$1400 fourth stimulus check update for Social Security, Retirement, Disability, SSDI Survivors, SSI VA, and RRB Beneficiaries. I have all the details and everything you need to know right here on this topic. As I am your one and only daily advocate and I’m very much dedicated to you and this community to do all the research and to break it all down into these short topics so that you can stay updated with all of this information as it is hitting the wire each and every day.
All right, so as low-income and fixed-income beneficiaries, we are all still awaiting that fourth stimulus check to land in our bank accounts or onto your Direct Express card.
However, at the same time, more reports continue to pop up, coming out, giving us updates on a one time, one $400 stimulus check, as well as talking about fixed income beneficiaries that I mentioned at the beginning of the topic. Social Security, you know the whole list, right? All right, so I do want to talk about the latest report that just popped up. I want to give you the details in this thing because honestly, there are some numbers within this report and some different pieces of details that I want to share with you. So we can all be on the same page.
But the things that we talk about right here on this site and on these topics are not as top secret information. This is very well known. In fact, the report we’re going to talk about right here is actually laying out some pretty interesting things. So let’s get into this right away here. All right, so first off, this report does talk about a number of different things here.
So I do want to work my way through this. So kind of just stick with me because it’s all going to wrap up and make perfect sense here in just a second. All right, so first off, we’re talking about fixed-income beneficiaries. You know, the whole list. I mentioned it earlier at the beginning of the topic.
However, the article starts out by talking about the purchasing power of the fixed income beneficiaries is literally depleting on a regular basis because of this rapidly rising inflation. Now, what I mean by this is essentially your benefit is the same whether it’s $841 from SSI. Maybe it’s $920 from SSDI or $600 or $1,052. I mean, seriously, it’s different for just about everybody. But basically what it means is your benefit is the same, but rather because of inflation continuing to go up so incredibly fast right now, basically the same loaf of bread that cost, say, $2 a year ago is now two point $72.
Therefore, your benefit is staying the same and essentially prices are going up. Therefore, the purchasing power of your dollars is depleting. Does that kind of makes sense? So that’s what the report starts out as well. Obviously, we know this because we’re living it right now and we’ve been dealing with this for what, a year and a half now or more.
We’ve been dealing with this for a very long time now. But the report starts out talking about this here’s, what else the report talks about. And I think this is very interesting. And honestly, I pretty much agree with this. I actually think it should be even a little bit higher than this.
So here, as we know right here in 2022, the fixed income beneficiaries I mentioned earlier got a 5.9% cost of living adjustment to our monthly benefits starting in January of 2022. 5.9% that was actually announced back in mid-October of 2021. At the time we thought, wow, that’s great, 5.9%. We’re hitting the big money now, right? Well, no, not exactly.
In fact, according to this report and what inflation is currently doing right here, right now, this number should be more along the lines of 8.9%, according to this report and the numbers that are coming out right now because of inflation, this cost of living adjustment should have been more in line with about 8.9%. So 3% higher than what it actually came in at. So yeah, it’s a big, big difference, right? Remember, back in the day, just like not even that long ago, like a year ago, a 3% raise would have been like, Whoa, this is huge. Like an unbelievably big a 3% raise now we’re talking about it should be 3% higher than it actually came in at.
5.9% plus 3% is 8.9%. That’s where we should be sitting right now because of this inflation. Unfortunately, they only adjust the Cola race one time per year. Yeah. Maybe we should change the rules on that because I think all of us are agreeing we could go for a little bump and a little adjustment on that thing about right now.
Right. Or maybe we’d be a little more beneficial to wait probably another few weeks here until the next report comes up. Because honestly, it’s probably going to be much higher than that. Even so, my point is, unfortunately, they only adjust this once per year. However, here’s what also is very interesting about this report.
It went on to say that the average Social Security beneficiary, again, they take all the benefits and they average them all out right now. Right. So let me give you the quick averages on this. The average retiree is getting $1,657 a month and the average SSDI beneficiary is getting $1,358 per month. Again, I know these averages seem high, but again, these are just the numbers and the averages that they give us.
However, here’s what it comes down to. The report came out and continued on to say that the average Social Security beneficiary, whether it’s SSDI or retiree, doesn’t really matter. Just any of these beneficiaries should be getting an extra $162 per month right now because of the inflation and because of basically the cost of living adjustment that basically didn’t keep up with inflation. So it all comes down to an extra $162 a month is what beneficiaries should be getting right now because of everything going on. Well, here’s what’s interesting.
It continues on to say about a $1,400 stimulus check. Check this one out. This comes out perfectly. Here we are.
