Latest News
A fourth stimulus for seniors?
While no one should hold their breath for any more stimulus from Congress, the nonpartisan Senior Citizens League believes one is necessary. Inflation has indeed accelerated, with steep prices increases for gas, food, cars and other necessities in 2021. It is squeezing older Americans, particularly with fixed, often modest incomes. The league says seniors have been skipping meals and doses of essential medication. While a cost of living adjustment to Social Security benefits will occur on January 1st that is predicted to be the highest in decades at over 6%, the league claims seniors need assistance now. Missing from the piece, though, is acknowledgement that all but the wealthiest seniors already got $3,200 ($6,400 for a household of 2) between April 2020 and April 2021 in a pandemic year 2020 that saw zero inflation. Further, the pandemic left retirees virtually unscathed financially in 2020 as they did not lose income from a job as workers did. Social Security benefits never decrease. Still, the case for more funds is made in the full piece written by Sigrid Forberg here.
This posting is presented for informational purposes only and does not represent legal or financial guidance. Any opinions or interpretations presented are either those of the original author or, in the case of articles authored by the AMAC Foundation, are the opinions of AMAC Foundation staff, originally trained and accredited by the National Social Security Association (NSSA) and certified via the AMAC Foundation. Any links included in the article are valid on the posted date; socialsecurityreport.org cannot guarantee the duration of the links’ validity. NSSA and the AMAC Foundation and its staff are not affiliated with or endorsed by the Social Security Administration or any other governmental entity. To submit a question, visit our website (https://amacfoundation.org/services/) or email us at ssadvisor@amacfoundation.org. Because we are a non-profit organization, there is no charge for these services.