Retiree bonuses for quick stimulus
TEXT OF STORY
Bill Radke: Starting today, the Social Security Administration will be adding a little something extra to the checks it sends out. As Marketplace's Steve Henn reports, it's all part of the government stimulus plan passed last winter.
Steve Henn: This month, 50 million retirees will get a one-time $250 bonus in their government check. If you are married, you can expect $500. And it doesn't matter how much you make. Even Warren Buffet will get this tax-fee perk, too. Retired government workers who don't receive Social Security will get a one-time $250 tax credit instead.
It's all part of the stimulus plan that passed last February. The Social Security Administration says these checks will inject $13 billion into the economy quickly.
Economists say retirees living on fixed incomes are likely spend the extra money quickly, and provide a shot in the arm for the economy.
In Washington I'm Steve Henn for Marketplace.