Thursday, April 16, 2009

Social Security "bonus" of $250 for economic recovery announcement letters are starting to arrive

The Social Security administration has started to mail “good news!” (or “gospel”) letters to Social Security recipients.

The economic recovery law signed by President Obama in February 2009 will provide a $250 one-time payment to each social security and SSI recipient, per number holder account. Spouses with separate accounts will each get their own payment. A one time payment kept for nine months or more will count toward an SSI resource limit. Children under 18 (or 19 if in high school) who receive payments from social security will not receive separate payments.

The letters apparently are being mailed in staged fashion, according to the date that the normal benefit is paid. They may arrive in staggered fashion. The payments should be made by late May 2009, by direct deposit when it has been set up.

The official announcement came from Vice President Biden and is here (dated March 26, 2009, along with links to details for the rules).

The stimulus is more favorable to wage earners than to non-working retirees, this time around.

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