Fourth stimulus check – Social Security recipients demand $1,400 payments as cost-of-living goes up

A GROUP of senior citizens have demanded to be sent new $1,400 stimulus checks, citing a rise in their cost-of-living.

The Senior Citizens League wrote to it's supporters detailing their plans for a petition for the extra cash payments for retired Americans.

That came after estimates predicted a boost of 6.2% to the cost-of-living adjustment (COLA).

An increase of that size would mark the biggest surge in monthly payouts since 1983.

And for those receiving the current average of $1,543 in Social Security benefits, this could mean a boost of $95.67 a month - pushing up the checks to almost $1,639.

While those receiving the maximum benefit of $3,895 could get an extra $241.49 per month - a total of around $4,136.

But that is causing concern for a number of senior citizens, Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League told CNBC.

They are worried as a result they could face higher costs in other areas -especially if the income boost pushes them into a higher tax bracket.

A non-taxable stimulus check would help alleviate those fears, petitioners say.

Johnson said some of the the group's members have been forced to eat one meal a day or cut back on their prescription drugs.

In September an annual report by the Treasury Department indicated that the Old-Age and Survivors trust fund is only funded for the next 12 years.

Because the fund doesn't collect enough taxes to cover what it pays out to claimants, resources for retirees are growing depleted every year.

Last year’s report projected the fund would be gone by 2034. The new report confirmed that funds are now only scheduled through 2033.

Once you turn 62, you can start receiving social security benefits. However, you’ll receive less money if you claim before your full retirement age.