When can social security recipients expect the 4th stimulus check 2022

Table of Contents Show

Most read in money
Will lawmakers provide a fourth stimulus check?
Will people on Social Security get a 4th stimulus check?
Is Social Security sending out extra checks 2022?
Are SSI recipients getting a stimulus check in 2022?

PhotoInc / Getty Images/iStockphoto

With inflation in America at an all-time high, seniors and others on a fixed income have been some of the hardest hit by the rising costs of groceries, utilities and fuel. In these tough financial times, many have been holding on to hope that a recent proposal to Congress calling for a new wave of $1,400 stimulus checks specifically for those receiving Social Security payments might be pushed through to the President’s desk. However, it doesn’t appear there’s been any action by Congress to put forth legislation as of yet.

Learn: Social Security COLA Increases Could Cost Seniors Money — Here’s How
Looking To Diversify in a Bear Market? Consider These 6 Alternative Investments

The proposal was the initiative of Rick Delaney, chairman for The Senior Citizens League (the largest national nonpartisan agency for seniors), who first addressed Congress about the idea in October 2021. As he shared in his letter to House and Senate representatives, as GOBankingRates previously reported, Delaney’s rationale stated, “We believe that a special stimulus for Social Security recipients could help defray the higher costs some would face if next year’s [cost-of-living adjustment] bumps them into a higher tax bracket, causing higher tax rates on their income and surcharges to their Medicare Part B premiums.”

Website VERIFY reached out to the Internal Revenue Service, the federal department that issues the checks, to inquire about the status of a fourth round of the Economic Impact Statements. A spokesperson stated that, currently, “There are no further stimulus payments authorized by law.”

Given that the last stimulus checks issued by the government came over a year ago in March 2021, with funds likely depleted for many by now, the latest update isn’t exactly welcome news, even as Social Security benefits were increased by 5.9% in January of this year to account for the higher cost of living standards. That increase has impacted about 70 million retired and disabled citizens (though not all) who count on these payments for monthly living expenses.

To help encourage Congress to act on the proposal for Social Security stimulus checks, TSCL has set up an online petition that anyone impacted can sign. The petition reads, “I (and/or my spouse) want Social Security recipients to receive a $1,400.00 emergency stimulus check to cope during this unprecedented inflationary year. Social Security benefits are one of the few types of income in retirement adjusted for inflation. But soaring inflation has taken a toll on household finances of retired and disabled Social Security recipients. In 2021 Social Security benefits increased by just 1.3 percent raising the average benefit by only about $20 a month. But about 86 percent of Social Security recipients surveyed say their expenses increased by much more than that amount.”

Discover: Don’t Qualify for SNAP? The Commodity Supplemental Food Program Could Help Seniors Get Food
Learn: 8 Resources for Affording Groceries If Your Emergency SNAP Benefits Have Expired

At the same time, FOX News has reported that many seniors have signed up for SNAP benefits amid soaring grocery prices, while reports a probable 11% COLA increase in Social Security benefits to help those on fixed incomes.

More From GOBankingRates

SNAP Benefits: How Long Do They Last?
15 Cheap, Beautiful Places To Retire
Take These 6 Key Steps Today To Retire a Millionaire
5 Fastest Ways To Boost Your Credit Score

This article originally appeared on GOBankingRates.com: No, Social Security Recipients Should Not Expect a 4th Stimulus Check

IF you've been holding out hope for a fourth stimulus check - don't hold your breath.

Despite inflation remaining stubbornly high, and recessionary fears growing, Congress still has not moved to cut older Americans more slack.

There's a push for a fourth stimulus payment to help those who rely on Social Security

However, a petition trying to convince lawmakers to send senior citizens a fourth, $1,400 stimulus check, continues to circulate.

Social Security and supplemental security income (SSI) beneficiaries had been hoping Congress will consider a fourth stimulus check.

The Senior Citizens League, a non-partisan advocacy group, has been calling for the one-time $1,400 stimulus check for Social Security claimants, who are among the hardest hit by higher prices.

The group sent a letter to Congress last year, stating the cost-of-living adjustment, combined with inflation, will hit hard for many older Americans who are on a fixed income.

