- Increased Social Security checks will be sent to millions in eastern US on December 30.
- Eight million beneficiaries are expected to start receiving their payments just before the end of 2021.
- The exact amount of aid that corresponds to each of the beneficiaries can vary.
More money in just three days. Increased Social Security checks will reach millions in the United States this Thursday, December 30. Eight million people are expected to begin receiving their higher payments just before the end of 2021.
Thanks to an Average Cost of Living Assessment (COLA), the Social Security Administration (SSA) decided to approve an increase of 5.9% for this year, so that about 72 million beneficiaries will see more money in their next checks. Who will be the first to enjoy this increase?
Social Security checks will reach millions in the US on December 30
The increased payments will benefit about 72 million people, including Social Security beneficiaries, veterans, the disabled, and federal retirees. Of course, the exact amount of assistance each of these recipients is entitled to will vary depending on their circumstances.
Most will see that extra 5.9% reflected in the checks they will receive as of January 2022. However, eight million beneficiaries of Supplemental Security Income (SSI) are expected to receive them a few days earlier than others.
Larger checks in three days
Thus, in just three days, just before the end of the year, Supplemental Security Income (SSI) beneficiaries will begin to receive their increased checks. Although this group will receive the checks first, overall, the increase will positively impact the family budgets of one in five Americans.
Since the onset of the pandemic, inflation has risen in the US which means the prices of products and services has also gone up. Taking this into consideration, the SSA approved the highest increase in decades. In fact, it’s the highest since 1982.
This is the highest increase in the country since 1982. This means that, on average, last October, a retired worker received a payment of about $1,562, but with the 5.9% cost of living increase, they will now receive approximately $1,655 dollars.
Starting in January, beneficiaries will see an average of $92 more in their monthly checks. In the case of couples, the increase will be about $154 dollars or a monthly check of approximately $2,753 dollars, The Sun reported.
More generous Social Security checks
What will happen to the SSI checks? Payments will also increase by 5.9%, representing an average increase of $34. If a beneficiary now receives a check for $587, starting in January, they will receive one for $621.
Generally, a Social Security beneficiary receives 12 checks each year. More than 70% of these beneficiaries are retired workers. The problem is that, although the adjustment is helpful, it does not match the increase in costs in the last year, which has been 6.3% according to the Bureau of Labor Statistics.
Benefits for youth with disabilities
This help will be extended to people over 18 years of age with a disability, since they can also be beneficiaries of Social Security if one of their parents receives retirement or disability benefits. Although they specify that the person must have presented this condition by 22 years of age.
This information is very important since the Tax Credit assistance for children and other benefits for dependents end when the child turns 18 years old. In this case, the person with a disability may qualify to receive the monthly check as an incapacitated working adult.
Fighting inflation in the US
Currently, the cost of medical care has increased to 145%, while housing is 118% more expensive, according to data from the League of Senior Citizens. But that is not all, because the price of medication, food and even gasoline has increased.
Inflation in the United States has increased by 5.4% from the beginning of 2021 to September, according to information from the Labor Office. This figure is alarming because it indicates that in less than a year, inflation has already eaten up the increase that takes effect this January.
Older adults in a dire situation
In August of this year, the Senior Citizens League revealed the plight of older adults in the United States. According to their research, in the last 20 years Social Security benefits have increased by only 55%, while housing costs have increased by 118%.
The grandparents’ need is so great that they end up resorting to food pantries.” It is very disturbing that such a large number of survey participants were forced to access food pantries,” said Mary Johnson, spokeswoman for the Senior Citizens League.
Unaffordable medical care
Even medical care in the United States is unaffordable for older adults. Health care has experienced an exorbitant increase that exceeds 140%. At the end of their lives, when they need medication and doctors the most, it has become the most difficult to get them.
“This illustrates the dire situation faced by households who depend on Social Security for most of their income when food prices skyrocket,” Johnson added. Meanwhile, a project that proposes to deliver a new check to the elderly continues to be a beacon of hope.
Can Social Security beneficiaries expect a fourth stimulus check?
Even after the federal government approved three economic stimulus checks as aid during the pandemic, some continue to insist on a fourth round. But can Social Security recipients expect a fourth check? Citizens are unlikely to receive further economic stimulus for the remainder of the year. However, a nonpartisan group is putting pressure on the Senate to provide direct aid to the elderly.
By 2019, nearly five million people over the age of 65 were living in poverty, according to data provided by the Congressional Research Service. The pandemic only deepened the dire situation experienced by many elderly people in the United States. So the nonpartisan organization Senior Citizens League decided to take action and has been insisting that a fourth check be issued to the elderly.
How much money for the elderly?
The request they sent to the Senate, which already has 75,000 signatures, addresses the needs of the elderly in the United States and exposes the need for additional financial aid to be provided to them. The financial assistance would allow them to pay for their basic requirements, put food on the table, and simply survive.
The emergency stimulus check requested by the Senior Citizens League for Social Security beneficiaries is for $1,400 dollars. This money would also allow them to deal with the rising costs of health care.
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