If a $400 sorry, let me back up for just a second. If this extra $162 per month benefit was actually implemented to bring all the beneficiaries up to where they should be, an extra $162 on average higher every single month right now, starting right now, this month through the end of the year would actually calculate out into the equivalent of a little over a $1,400 stimulus check. Interesting, right? Yeah, kind of interesting how this whole thing shakes out. So if we were to actually implement an extra $162 per beneficiary every single month starting right now, this month through the rest of the year, it would actually come out to about $1,458 total, which is actually equivalent to basically a one time $1,400 stimulus check.
So basically, it comes down to this. The report is pointing out, what do you choose, an extra $162 a month per beneficiary on average again, or a one-time $1400 stimulus check? No matter how you cut the cake here, it’s basically going to come out to essentially the exact same thing, with the exception of about a 58 or so dollars difference. Basically, let’s just call it a $1,400 check, Right.
So here’s the deal. As we all know, the Senior Citizens League late last year, in September, October of last year, they were working on that petition calling on a $1,400 stimulus check, which they were actually sending out to virtually every member of Congress, about 535 people that they were sending this letter out to calling on them to support and issue a one time highly focused $1,400 stimulus check. Again, for the beneficiaries mentioned earlier, Social Security, retirement, SSDI survivors, SSI. You know the list, right? So here we are.
We’re sitting here multiple months later, and again, Congress doing whatever they do. Honestly, I think the guess is anybody’s guess at this point. What does Congress do? Well, I’ll let you decide. I’m not going to go down that rabbit hole.
I’ll let you decide what Congress does. But my point is, here we are sitting here a number of months later, all of us wondering when are we going to be seeing this one $1400 highly focused stimulus check. And according to this report, no matter how we cut it, rather we talk about a $162 monthly benefit raise starting now through the rest of the year. Whereas where beneficiaries should actually be or whether we talk about a one 14,00 hundred dollars stimulus check, it basically all shakes out to the exact same thing. So I guess the real question would be what would you rather have?
I think a lot of you, based on what I read down in the comments section and knowing a lot of you right here in the community, I think pretty much everybody would lean toward probably the one $1400, because that’s about what everybody needs right now. Here’s what also is interesting, I forgot to mention this a second ago. The report also did mention that 43% of retirees, as in the vast majority of Social Security beneficiaries. Again, I know there’s SSDI beneficiaries, I know there’s VA, I know there’s RRB and SSI and survivors beneficiaries. I know all that.
But the report specifically cited Social Security retirement beneficiaries. They said that 43% of beneficiaries also have credit card debt. Okay, that’s a high percentage. But here’s what it comes out to. The Federal Reserve right now is starting to raise interest rates pretty rapidly.
Well, guess what that means. Credit card interest rates are also going to be jacking up here very quickly as well because those are pegged off of the interest rates that are pegged by the Federal Reserve.
So, yeah, again, another depletion of purchasing power, as in it’s harder to pay dollar balance on a credit card balance when you’re paying even higher interest. Right. Kind of makes sense. So anyway, pretty good at stuff here. Pretty good report here.
But again, now is the time. Seriously, if we were pushing on Congress, say six months ago or eight months ago, whatever it was calling on them to issue a $1,400 stimulus check when inflation was maybe like 4.7% or 4.9%, I think we should probably be pushing on Congress a little bit harder these days considering inflation is essentially eight and a half percent right now. As of the last report, just a week and a half ago, two weeks ago, something like that. So, yeah, I think we should probably be getting on Congress a little bit more aggressively right now considering inflation is much higher. Prices have jacked up significantly over the last seven or eight months since we’ve been working on this.
I feel like now is the time. So anyway, pretty interesting report here. All the good stuff I have for you right here on this topic. And again, just wanted to shake it all up for you, let you know what’s going on. But again, I will continue doing everything I possibly can to get out to Congress, continue to be the voice for you, advocate for you, and do whatever I possibly can to get that one time, $1,400 stimulus check.
Now, here’s the thing. Many of us in this community are thinking seriously a one time check. No, we need ongoing. I totally get it. But here’s the thing.
If we can get anything out of Congress, whether it’s 14,00, 2,000, 1000, 250, and 500, whatever it happens to be, if realistically at this time, anything is better than what they’re currently doing, right, I think all of us can probably agree on that. But here’s the deal. A one-time lump sum and some ongoing monthlys would be really the ticket. That’s what everybody needs right now anyway. We’ll continue doing that.
We’ll continue to work for it and do whatever we possibly can. Ultimately, we got to get something out of Congress, right? So, anyway, I’m here for you. These are the updates that I have for you as of right now. I’ll catch you again later on the next topic. Bye.