Group requires $1,400 stimulus checks for Social Safety recipients
A social security administration office in San Francisco.
The 2022 cost of living adjustment from Social Security could be the largest in decades.
That increase on monthly checks, however, won’t be enough, according to The Senior Citizens League, a non-partisan advocacy group.
In a letter sent to House and Senate members this week, the group is stepping up its calls for new $ 1,400 stimulus checks to be sent instantly to Social Security beneficiaries.
“We believe that a special incentive for Social Security recipients could help cover the higher costs some would incur if COLA threw them into a higher tax bracket next year, resulting in higher tax rates on their income and surcharges on their Medicare Part B Rewards Leads, “said the letter, signed by Richard” Rick “Delaney, chairman of the Senior Citizens League.
Social security COLA is expected to be at least 6% next year, driven by rising consumer prices. That would be well above the 1.3% increase recorded by the beneficiaries in their monthly checks this year.
However, that more generous increase may not be enough to help beneficiaries, some of whom have had to cut grocery spending or seek help from food supplies or Supplemental Nutrition Assistance Program benefits, the Senior Citizens League said.
In addition to the one-off payments, the group advocates a change in the method for calculating the annual COLA. The Social Security Administration currently uses the consumer price index for urban wage earners and white-collar workers to determine these changes. Also known as CPI-W, it tracks the expenses of people who earn an hourly wage or who work in office jobs.
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Another measure, however, the Consumer Price Index for the Elderly, or CPI-E, would more accurately reflect the costs seniors face, the group argues.
The Seniors League is also calling for legislation to ensure that social security can continue to pay benefits for the next 75 years. The Social Security Trustees’ annual report recently showed that the combined trust funds used to pay retirement and disability benefits will be depleted by 2034, at which point only 78% of promised benefits are still payable.
Campaigning plans by President Joe Biden and by some members of Congress have similar goals.
The Seniors League campaign for fourth stimulus checks for seniors began in September and includes an online petition.