Individuals receiving Social Security benefits will begin receiving $1,657 monthly installments in seven days. Beginning on October 12, Social Security beneficiaries' income will be distributed based on their birth dates. People born between October 1 and October 10 will be paid first.
According to the Social Security Administration's schedule, anyone born after October 10 will have to wait at least another week before getting a payment.
Who is Eligible For Social Security Payments?
Recipients need to understand the distinction between Social Security payments and Supplemental Security Income, which are two independent programs. Social Security payments are mostly based on wages during a person's lifetime, and there are no income or resource limits.
Meanwhile, SSI is a needs-based program for those with low incomes and resources. The benefits of the program are paid for by general tax income and might vary depending on federal and state rules, according to Washington Examiner. Meanwhile, low-income seniors in Pennsylvania may be eligible for a property tax rebate scheme worth up to $975.
To qualify, you must meet a few prerequisites. To begin, you must be 65 or older, or a widow/widower 50 or older. If you are 18 or older and have a handicap, you may potentially be eligible. Unfortunately, many of those seniors got an increase in their Social Security income due to a COLA.
The increase brought the average monthly payout to $1,657. Homeowners may not earn more than $35,000 per year, and renters may not earn more than $15,000 per year. 50% of Social Security payments are not considered income. This implies that if your payment rise pushed you above the income level, you may lose $975 in 2022. The income restrictions of $35,000 and $15,000 were not adjusted for inflation like everything else.
Furthermore, even with the monthly increases, Social Security claimants cannot afford to live. Since 2000, purchasing power has fallen by 40%. According to the Senior Citizens League, COLA hikes have increased Social Security benefits by 64%. Expenses have increased by 130%. Those numbers do not add up, as per Fingerlakes1.
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Stimulus Checks For Seniors
The Senior Citizens League, a non-partisan advocacy organization, has been advocating for a one-time $1,400 stimulus payout for Social Security claimants, who have been impacted the hardest by rising prices.
Last year, the organization wrote to Congress, noting that the cost-of-living increase, along with inflation, will be particularly difficult for many older Americans on fixed incomes.
The suggestion emerged after many elders recounted their experiences in the aftermath of the pandemic. "We have had hundreds of letters from seniors anxious about making ends meet," Shannon Benton of the Senior Citizens League told The Sun.
The Senior Citizens League is not the only organization attempting to gain the attention of Congress. There is a petition on Change.org with over 3 million signatures. It was founded by the proprietor of a Denver restaurant.
It is requesting that Congress provide monthly stimulus payments of $2,000 for adults and $1,000 for children for the "duration of the crisis." Dozens of lawmakers have pushed for recurring stimulus payments, but any hope was dashed when lawmakers became preoccupied with the Build Back Better agenda.
While President Joe Biden signed a scaled-down version of it into law in August, it did not include the stimulus check. Congress has been preoccupied with other concerns, such as abortion rights and climate change, The Sun reported.
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