The petition to try and get Congress to pass a fourth stimulus check to help seniors is still being discussed by Americans.
With the cost of inflation driving prices up for seniors who already struggle to afford necessities, some argue this check could offset some of the costs.
Inflation is the highest it’s been in 30 years. The COLA increase was the highest it’s been in almost 40 years.
Related: Stimulus check: These people will be surprised with a $1,400 stimulus check next year
Despite a 5.9% increase for seniors collecting social security, the inflation and rising Medicare costs cancel it out.
Unfortunately some beneficiaries will also be bumped into a higher tax bracket from the increase. These people may not benefit much with the extra $92 per month.
The Senior Citizens League believes another $1,400 for this specific population would greatly benefit them.
Related: COLA: Social Security disability payments in 2022
86% of those receiving benefits shared that the 1.3% increase at the end of 2020 did not cover the increased cost of expenses throughout 2021.
Many have been forced to dip into, and in some cases, completely exhaust their retirement accounts.
Others say to make ends meet they’re only eating one meal per day. Some are cutting their pills in half to make them last longer. They can’t afford food or prescription medications.
Related: Stimulus check: will social security recipients get a fourth check next week?
The petition was created earlier in the year in an effort to help senior citizens. It’s said that the $1,400 would offset the increase in Medicare Part B and the higher taxes when bumped into a higher tax bracket.
If passed, the measure could cost $90 billion dollars to provide the $1,400 check to 64 million social security recipients.
The check, if passed, will not happen in 2021 as lawmakers focus on President Joe Biden’s agenda getting passed before next year.
Related: Social Security: Will you get max amount of $3895?
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