Investing +More All Investing Best IRA Accounts Best Roth IRA Accounts Best Investing Apps Best Free Stock Trading Platforms Best Robo-Advisors Index Funds Mutual Funds ETFs Bondsīefore you apply your stimulus check toward debt payoff, evaluate your job situation. Help for Low Credit Scores +More All Help for Low Credit Scores Best Credit Cards for Bad Credit Best Personal Loans for Bad Credit Best Debt Consolidation Loans for Bad Credit Personal Loans if You Don't Have Credit Best Credit Cards for Building Credit Personal Loans for 580 Credit Score Lower Personal Loans for 670 Credit Score or Lower Best Mortgages for Bad Credit Best Hardship Loans How to Boost Your Credit Score Taxes +More All Taxes Best Tax Software Best Tax Software for Small Businesses Tax Refunds Small Business +More All Small Business Best Small Business Savings Accounts Best Small Business Checking Accounts Best Credit Cards for Small Business Best Small Business Loans Best Tax Software for Small Business Personal Finance +More All Personal Finance Best Budgeting Apps Best Expense Tracker Apps Best Money Transfer Apps Best Resale Apps and Sites Buy Now Pay Later (BNPL) Apps Best Debt Relief Best Mortgages for Average Credit Score.Best Loans to Refinance Credit Card Debt.However, despite the continued calls for senior-specific and other stimulus checks, the government appears to have no interest in cutting another round. But once they go through their household budget, they will realize it still won’t pay for all the increasing bills.” “So, retirees, anybody living on a fixed income, need to be aware that the 5.9% may look like a bigger increase than we’ve ever gotten. ”Even with that 5.9% COLA, inflation through November was up 6.8% for the past 12 months, and it looks like economists are forecasting that may continue.” “We are still going to see this tremendous problem with prices increasing faster than the COLA,” Mary Johnson, Social Security and Medicare policy analyst for the SCL said. The Senior Citizens League has also noted that while an increase in COLA benefits is good, it still isn’t going to help much. “If they want to buy meat, or if they are buying gas or have home heating fuel, that increase is going to get crushed by those expenses that have gone up,” Lella LaVigne, vice president of consumer insights at Allianz Life told CBS. However, while the extra benefits may seem like a lot, and will allow typical monthly checks to rise to about $1,658, it still isn’t seen as enough to help struggling senior citizens, who will also be paying a 14.5% increase for Medicare Part B, and like all other Americans, will continue to be affected by record-setting inflation when it comes to everyday expenses, such as gasoline and food. Everyone else will receive a payment on Jan. 12, with those born between the 11th and the 20th getting theirs on the 19th. According to CBS News, those born between the 1st -10th of the month received their first checks on Jan. While the call for a check hasn’t had success, the call to give senior citizens more aid was heard, and as a result, the 2022 Social Security Cost of Living Adjustment (COLA) increased to its highest amount yet, with a 5.9% increase, a boost of approximately $92-$93 a month. The petition specifically noted that while Social Security benefits had increased by 1.3% in 2021, it averaged to only about $20 a month for most seniors, and with record inflation, most recipients indicated that they weren’t able to keep up with expenses as a result. A petition has been signed by more than 95,000 people thus far. While a call from The Senior Citizens League for a $1,400 fourth stimulus check hasn’t quite had an effect on Congress either, it is continuing to grow steam, WJW, a Cleveland-based Fox affiliate reports. While a petition from Americans for monthly $2,000 stimulus checks hasn’t gained much traction when it comes to action being taken that makes payments a reality, a separate movement to get aid to one particular group has seemingly had some success.
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