Senior citizens might be one of the categories receiving a stimulus check from pressure groups. A letter written by Senior Citizens League Chairman Rick Delaney to the leaders of Congress serves to demonstrate the position that most seniors were in.
According to the letter, they have received reports from tens of thousands of seniors who have already depleted their retirement funds owing to soaring inflation and have begun eating only one meal each day.
They've also been accused of halving their prescription tablets since they couldn't afford to pay for them. The Senior Citizens League has recommended a $1,400 stimulus check for the majority of senior citizens, as per Digital Market News.
Who needs new stimulus checks?
While Social Security payments will climb by 5.9% in 2022, the highest cost-of-living adjustment in the following 39 years, inflation will threaten to absorb the majority of the price increase.
Although most political experts are pointing fingers at one another, one only needs to look into pandemic to see why inflation is rising and how it is eroding the buying power of people who might afford a decrease in the absence of a stimulus check payment.
According to John P. Micklistch, Chief Investment Officer of Ancora in Cleveland, there is no current indication that the economy would face inflation without the supply shock.
The TSCL has not only asked the White House for assistance but has also asked the public to sign a public petition on change.org in order to enable a stimulus check.
Thousands of cash-strapped Americans may be eligible for a fourth stimulus payment, since some are allegedly eating only one meal per day and cutting back on their medicine. The Senior Citizens League is advocating for additional cash payouts to retirees of up to $1,400.
"We've heard from thousands of people who have spent their retirement funds, who have started eating just one meal a day, and who have cut their tablets in half because they can't afford their prescription drugs," stated chairman Rick Delaney in a letter to congressional leaders, as per The Sun.
Delaney is hoping that legislative support for a $1,400 stimulus check would increase next year, as legislators fight over matters like the debt ceiling and Joe Biden's infrastructure bill, according to the Fool.
Why does a group urge for senior citizens stimulus check payments?
Although Social Security benefits are anticipated to grow by almost 6% next year, the cost-of-living adjustment is predicted to climb by 6.2 percent. A raise of that magnitude would be the largest increase in monthly payments since 1983.
This may represent a $95.67 monthly increase for Americans receiving the current average of $1,543 in Social Security payments, bringing the total to roughly $1,639. Those earning the maximum benefit of $3,895 may be eligible for an additional $241.49 every month, for a total of roughly $4,136.
However, Mary Johnson, a Social Security and Medicare policy analyst at The Senior Citizens League, said that this is generating anxiety among a number of senior citizens. They are concerned that as a result of the increase in income, they may face greater costs in other areas, particularly if the increase in income puts them into a higher tax band.
Once you reach the age of 62, you can begin collecting social security benefits. If you file a claim before reaching full retirement age, you will get less money. The requests for more money come at a time when a fourth federal stimulus check appears to be a long shot.
The White House looks hesitant about introducing yet another round of additional funds. Despite over three million individuals signing a petition demanding for the introduction of stimulus checks worth up to $2,000, nothing has happened.
Jen Psaki, the White House press secretary, cautioned Americans in the spring that stimulus checks "aren't free," and the economy has looked to recover since the COVID-related shutdowns.