Obama Proposes Extra One-Time Payment to Social Security Recipients

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As a follow-up to the last post, the press is reporting today that President Obama is proposing a one-time payment of $250 to Social Security recipients and others to partially make up for the lack of a cost-of-living-adjustment in 2010. The payments would be made sometime next year, and would go to all Social Security retirement and disability recipients as well as to veterans and railroad and governmental retirees. If a person fits into more than one of those categories, the total payment would still be only $250. There are roughly 57 million people who would qualify, and the total cost would be about $13 billion.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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