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Social Security recipients get a Recovery Payment

Print Posted by Jill Boynton April 2, 2009 10:00 AM

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Last Thursday Vice President Biden announced that Social Security recipients will soon receive a $250 "recovery payment". As part of the American Recovery and Reinvestment Act of 2009, this one-time payment will go to adults who receive Social Security and Supplemental Security Income (disability payments), Railroad Retirement and Veterans Benefits.

Eligible recipients must have received one of the above-mentioned payments in November 2008, December 2008 or January 2009. You must also be 18 or older, or a child receiving SSI. However those who receive Medicaid in care facilities will not receive the payment.

The payments will be made in May, and recipients do not need to do anything to ensure that they receive their check. The payment will be made separately from the usual monthly Social Security payment, and will be delivered in the same way as your usual benefit check. In other words if you usually have your Social Security check direct-deposited to your bank account, this check will also be delivered in that manner. This check will not count as income or earnings for Social Security purposes.

It's important to know that the payment is automatic - no one from the Social Security Administration will be contacting you in order to process your payment. Do not give out your Social Security number or other personal information to anyone who calls or emails claiming to be a Social Security employee.

For more information and details, go to the Social Security website.

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Andrew Chan is the founder of Integrative Financial Advisors in Framingham. He provides comprehensive financial planning advice and investment management services. He has been an adviser for over 12 years and works with clients to integrate all aspects of their finances including investments, retirement, education funding, and tax planning.

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