It is two years since the pandemic but Social Security recipients and other seniors in the US continue to be hit hard by the record inflation rate. The rise in prices has spiked faster than any increase in benefits. At present some lawmakers have plans to boost the Social Security payments by another $200. This stimulus check is sure to shore up the program in monetary terms.
The Social Security Expansion Act was initially introduced by Oregon Democrat Representative Peter DeFazio, and independent Senators from Vermont, Bernie Sanders. The plan comes even as the Social Security Administration (SSA) earlier revealed that Americans will not get their full benefits from the Social Security system if the government does not do anything to prevent it from occurring. The SSA stressed that the full amount would collapse in around 13 years. That would lead to either cutting down on the amount or funding a fresh source of funds.
Stimulus Check Based On Disability And Low Income
The fresh round of stimulus checks of $200 for beneficiaries who have turned 62 this year. The stimulus checks will be distributed to people with low income, disabled, and senior citizens who are eligible based on criteria that have been set up by the state governments.
The stimulus checks will only go out to homes with an AGI of not more than $75,000 for individual filers. For married couples, the amount is doubled and for heads of households, the amount is $112,500.
Veterans, that is individuals aged sixty-five and above will receive the additional stimulus check automatically. They do not need to do any specific tasks to be available. Families with Social Security coverage can collect the Fourth stimulus check if they fulfill the stipulations laid down by the federal government.