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Re: Stimulus Check when you have Social Security Deposit every month

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Message 671 of 675

@blondie432 

 

blondie, no problem. Yes, I believe that as a worker you're entitled, what with potential interruption to your employment income. I just don't see, myself, that people drawing Social Security need to receive stimulus funds to make up for ... "something". So this is clearly strictly an economic stimulus. But how will we spend this? we can't really go out and spend it, that'd be difficult.

 

I think the cash would have been better spent supporting those persons who clearly suffered personal economic damage due to this "natural disaster". Not in "dropping money from a helicopter" to try to stimulate the economy (a description that economists use).

 

The problem now is not that there was a drop in consumer demand (based on dropping income), which is the main reason for a stimulus. This is driven by the supply side...supplies have been interrupted, the consumer demand is still there. But subsequent to the supply interruptions (eg: toilet paper) many consumers lost wages, lost their jobs in whole or in part. So their income is lost. But this hasn't affected the entire population, so I don't see why the broad-based stimulus is needed. "thanks, grampa!" my grandkids will say as they are paying the tab for this.  :- )

 

 

 

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Re: Stimulus Check when you have Social Security Deposit every month

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Message 672 of 675

Fredposted-Actually, I'm surprised that retired people on Social Security are getting stimulus checks. We are (in principle) continuing to get Social Security checks every month, no hang-up there, no interruption in our income.--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------The way I look at it ,we SS seniors deserve it. Here`s why-I still pay Federal taxes every year even though I receive SS payments.I been paying Taxes since I was 17 years old and glad I`m getting some back. If you look at your 401 K`s and Ira`s lately ,most are down about 25%. If you worked more than 50 years you deserve it. BTW- My wife and I got our $2400 deposited in our checking  acct. Tuesday.

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Re: Stimulus Check when you have Social Security Deposit every month

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Message 673 of 675

I am single at this age.....I draw social security to supplement my income and I work full time. They take tax's out of my SS check at the end of the year, because I work to live and pay my bills. This is not right  I worked all my life and paid in to SS to use it now when I need it - so I do think I deserve the check, as there are alot of people I know that are getting their check that don't really need it. 

I am working from home for a month now.......getting a bit opionated😉🤔

Susan Sheppard
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Re: Stimulus Check when you have Social Security Deposit every month

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Message 674 of 675

I am eligible for Social Security but I am not drawing benefits yet. But I do file and pay income taxes. For the past two years the IRS has drawn cash from my checking account for taxes due; and Medicare has drawn cash payments for my premiums from the same checking account. So "they" certainly know where my account is!

 

But, like you, I had to enter my account information yesterday on that IRS "tool" page.

 

I am surprised I had to do this, but like my Uncle Rit used to say "Big Whoop!"  I mean, it's a big honkin' bureaucracy, stuff slips through the cracks. Big Whoop.

 

Actually, I'm surprised that retired people on Social Security are getting stimulus checks. We are (in principle) continuing to get Social Security checks every month, no hang-up there, no interruption in our income. We're not losing our jobs, as so many other younger people are. We're not having to shut down our businesses we own (well, I suppose some of us may have to do so, but in such event I believe there are other stimuli programs for this event).

 

So it seems that the stimulus cash for retirees is not something to assist on a humanitarian level as for a natural disaster...hurricane, etc. but is instead simply handing out dough to spend in order to stimulate the economy (but why? we can't spend it anyway, the stores are closed! lol), with someone else down the road of time having to pick up the tab; maybe my grandkids ("Thanks, grampa!").

 

I don't know if this is right or not. I myself tend to be a very politically liberal person. But this case of stimulus for retirees who have not "lost" anything in this pandemic? I am not convinced that it is the right thing to do.

 

I haven't received mine yet but I spent just about that amount of money over the weekend sending donations to food banks and other charities to help them through this time. 

 

 

 

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Stimulus Check when you have Social Security Deposit every month

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Message 675 of 675

I did not get my stimulus check deposited in my accout as stated it would be. I went on the IRS site and the response was they had no information for direct deposit!  Well you have been depositing my SS check every month in my checking account, did you check there??? I filed a federal return and owed some money, but have not paid yet because of the extension. I filled out the form on the website for the stimlus check  along with the bank info they asked for, so that was yesterday, we will see, but not all of us  on SS are not automatically receving the check in our account as stated. You would think we would get ours first!

Susan Sheppard
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