Checks 2022: When Can SS Beneficiaries Expect Payment of $1,400? - Market News
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Incentive Checks 2022: When Can SS Beneficiaries Expect Payment of $1,400?

Incentive Checks 2022: When Will SS Beneficiaries Receive Payment of $1,400?

Congress has been pressured by the Seniors League (TSCL) in the first few weeks of 2022 as they push for a new one-off $1,400 Social Security Incentive Payment for seniors. This is due to the uncertainty in the United States following a rise in COVID-19 infections since the emergence of the new, albeit milder, Omicron variant. This payment would essentially act as a fourth stimulus check.

the 2022 adjustment of the cost of living (COLA) increases at the highest amount in four decades, putting many seniors in a higher tax bracket, so this stimulus control will theoretically help to offset additional costs.

Over the past 21 years, “COLAs have increased Social Security benefits by 55 percent”, affecting seniors as general costs exceeded the increase with the COLA, as evidenced by housing and health care costs rising 118% and 145% respectively.

“We’ve heard from thousands of them [seniors] who have used up their retirement savings,” said TSCL President, Rick Delaney. “Many have written to us that ‘our government has forgotten us’. A $1,400.00 incentive check for Social Security recipients could be a way to get additional non-taxable income for them.”

More than 95,000 people have signed a petition from TSCL over this $1,400 check for SS beneficiaries, so the pressure is mounting.

Prices in the United States are rising at an astronomical level, with the Bureau of Labor Statistics even reporting that consumers are paying an average 6.2% more across the market since October 2020. Some things, such as food, have increased by 5.3%, while energy costs have increased by more than 30%.

Stimulus Check for Social Security Recipients

The House of Representatives has the Build back better acting back on Friday, November 19, and this includes some benefits for seniors, though there’s no sign of a stimulus control.

Medicare will be expanded to include hearing services while the government has more power when it comes to negotiating drug prices with drug companies, but this bill will not pass in the Senate before 2022.

It is like that because Democrat Sen. Joe Manchin has stated that he Better build back bill, meaning the millions of people it supports are now being abandoned. While progress is expected in 2022, the $1.9 trillion bill will not get the green light in 2021.