Checks in the Mail: 50 million retirees to get $250 checks
These payments are part of the Stimulus package that was enacted in February. The targeted recipients of these payments are people who receive Social Security, Supplemental Security Income, railroad retirement or veteran’s disability benefits.
The $250.00 checks will serve as a boost just as the recession is showing signs of easing a little speculate Economists. These payments represent a little more that $13 billion dollars of the stimulus program.
If you fall into the category of individuals who will be receiving these payments you can expect them in the early weeks of May. The goal of the stimulus package is to get people to spend money at a time when most are reducing spending and saving more. These payments are also expected to provide much needed relief too many struggling seniors.
The extra Social Security payments should boost spending because retirees on fixed incomes are more likely to spend them than workers earning more money, said Diane Swonk, chief economist at Mesirow Financial.
“The people who live closer to paycheck-to-paycheck are more likely to spend it,” Swonk said.
“You’re 62, you’re eligible, you just lost your job,” Swonk said. “It’s better to get something than nothing.”