There is much news in the media about a fourth stimulus check. However, there are no immediate plans for another large federal stimulus check (other than the Child Tax Credit) so some states have been taking matters into their own hands.
For Kentucky residents, there is some stimulus in the form of Social Security benefits. Social security checks are bound to get a big boost starting in 2022. This will be advantageous for retirees in Kentucky.
According to Kentucky's WBKO News, the monthly social security checks could go up by 6%. Checks will be automatically adjusted for people who are already receiving social security.
However, not everyone may see this as a boost because inflation plays a role in this increase and it can be seen as more of a "cost of living adjustment."
More than 1,009,092 people in Kentucky could take advantage of the social security boost.
For people with children, the monthly Child Tax Credit payments will continue through 2022. The Child Tax Credit payments are even eligible for families who have not paid taxes in past years.
Some Kentucky residents may be worried about how these stimulus payments will affect their taxes. It is expected that approximately 12 million high-wage earners will see their taxes increase.
There are also stimulus funds that some cities in Kentucky will have received from the Coronavirus State and Local Fiscal Recovery Funds. These will be distributed to counties to work on specific projects.
Altogether, these stimulus funds should provide a boost to Kentucky as a whole.