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Social Security and Coronavirus

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Monday, May 11, 2020

The current crisis is having an economic impact the likes of which has not been seen since the Great Depression, and some say perhaps ever. If you are dependent on your Social Security to get by and have concerns about your finances, you should check the SSA website where they have an information page -- https://www.ssa.gov/coronavirus/

Many folks are worried about cash flow and about how they are going to get through the year. Boomers and those who receive Social Security could be concerned about whether they will still receive their monthly checks given the economic downturn due to the outbreak of the coronavirus. 

According to the SSA and the IRS, the monthly payments will continue as normal but there will be one change. The United States Government has also issued stimulus checks to those who qualify, but some folks may not have received them or gotten the full amount due. If you aren’t sure whether you are due a check or are worried about the amount you are getting, make sure you get all the information that covers your situation. Check for more info here https://www.ssa.gov/coronavirus/#anchor1 

The payments will come the same way you typically receive your benefit payments, which is by direct deposit, a Direct Express debit card, or a paper check. The payment will amount to sums of up to $1,200 for individuals or $2,400 for couples, based on their adjusted gross income. If you are on SSI and have qualifying dependents (children under 17), you are encouraged to use the IRS portal site to ensure they get their $500 payments. You can find it here https://www.irs.gov/coronavirus/economic-impact-payments

If you’re receiving Supplemental Security Income benefits, you will get your coronavirus stimulus payment automatically. [3] But for Americans who get paper checks by mail, the wait could be a lot longer – up to five months. Individuals who do not have their personal bank account information on record will be at the biggest disadvantage, and that often includes the elderly and disabled.

If you rely on your Social Security check, it's a good idea to make sure you have all your information registered online, and get bank transfers set up. It could mean you get your money faster, and you don’t have to wait for a check in the mail or worry about it getting lost. 

 

 

IMPORTANT DISCLOSURES

Material contained in this article is provided for information purposes only and is not intended to be used in connection with the evaluation of any investments offered by David Lerner Associates, Inc. This material does not constitute an offer or recommendation to buy or sell securities and should not be considered in connection with the purchase or sale of securities.

To the extent that this material concerns tax matters, it is not intended or written to be used, and cannot be used, by a taxpayer for the purpose of avoiding penalties that may be imposed by law. 

Each taxpayer should seek independent advice from a tax professional based on his or her individual circumstances.

These materials are provided for general information and educational purposes based upon publicly available information from sources believed to be reliable-- we cannot assure the accuracy or completeness of these materials. The information in these materials may change at any time and without notice.

David Lerner Associates does not provide tax or legal advice. The information presented here is not specific to any individual's personal circumstances. Member FINRA & SIPC

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Founded in 1976, David Lerner Associates is a privately-held broker/dealer with headquarters in Syosset, New York and branch offices in Westport, CT; Boca Raton, FL; Lawrenceville, NJ; and White Plains, NY. For more information contact David Lerner Associates Call 800-367-3000 Visit our website: www.davidlerner.com

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