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The Average Social Security Beneficiary Is Getting a 7% "Raise" in 2020

The Average Social Security Beneficiary Is Getting a 7% "Raise" in 2020

May 08, 2020
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Stimulus Check Payouts Will Put More Green Into Seniors' Pockets This Year

As of a little more than a week ago, there were in excess of 2.2 million confirmed cases of this respiratory illness worldwide, with more than 153,000 deaths attributed to COVID-19. But what's been most telling is that 31% of all global coronavirus cases have originated in the U.S., with New York state having more confirmations by itself than any other country in the world.

Yes, Social Security beneficiaries can receive a stimulus check, with a few catches

But what you may not realize is that these "Economic Impact Payments," as they're officially known, aren't just for working Americans. Many of the 64 million-plus Social Security beneficiaries that are currently receiving a monthly payout will be eligible to receive a coronavirus relief check.

There had been some concern leading up to the passage of the CARES Act that retired workers receiving a Social Security stipend each month might be excluded. For 34% of current retired workers, Social Security. represents 90% to 100% of their monthly income. In instances where a beneficaries' modified adjusted gross income plus one-half benefits comes in below $25,000, or $32,000 for couples filing jointly, there's no federal tax liability on their Social Security benefits. Thus, there's no reason for these folks to file a federal tax return. Without a federal tax filing on record for 2018 or 2019, there was the possibility that seniors, and other Social Security recipients, would be on the outside looking in when they payouts were disbursed. Click HERE to read full article.

Franklin Planning takes no responsibility for the current accuracy of this information. Securities offered through J.W. Cole Financial, Inc. (JWC) Member FINRA/SIPC.  Advisory Services offered through J.W. Cole Advisors (JWCA). Franklin Planning and JWC/JWCA are unaffiliated entities. Securities are not FDIC insured or guaranteed and may lose value.  Investments are not guaranteed and you can lose money.   This presentation is for educational purposes only and is not an offer to buy or sell an investment. Neither Franklin Planning and JWC/JWCA are tax or legal advisors and this information should not be considered tax or legal advice.  Consult with a tax and/or legal advisor for such issues.