STIMULUS PAYMENTS & TAX BREAKS COMING FOR RETIREES

FEBRUARY 18, 2009: Under the American Recovery and Reinvestment Act (Stimulus Package) signed by President Barack Obama on February 17, retirees who are now receiving Social Security will receive a one-time stimulus check of $250.00.

Retirees who are currently working will be treated the same as other wage-earners, specifically by a reduction of their tax withholdings up to a total of $400 ($800 per couple). And retirees who are neither working nor collecting Social Security will be applying to the Internal Revenue Service (IRS) for their $250 payment. 

With specific details of the stimulus payments and tax reductions still being worked out by the federal government, members should frequently check the website and Association hotline for late-breaking details.

For further details on the specific details of the American Recovery and Reimbursement Act, members may be interested in a recent article in the USA Today.

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