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$1200 Social Security Stimulus AVAILABLE NOW – Social Security SSI SSDI SSA Low Income Update 2023

$1200 Social Security Stimulus AVAILABLE NOW – Social Security SSI SSDI SSA Low Income Update 2023

 

It makes me so glad to hear that because a lot of people don’t realize stimulus check 2023 is the IRS sending out stimulus checks to seniors? And the answer we’re hearing is a resounding yes. Let’s take a look at what came out from the official website for the United States government, the Internal Revenue Service. They said that time is running out. Taxpayers are missing about 1.5 billion in refunds for their 2019 taxes that must be filed by July 17th. Now, this came out on June eighth, and they let us know that there’s nearly 1.5 million people that are missing that money across the nation. They have until the 17th to claim that first stimulus check of $1,200. In addition to that, we’re hearing also EITC, earned income tax credits worth up to $7,000 in some cases are missing for Americans and we’re hearing the vast majority of these are people who did not file because they felt they didn’t have to or they forgot during the pandemic.

And a lot of them are those on those fixed income benefits from the Social Security Administration. So if that is you, you collect retirement, SSI, SSDI, veterans benefits, any of these fixed income benefits from the Social Security Administration, you’re going to want to see this topic and act as well, like Arlene did. So that way you can make sure that you get this money that can help out you and your family. And as you guys know here in the site , I cite all the sources, put it on the screen, rewrite from them, get you the latest that is going to directly help out you and your family. Not so concerned about classified documents and things that really aren’t going to be impacting your actual household, but helping you out directly. Now, also, I’ve let you know, speaking of social security, that right now, there are six major shakeups that are taking place this summer that are going to be impacting social security. In addition to that, as I’ve let you know, social security has got a limited amount of time to fix some major problems. There currently are seven bills that are being proposed by Congress.

There’s actually more than that to reform social security, address the solvency issue in which pretty soon they’re not going to be able to pay out full benefits, also increase the benefits that go out. We’re hearing that it’s not enough to live on. Seniors have got expenses and these fixed income benefits are not keeping up with inflation. Now, at this present time, we’ve got bipartisan agreement. Republicans and Democrats agree. Social security reform needs to happen. And this actually just came out yesterday, but they’re divided on how. I’ve let you guys know that we’ve got some spending issues and they’re trying to figure out should there be cuts to the programs. But also we’re hearing that benefits might not go out if there’s too many cuts to the Social Security Administration staffing. Also, like I said, we need bump ups to help out those that have paid into this their entire lives. This is not an entitlement program or a handout. This is something that people have paid into and been promised, and it’s time for Congress to step up and make sure we take care of those who deserve it. Now, let’s go ahead and dive right in.

I’m going to get you caught up in the latest articles coming out on this so that way you know and you don’t miss out on anything. Because the last thing I want is for anybody that watches my site to miss out on provisions that are available to help out you and your family. And as you guys know, I also have a list of over 100 different stimulus checks for state, cities and counties, not just on a federal level, but there’s different localities that have been issued money and they’re sending out checks as well. And as these programs are still rolling out, even today during summer of 2023, I’m going to make sure that you guys know about every single one. And with that being said, let’s go ahead and get you caught up on the latest. First up, let’s take a look at the IRS page. Yes, I know I’ve done a topic on this before, but I want to keep reminding my audience because we’ve only got until the 17th.

If you have not acted on this, please do so right away. Let’s cover this very quickly here. It says, The Internal Revenue Service today encouraged nearly 1.5 million people across the nation to submit a tax return to claim the refunds for the tax year 2019 by July 17, 2023 deadline. I’ve had so many people here on the site tell me they’ve got missing stimulus checks like Arlene, and then she actually followed up with this and she’s going to be getting those checks. Now, IRS estimates almost 1.5 billion in refunds remains unclaimed because people haven’t filed their 2019 tax returns yet. Available data includes a special state by state estimate on how many people are potentially eligible for these refunds in each state and each state’s medium potential refund amount. Now, the average median refund for tax year 2019 was $893. But as we mentioned, in some cases, there’s stimulus checks missing, there’s EITCs that are missing, and it literally could equate to, in some cases, up to $7,000 for those EITCs. Now, time is running out for millions of people to get their tax refunds for 2019. The IRS Commissioner, many people may have overlooked filing their 2019 tax returns due to the pandemic.

