These are tough times for all Americans, but but they are hitting seniors particularly hard.
While people in their 40s have 25 years for the stock market to rebound and might see the resent plummet in stock prices as a once in a lifetime buying opportunity, Seniors are dependent of their saving NOW. As their saving fall, so does their income. This reduction puts pressure to go into one's capital to make up the difference. While pulling money from savings is always a risky last resort, it is even more of a problem when you are forced to sell stocks at a loss.
On February 17, President Barack Obama signed the $787 billion economic stimulus into law. The National Association of State Units on Aging (NASUA) developed a summary that highlights key provisions of the plan.
To view it, download the
To view it, download the
Social Security's Economic Recovery One-Time Payments.
The American Recovery and Reinvestment Act of 2009 provides for the one-time payment of $250 to individuals who get Supplemental Security Income (SSI) or Social Security benefits. Everyone who is entitled to a payment is expected to receive it by late May 2009. No action is required of beneficiaries. The U.S. Social Security Administration is working on the details regarding how they will issue nearly 55 million one-time payments to beneficiaries.
At a time that those on "Fixed incomes" are under such extreme stress, it is clear that
the American Recovery and Reinvestment Act will provide at least a small amount of relief.
