Social Security payments will see a 5.9 percent increase in 2022. This will be the highest boost offered in over 40 years. Understandably, the increase is due to the inflating costs of goods.This implies that a fourth stimulus check 2022 might be critical to families.
In October, the Social Security Administration announced a 5.9 percent boost to all benefits for 2022. Some SSI members who will receive a December 30 payment might see the increase. The remaining beneficiaries must wait on their first check on January 2022 to see the change.
According to AS, the increase is estimated to add $92 on the payments, so the new SSI average will be $1,657. Recipients who claim full retirement benefits will see a boost up to $3,345. SSI monthly checks will also change to $841 per individual and $1,261 per couple, with a $47 and $70 increase, respectively.
Social Security Adjustments: 2022 Inflation Rates
As previously mentioned, the increase in Social Security payments is influenced by incoming 2022 inflation costs. Because of the pandemic, the government and supply chains suffer many economic problems, and these struggles will be evident in the cost of living.
Some examples of rising costs are electricity and gas bills. Rental bills might also follow suit. Food prices are generally erratic, but consumers should be warned about supply shortages.
The annual boost hopes to help seniors and disabled recipients with their financial crises. However, it is not guaranteed to offset the rise of costs.
Fourth Stimulus Check 2022: Petition Nearing Completion
Considering the economic changes, a 4th stimulus check might be essential for struggling families. It could provide immediate financial relief, and extra change would be used for essentials and groceries.
Last month, a research study by Capital One Insights Center discussed how low-income earners struggled because of the pandemic. The research emphasized that while high-earners have gained a bit of economic stability, low- and middle-income earners continue to sink further into poverty as the pandemic continues.
Stephanie Bonin empathized with these struggles. She proposed a fourth stimulus check which allocates $2,000 monthly payments for the duration of the pandemic. Bonin said reliable and recurring payments are essential during these uncertain times. She also pointed out, "we need immediate checks and recurring payments so that we can keep our heads above water. Congress needs to make sure that we won't be left financially ruined for doing our part to keep the country healthy."
At the time of writing, Bonin's petition has reached 2,975,270 signatures out of its 3 million goal. This means they are less than 25,000 signatures away from completion.
The number of supporters is staggering, and it took over a year to reach this point. Unfortunately, the government has yet to acknowledge this petition. It is hard to determine whether it will even get approved at this point.
Americans have to wait and see for further developments on the topic. Hopefully, there might be some changes when the online petition finally completes its goal.
Related Article: Fourth Stimulus Check Update: $2000 Online Petition Progress, 4 Other Payments You Should Know