How an Extra $1,400 Check Could Help Social Security Recipients Run Soaring Groceries? – Community News
Stimulus Check

How an Extra $1,400 Check Could Help Social Security Recipients Run Soaring Groceries?

The Senior Citizens League (TSCL), one of the largest impartial advocacy groups for seniors, is currently petitioning to get support and attention for a $1,400 emergency stimulus check to help deal with unprecedented inflation.

Incentive Update: Petition for a fourth incentive, state economic boosts, gold state checks and tax credits for children
Social Security: Shortages in supermarkets similar to 2020 – Are you prepared for a shortage of supply during the holidays?

The petition reads: “I (and/or my spouse) want Social Security recipients to receive a $1,400 incentive check to help them cope with this unprecedented year of inflation. Social Security benefits are one of the few types of income in retirement adjusted for inflation.”

One of the arguments in the petition is that the COLA increases are not appropriate enough for seniors living on a fixed income with inflation rising by 5% in the past 13 months. The petition adds: “In 2021, Social Security benefits increased by just 1.3%, increasing the average benefit by only about $20 a month. But about 86% of Social Security recipients surveyed say their spending has increased much more than that amount.”

Government shutdown 2021: Will SNAP Benefits Be Affected?

One of the sectors with the largest price increases is the meat industry. While overall inflation is around 5%, chicken prices are up 7.2%, pork prices are up 9% and ground beef prices are almost a whopping 13% higher than last year.

A $1,400 check can help seniors pay for groceries on an already tight fixed income. About 25% of low-income seniors reported food insecurity, according to SNAP research.

See: Rising meat prices could cost you hundreds this year – can you afford it?
Find: Could the US benefit from another stimulus check?

Social Security recipients are expected to receive a 6% COLA increase in 2022 — one of the largest ever — but rising inflation and Medicare costs are expected to wipe out most of it. A fourth stimulus check could help struggling seniors recover from a year of soaring prices and supply chain blockages that still hurt the prospect of recovery for basic groceries.

More from GOBankingRates5 Things Most Americans Don’t Know About Social Security
10 reasons why you should claim Social Security early
How to use a credit card like a pro this holiday season
Should you refinance now with the low mortgage interest rate?

This article originally appeared on GOBankingRates.com: Senior Stimulus: How an Extra $1,400 Check Can Help Social Security Recipients Run Rising Groceries

About the author

Rakesh

Add Comment

Click here to post a comment