The US government is likely to boost a stimulus check in the form of social security in the tax year 2024. Previously, the Joe Biden-led Democratic administration had proposed legislation stating the increase of a social security stimulus check for elderly citizens. Progress regarding the hike of this stimulus check came on July 12, with the government stating that inflation is slowly diminishing.
Over the past year, inflation had hit US citizens hard with prices of essential commodities, and housing, skyrocketing and causing much hardship. For the first time over the years, the yearly rate of inflation has come down to 3% in June 2023, while it was 9.1% in 2022’s June. To tackle this situation, multiple US states have taken initiatives in providing their respective residents with stimulus payments under various welfare programs to boost the economy.
The Senior Citizens League Estimates 3% COLA Will Boost 2024 Social Security Stimulus Check
After taking the cost of living adjustment or the COLA into consideration, the nonprofit organization, The Senior Citizens League has stated that in the tax year 2024, the COLA is estimated at 3%, which is likely to increase the social security stimulus check.
While inflation is slowly heading to a decline, it is being welcomed by the government, as it indicates that the economy is stabilizing, with citizens now having more buying capacity. Mary Johnson, Medicare and Social Security policy analyst for The Senior Citizens League has stated that the COLA is estimated to rise from 2.7% in May to 3% in June taking the June data into consideration. This will likely increase the stimulus check for elderly citizens in the coming 2024 tax year.