We don’t want people to miss out on this window to receive their refunds. We encourage people to check their records and act quickly before the deadline. The IRS has several important ways that people can get help. And if you do not get this money that’s available to you, they’re simply going to take it back and the window of availability will be closed. Under the law, taxpayers usually have three years to file their unclaimed tax refunds. And if they don’t file within three years, the money becomes the property of the US Treasury. And here you can see the state by state estimates of individuals who may be due 2019 income tax refunds. And yes, is every single state. There are people that are missing these refunds. They’ve got the average amounts, the total amount of refunds that are allocated for each state for individuals. And you can see literally hundreds of thousands, over a million people that are missing money in each and every single state in the United States. And as I mentioned, a lot of them, unfortunately, are people who need it the most. Low income, SSI, SSDI, those collecting retirement, those who feel like, I don’t need to file taxes, they’re actually the ones that are missing out on this money.

And those are a lot of the people that are on social security. And I’ve been keeping you up to date because 2023 is the year of social security reform. And we have bipartisan agreement. Reform needs to happen. It is going to happen. However, how exactly is going to happen is where there’s a divide between Republicans and Democrats. And take a look, even coming out just yesterday, this is an ongoing issue in 2023. Washington lawmakers avoided touching Social Security when they crafted the recent bipartisan compromise to raise the debt ceiling. But the program may come under scrutiny as Congress continues to reevaluate federal spending. This is just the first step, House Speaker Kevin McCarthy told Fox News shortly after the debt ceiling deal, indicating he planned to form a bipartisan commission. The majority driver of the budget is mandatory spending that was off the table during the debt ceiling negotiations, McCarthy said, including Social Security, Medicare, and interest on the debt. So they’re saying we do need to evaluate Social Security and Medicare and determine if the spending is reasonable. The idea of forming a commission to look at Social Security is not new. In 1983, commission led by Alan Greenspan, who would later serve as the Federal Reserve Chairman, issued a report that served as a basis for Social Security legislation.

Social Security reform has been on Congress’s to do list for years, but the latest estimates from the program’s trustees show the situation has become more urgent. I’ve let you guys know, they’re saying roughly eight, 10, maybe 12 years. Nobody knows the exact time frame. Social Security is going to hit a solvency issue. Now, just to clarify, they are not going bankrupt. You will still get payments, but there will be cuts to the payments. They won’t be able to pay out 100 % of payments across the board to all recipients. The program’s combined funds are due to run out in 2034, one year sooner than previously projected, at which point 80 % of benefits will be payable. In other words, if you collect $1,000 per month from Social Security, you’re suddenly going to get a cheque of $800. In some cases, we’ve heard it might be a 25 % cut, so only $750. When you go to say, Hey, what happened to the rest of my payment? They’re simply going to say, Sorry, this is happening to everybody. We simply don’t have enough money to pay out full benefits. Now, the program’s trustees announced this in March, but the fund used to pay retirement benefits is due to run out even sooner in 2033, just a decade away, according to the trustees.

It is time for Congress to address this issue in earnest, or these funds will dry up and leave millions of American seniors at risk, Cole said in a statement when he reintroduced a bill in January. Democrats have proposed legislation to expand the program by making benefits more generous while raising taxes on higher earners. Republicans, on the other hand, mostly oppose tax increases. However, at this present time, there is so much going out and not enough coming in. There really is no other way that I can see at this present time for them to figure this out than to increase taxes. Unfortunately, I think that that’s the only way they’re going to be able to resolve this issue unless they’re planning on having cuts to Social Security. Advocates for a bipartisan commission argue the approach may help smooth out the difference between the parties. But whether a bipartisan commission is the answer to Social Security’s funding woes is a subject of fierce debate. Now, President Joe Biden has released a four point plan to reform Social Security, what he ideally would like to see happen. And that is including a base increase of $485 for the lowest recipients of Social Security.

 

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