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Who Will Get Another 250 Payment?

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President Obama has proposed extending the 2009 economic recovery payment of $250 into 2010 by providing another payment of $250 to retirees,veterans and disabled people already receiving Social Security benefits. This additional payment will potentially be funded via the $787 Billion economic stimulus package and is expected to cost $13 billion in total.

    "These payments will provide aid to more than 50 million people in the coming year, relief that will not only make a difference for them, but for our economy as a whole, complementing the tax cuts we've provided working families and small businesses through the Recovery Act," Obama said in a statement.

President Barack Obama is calling on Congress to quickly approve the $250 payments to more than 50 million seniors to make up for no cost of living increase in Social Security next year (according to the SSA which has cited negative inflation this year as the reason).

The new benefit would be $250 – or equivalent to a 2 percent increase in benefits for the average Social Security retiree beneficiary. Under the rules no person could "double dip" and receive a $250 Economic Recovery Payment through more than one program. Nor could they receive both an Economic Recovery Payment and the Making Work Pay tax credit.
The $250 payments would go to those receiving veterans benefits, disability benefits, railroad retirees and public employee retirees who don't receive Social Security. Like the 2009 $250 payment, the additional $250 social security payment will most likely be paid out by the SSA and not count as income for SSI. To date Economic Recovery Payments have been made to 55 million people including seniors, veterans and people with disabilities and totaled $13.7 billion. Most of the checks were mailed out in May 2009.

To receive the 2010 $250 payment, the beneficiary’s address of record must be in a valid US state or territory. Only individuals eligible for Social Security, SSI, Veterans, or Railroad Retirement benefits at any time during the months of November 2009, December 2009, or January 2010 may be eligible for the extra payment. The $250 payment will be delivered in the same way your current Social Security or SSI benefit is sent.

In addition to this legislative proposal, the IRS and the Department of Treasury will take steps this week to prevent reductions in the amounts that workers can contribute to IRAs, 401(k)s, and other aspects of tax-favored retirement systems in 2010 that some feared could result from negative inflation over the past twelve months.
Anonymous Profile
Anonymous answered
Update on the $250 Social Security Stimulus Payment in 2010 for Retirees, Veterans and the Disabled Who Get No COLA Increase.
[Update May 2010] Unfortunately the Democrat-controlled Senate has rejected a measure by a 50 to 47 vote that would have given seniors a one-time Social Security benefit payment of $250 to make up for the lack of a cost of living increase The jobs bill, which contained the $250 SSI provision, was rejected despite Obama’s backing. The payments which would amount to $13 billion, where earmarked in the jobs bill – which was deemed too costly by lawmakers trying to allay their image of big spenders.      I Hope all People will remember the congressmen and Senators   that "WE"   have put in office.   And I Hope and Pray   that when It is time for these Congressmen and Senators to be reelected that "WE" REJECT THEM the same way they rejected "US".
The badly needed Social Security payments would have helped 57 million seniors, a risky number to overlook considering the fall elections and how badly Democrats are viewed ever since the recession became a reality. Now that lawmakers have slapped seniors in the face the historical return is that this year marks the first time since 1975 that Social Security beneficiaries didn’t receive a cost of living increase. An extra payment may become a reality later this year if a new jobs bill is introduced to further extend unemployment benefits or the COLA provision in President Obama’s budget is approved.   Most of this statement came from www..savingtoinvest.com
Susan Armour Profile
Susan Armour answered
Obama said he would give a stimulus check to all people on Social Security for $250.00 instead of a monthly cost of living increase, but I do not believe it has been approved yet.
We are supposed to get it sometime in January if it is approved.
Sue
thanked the writer.
Anonymous
Anonymous commented
No it hasn't been approved and people on SSI and SS will get the money if its approved but it is very likely to get approved

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