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Stimulus Checks 2022: Check When Social Security Beneficiaries Receive A $1,400 Payment

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Stimulus Payment Schedule For 2022: When Will You Get Your Money?

The rise in inflation levels has made life difficult for retirees across the US. The increase in the COVID-19 cases has aggravated the situation. The federal government ceased the stimulus payments after three rounds.

Stimulus Updates: Social Security Beneficiaries To Receive $1,400 Soon

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Marca reports that The Senior Citizens League (TSCL) is forcing congress to introduce an additional game of stimulus checks. The introduction of $1,400 stimulus payments will boost the finances of the individuals. The Social Security beneficiaries will also receive a hike in the COLA benefits in 2022. The COLA increase this year is the highest in the previous four decades.

Highest COLA Increase In Last Four Decades

The reports suggest that the COLA increase has accounted for a 55% increase in the Social Security benefits in the last two decades. The prices of everyday goods have increased significantly. The housing and healthcare facilities costs have increased by 118% and 145%, respectively.

Marca quoted the TSCL chairman Rick Delaney, who said, “We’ve heard from thousands of seniors who have exhausted their retirement savings. Many have written to us that our government has forgotten about us. A $1,400 stimulus check for Social Security recipients could be a way to get extra non-taxable income to them.”

The Average Market Price Has Increased Significantly

The price of different commodities has broken all previous records. The Bureau of Labor Statistics reports that the costs of market products have increased by 6.2% since October 2020. The food products have risen by 5.3% in value, the energy facilities have also witnessed an increase of 30% in the prices.

The House of Representatives approved the Build Back Better bill worth $1.9 trillion; President Biden introduced this bill to allow extended benefits for US citizens. However, the bill failed to get approval, quashing the hopes of the Biden Administration and millions of Americans.

Although the bill didn’t include the fourth stimulus check, it contained extended child tax credit and other monetary benefits for the citizens. Sen. Joe Manchin refused to support the bill citing the reasons such as the rise in inflation and depletion of the US economy as a few of the primary reasons. The conclusion of stimulus benefits will affect the expenses of low-income families and will likely push them into the hole of poverty amidst the pandemic.

 

5 Comments

5 Comments

  1. Linda G Dowell

    January 8, 2022 at 4:17 AM

    Very thing has gone up, food Eletric health insurance car insurance medication medical! You name it it has gone up. Housing

  2. Dorothy Curtis

    January 8, 2022 at 4:33 AM

    You and your spouse work hard for those years to put in the Social Security.But when one of them past away before age 65 why do the system deduct money from them.And you’ll not see that money.I fill like this the people who never work in their lives is benefiting from the people that work.And we’re still paying the Government.Medicare should be free to those who put in the system but you’ve to pay something.Nevertheless,the people who are on Social Security the government just forgot about us.

  3. Linda Witz

    January 8, 2022 at 12:32 PM

    Let parents take care of their children like i had to. I never got any help from the government. Now I and all citizens on social security and VA, etc. Really need help. People not impacted by part b huh it would hurt me and everyone I know.I didn’t get $200 for a raise however I do have bills to pay anyway. HELP US please.

  4. Elizabeth Hart

    January 8, 2022 at 11:00 PM

    They always forget about the seniors who have made this country what it is before.

  5. Paula Carvalho

    January 8, 2022 at 11:49 PM

    The truth of the matter is cola increased 5.9% but according gov inflation is up 6.8% but when you go to places like the dollar store prices are up 25% and gasoline and gas prices are out of control. Rents are uncontrollable. It seems that all of this is designed to make us just go away and die under a rock, if you are not a politician.

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Social Security

Consumer Confidence Low As President Joe Biden’s Opinion Polls Drop

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The American economy is currently experiencing its highest inflation for the past 40 years. The record-high consumer price index is currently standing at 7.5% – up from 7% last month. This is the highest annual increase in the consumer price index since 1982.

 

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The Stats Are In

Indeed, according to the New York Post, Americans are not happy with the state of their economy. Furthermore – they seem large, to be unhappy with the commander and chief as well – the American president Joe Biden. According to the University of Michigan’s consumer sentiment index, consumer sentiment is at the lowest in a decade. A separate poll showed that one-third of Americans do not approve of a single thing President Joe Biden has done whilst in office. The University of Michigan’s consumer sentiment – measures how optimistic consumers are about their future and their economy.

The latest index came in at 61.7 for February 2022. This is a huge drop of 19.7 percent since February last year and 8.2 percent since last month. Furthermore, it is also the lowest it has been since October 2011 when the index stood at 60.9.

American’s Hesitant About Their Future

As it stood Americans were only slightly optimistic about the economy. Furthermore, consumers seem to have a lot of fear or bad expectations about the future of the economy. This is indicated by the future expectations index which stood at 57.5 percent. This has been a huge 18.8 percent drop from last year – 70.7%, respectively.

