When the American Recovery and Reinvestment Act (ARRA) of 2009, more commonly known as the stimulus package, was enacted, almost nobody knew everything that said piece of legislation would do. (After all, it was over 1,000 pages long). We are still finding out about new benefits and changes to tax laws as a result of the American Recovery and Reinvestment act. The Social Security Administration recently announced one of these benefits.
As part of the 2009 stimulus package, Social Security beneficiaries will be receiving a $250.00 payment during the month of May. To qualify for the benefit, you must be receiving Social Security Income or Supplemental Security Income (SSI). The Social Security Administration has stated that recipients will be given the money toward the end of May, 2009. There is absolutely no action required by beneficiaries to receive this benefit.
Over 55 million Social Security beneficiaries will be receiving these one-time payments. The Social Security Administration is still determining how they plan on distributing the payments, but they have a special website in which they will announce that information when it becomes available. It’s likely that they will either issue a special one-time check, or add it on along with the recipients’ regular direct deposit or check.
This benefit from the American Recovery and Reinvestment act will almost certainly attract con-artists that prey upon seniors. The most likely scenario is that a con-artist will send a fraudulent form to a social security recipient and request personal information so that the payment can be processed. If a victim were to fill out one of these fake-forms, the con-artist could use that information to steal the identity of the victim. It would be well worth it to remind any senior adults in your life that they will not need to do anything to receive this benefit and should not fill out any special paperwork to receive it.
The Social Security Administration has published a brochure that describes the benefit in detail. Click here to download it from the Social Security Website.
Related Content:
- Test Your Basic Social Security Knowledge Baby boomers are anxious and confused about how Social Security will best fit into their retirement income plans. Millions of words about Social Security have been published online and in print in recent years, all...
- I'm Still Counting on Social Security - How About You? If you are like me, you have read and heard many people proclaiming that Social Security will disappear and not be there when it is our turn to retire and collect benefits. I don't believe it. And even though I...
- Working after Receiving Social Security at Age 62 There are sound financial reasons for waiting to your full retirement age to claim Social Security retirement benefits. Delaying Social Security until age 70 can enhance those benefits even more. Nevertheless, many baby boomers will...
- Reviewing My Social Security Statement in a Time of Economic Insecurity Yesterday Mr. ToughMoneyLove received his annual Social Security Statement, including earnings history and the estimate of retirement benefits. It actually made me feel more secure in this time of economic upheaval. Skeptical? Read on. My...
- Delaying Social Security Benefits - Will Scott get Burned? I'm still catching up on some reading - in this case the 2006 winter edition of USAA's magazine. Scott Burns, a syndicated personal finance writer has an article about why he's going to delay his...
3 users resposed " Social Security Recipients to Receive $250.00 Stimulus Payment "
November 6 2009
We need form to fill out to receive the $250.00 Stimulus payment
November 6 2009
Form to fill out to receive the $250.00 Stimulus payment
January 25 2010
I’m asking about the payment Pres.Obama said we would get since we were not getting a cost of living increase for 2010. The amount of $250.00 When can we expect that? Or are we going to receive it?
Thank You
B Lewis
Recent Comments