The proposal came after it was heard from many seniors who shared their hardships in the aftermath of the pandemic.

Shannon Benton with the Senior Citizens League told The Sun: "We have received hundreds of emails from people concerned about making ends meet."

"The high cost of living adjustment, for many, just exacerbated their financial woes by bumping their income above program limits to qualify for medicare savings programs and extra help."

And with inflation not going anywhere fast, the need for an injection of financial stimulus remains essential for millions of Americans.

The Senior Citizens League isn't the only one that is trying to get Congress's attention on the issue.

There's a petition on Change.org which has gotten more than 4.5million signatures.

It was started by a Denver restaurant owner.

It's asking Congress to provide monthly stimulus checks of $2,000 for adults and $1,000 for children for the "duration of the crisis."

Will lawmakers provide a fourth stimulus check?

Dozens of lawmakers have pushed for recurring stimulus payments, but any hope was sidelined when lawmakers focused on the Build Back Better agenda.

While a scaled-down version of it was signed into law by President Joe Biden in August, it did not include stimulus check.

Congress has been focusing on other issues including abortion rights and climate change.

Currently, no talks about stimulus money are on the table.

It means Social Security claimants should not expect to get a $1,400 check.

However, it's possible that should the US enter a recession (which is a growing fear of many economists), some more aid could be coming on the state or local level.

Dr Tim Rosenberger Jr, rising fellow at the Hoover Institution, whose research focuses on state and local government policies, previously told The Sun that California, in particular, could act.

“California is sitting on a big pile of cash right now,” Dr Rosenberger said.

Just last week California began deploying one-time payments that will benefit up to 23million California residents in the largest stimuls program of its kind in the state’s history.

The highest amount, $1,050, will go to married couples with a dependent and $150,000 or less in income.

The initiative, dubbed the Middle Class Tax Refund, comes as inflation nationally has reached historic highs and as California had a record $97.5 billion surplus as it finalized its budget.

The Social Security Administration looks at the cost of living and makes any necessary increases to Social Security benefits.

This practice has been going on since the 1950s to offset inflation for people living on a fixed income.

The cost-of-living adjustment for 2022 increased to 5.9 percent, one of the biggest on record.

The Social Security Administration is estimating that the number could rise by another eight percent next year, and an official decision will be announced on October 13th after CPI data for September is released.

That will impact 70million Americans, who will almost certainly receive a significant monthly increase in their benefits in 2023.

Based on the most recent Consumer Price Index report from the US Bureau of Labor Statistics, which showed inflation in August continuing to remain elevated.

It rose 8.3% from the previous year, the Senior Citizens League said the COLA for 2023 could be about 10.5%.

Cooling fuel prices at the tail end of the summer has helped lower COLA estimates for next year in recent weeks.

Yet, since the COLA is backward-looking, it is a mystery whether it will keep pace with upcoming inflation in 2023, said Mary Johnson, policy analyst at the Senior Citizens League.

"COLA is based on the inflation of July, August, and September CPI data this year averaged and compared against a year ago. We don’t know yet how well that will match up with inflation in 2023," said Ms Johnson.

Despite the increases each year, high inflation has lowered Social Security claimant's buying power by about 40 percent since 2000.

In other Social Security news, 33 states have bumped up Supplemental Security Income (SSI) so recipients will get payments of $841.

Plus, we explain how to get the most out of Social Security when you retire, including ways to boost your payments.

After the original stimulus checks, some lawmakers did push for another stimulus check, but the social spending plan stalled in Congress in late 2021. Congress has not been planning to provide beneficiaries with stimulus money.

When the increase takes effect: The increase will begin with benefits that Social Security beneficiaries receive in January 2023. Increased SSI payments will begin on December 30, 2022. When your notice will arrive in the mail: We mail COLA notices throughout the entire month of December.

Are SSI recipients getting a stimulus check in 2022?

This is the second month with two-payments in 2022 Since the maximum monthly payment per indiviual is at $841 dollars, this month SSI recipients could see a total payment of up to $1,682 arrive during September. The payment schedule for Social Security will not be impacted as SSI's has.