Social Security and Coronavirus
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.
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