Such a decline in these indices can be attributed to high inflation, which in turn leads to a more difficult economy and less confidence in the government and its policies. This tide together with the fact that the long-term economic outlook is at its worst in a full decade can also explain this phenomenon.

America Disproves Of President Biden

With the massive 7.5% increase in the consumer price index – the average household will have to add $276 to its expenses. Food, shelter, and electricity were the three highest contributors to the latest consumer price index. This is according to the Bureau of Labor Statistics. Perhaps, largely because of many of these aforementioned statistics, 58% of Americans have expressed disapproval for President Joe Biden’s performance whilst in office. One-third of those interviewed for the polls could not even site a single the president had done that they liked or approved of.

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Social Security

Closed-End Funds A Great Investment Choice For US Retirees: Know Its Advantages

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Most retirees fail to save a decent amount from their retirement and Social Security benefits. Individuals in search of higher profits should consider investing in closed-end funds. However, these funds have higher risks with higher returns than conventional investment options. The closed-end funds provide stocks and bonds cheaper than the market price. CNBC reports that more than 500 closed-end funds were worth $296 billion by Jan 31. Mutual funds in the US are worth $24.3 trillion. Retirees need to understand the attributes of these funds and the probable downsides before investment.

Closed-End Funds A Great Investment Choice For US Retirees: Know Its Advantages

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The Market Is Full Of Risks

The closed-end funds provide various shares at a lower value and enable the individuals to trade them in the stock market at the standard price. The share price depends upon the fund’s assets and the investor’s supply chain. The report suggests that the closed-end funds are usually sold at a discount. CNBC quoted Robert Finley, principal at Virtue Asset Management in Chicago, who said, “For fixed-income funds, we are seeing a little better returns…..sometimes because they are at a discount, anywhere from 3% to 10% of NAV. From our point of view, that provides some protection in a rising-rate environment. When the overall market tends to have a pullback, closed-end funds tend to get oversold. So we’ll look through and see if there are any specific areas discounted.”

Investors Need To Make Smart Choices

Several experts manage the investment of these funds, including stocks, bonds, and others; the funds derive profits every quarter each year. CNBC reports that 62% of the closed-end funds are bond investments. The market is volatile, and investors need to exercise caution during investment and trading. Investors should choose stocks with good market history and high-profit rates. CNBC reports that federal mortgages have a 3% to 5% return while corporate debts yield a 5% to 7% return. Experts advise against having more than 15% of the assets in closed-end funds. Investors need to look into the share prices and manage their trades smartly. The leverage for several closed-end funds varies greatly; it can also incur huge losses if not handled carefully.

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Muni Bonds Come With Higher Medicare Premiums During Retirement

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Municipal bonds are a primary choice among investors to evade taxes. The muni bonds can incur higher Medicare deductions from the post-retirement income. Individuals should be aware of the pros and cons of investing in muni bonds. CNBC reports that President Biden announced a probable increase in tax rates; this led to a higher demand for these bonds. The US muni mutual and ETFs are worth $96.8 billion at present. The government has not entertained the idea of a tax surge. However, the bonds still draw investors’ interests due to several unique attributes.

Muni Bonds Come With Higher Medicare Premiums During Retirement

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Several Individuals Opt For Muni Bonds

Due to unexpected Medicare costs, the muni bond investment can be a bane for many investors. CNBC quoted Matthew Chancey, certified financial planner at CostalOne, who said, “There are a lot of moving parts, and you need to have someone look at it holistically.” The retirees should consider the higher Social Security tax and Medicare deduction before being awestruck by their high returns and present tax stability. CNBC reports that retirees with the Social Security payments and modified adjusted gross income (MAGI) above $44,000 (for joint filers) and $34,000 (for individual filers) are taxable for more than 85% of their Social Security income.

Medicare Premium Will Increase For Retirees Above MAGI Threshold

CNBC states that the Medicare Part B premiums have witnessed a 14.5% increase, to $170.10 per month. The threshold MAGI for retirees is $182,000 and $91,000 for joint filers and individual filers, respectively. Retired couples with MAGI above $75,000 will have to pay $578.30 under Medicare premium. The reports suggest the retirees may suffer more due to the increase in Medicare Part D, including prescription medicines. In the higher income bracket, retirees will have to pay $77.90 per month in 2022. The retirees need to calculate the deductions before investing in the bonds.

CNBC quoted Mary Kay Foss, certified public accountant and CPA faculty at CalCPA Education Foundation in Walnut Creek, California, who said, “It’s something that taxpayers seem so aware of because if they get into this higher bracket, they have to pay higher premiums for a full year.” Experts suggest that retirees should not give up on muni bond investment; instead, they need to consider all sides of the coin before getting their hands into it.

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