Stimulus Checks: Who Is Eligible and How Much Will They Be?

Social Security recipients eligible for stimulus checks

AARP worked to ensure that individuals who are collecting Social Security benefits for retirement, disability or Supplemental Security Income (SSI) will be eligible for the stimulus payments. AARP also successfully fought to guarantee that low-income Social Security recipients will receive the full $1,200 check, not $600 as originally proposed.

The size of the check will decrease based on income for individuals who earned more than $75,000 based on their federal tax return for 2019 (or their 2018 return if they have not filed yet). The payment for individuals will shrink by $5 for every $100 earned over $75,000. For couples who filed jointly, the reduction will start once they earn more than $150,000; for heads of household, at $112,500.

Individuals who earned more than $99,000 and couples who earned more than $198,000 jointly will not receive checks. The income cut-off for heads of households is $136,500.

Source: Stimulus Checks: Who Is Eligible and How Much Will They Be?

So I guess I have to ask, why? Why do retirees with income up to $150,000 need a stimulus check? They can’t lose a job, their expenses may even be lower now, they have health insurance.

Another example of grabbing all you can in a time of crisis spending?

Wait, I get it we are hoping upper income retirees will spend the money on new stuff, just to spend it.🤑

7 comments

  1. Sick, you are absolutely right. Some of us retirees should not be getting that check. I will seek out a family in need in my community and donate that money.

    Like

  2. Just a reminder that not all of us on SS have Medicare insurance. As someone who retired at 63, my health insurance premium at over $550/month (with a $6500 deductible) on ACA, is still our biggest monthly expense.

    Like

  3. My husband and I are retirees, not yet receiving any SS or pensions—living off our IRA withdrawals. Our “income” puts us in the phaseout range—because we are doing Roth conversions. Not all “income” is created equal….

    Like

  4. When I received the notification from our bank that the stimulus check had been deposited, I told my wife. She responded, quite vocally, “Why did we get this money, why did we get any money? We don’t need it. What a waste.” Think that says it all.

    Like

  5. As a retiree, I don’t need the stimulus check. I am financially secure. I cannot speak for all retirees. But you are right. Assuming that all the people who lost their jobs and are now behind on their bills will use that money to catch up, they will not be helping to restart the economy.

    The first thing my wife and I are going to do is to support our local restaurants once they reopen, if they survived. Next, we are going to start locally buying as many Christmas presents with non-stimulus money as we can. We are also advancing some projects around the house to get money back into the local stores. If people do not have money to spend, stores can’t stay open and people will permanently lose their jobs from this shutdown. If unemployment remains high, then my tax burden will grow with the additional government handouts. Our spending of money locally will do more to help than giving cash donations directly to a charity. I am hoping it will lessen the need of those charities by getting people back to work. That is our plan, with or without the stimulus check, but who can best afford spend money? Financially secure retirees.

    Like

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s