Retirement and the American Recovery and Reinvestment Act of 2009 ("Stimulus Check")

Retirement and the American Recovery and Reinvestment Act of 2009 

("Stimulus Check") 


Financial and Retirement Planning Information - 
for Beginners

As most of you know by now, there are no "Stimulus Checks" this year.  There are instead payroll tax cuts and other worker based incentives.

There are however, some people who will qualify for a check this year under the American Recovery and Reinvestment Act of 2009.

Unlike last year's stimulus checks, the IRS will not be mailing these checks.  This year's payment will be made by the respective agency under which you are qualified.

These checks are to be sent out in late May of 2009.

If you are retired or disabled, and are receiving benefits from the Social Security Administration, such as Social  Security or Supplemental Security Income (SSI), you will receive a $250.00 check from the Social Security Adminstiration.

If you are a disabled veteran, receiving payments from the U.S. Department of Veterans Affairs, you should contact the Dept. of Veterans Affairs to learn more about your payments.

If you are a railroad retirement beneficiary, then contact the Railroad Retirement Board.

The Social Security Administrations says,

President Obama recently signed the American Recovery and Reinvestment Act of 2009. This act provides for the one-time payment of $250 to individuals who get Supplemental Security Income (SSI) or Social Security benefits.

We expect everyone who is entitled to a payment to receive it by late May 2009. No action is required on your part.

Go to: http://www.socialsecurity.gov/payment/ for "Social Security's Economic Recovery One-Time Payments Information Page"

The IRS says,

A one-time payment of $250 will be made in 2009 to:

* Retirees, disabled individuals and Supplemental Security Income (SSI) recipients receiving benefits from the Social Security Administration.

* Disabled veterans receiving benefits from the U.S. Department of Veterans Affairs.

* Railroad Retirement beneficiaries.

The IRS will not make this payment — unlike last year's economic stimulus program. Individuals who may qualify for this year's economic recovery payment should contact their respective agency for more information.

Go to:http://www.irs.gov/newsroom/article/0,,id=204468,00.html for "IRS One-Time Payment Information Page"

You should also know that if you did NOT receive a stimulus check last year (2008), you may qualify for a recovery rebate credit on your 2008 tax return.

According to the IRS, here are the conditions under which you may qualify:

• Your financial situation changed dramatically from 2007 to 2008.

• You did not file a 2007 tax return.

• Your family gained an additional qualifying child in 2008.

• You were claimed as a dependent on someone else’s return in 2007 but cannot be claimed as dependent by someone else in 2008.

Go to: http://www.irs.gov/newsroom/article/0,,id=203191,00.html for "How to Get the Recovery Rebate Credit Right"