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Latest on Social Security Benefits and Coronavirus Stimulus Checks

May 22, 2020
The Government is allegedly considering a new proposal that would allow Amercians to take a potential advance on their Social Security benefits. While this is only in the exploratory stage, the plan calls for Amercians to be allowed to choose to receive a check up to $5,000.00 in exchange for delaying their Social Security benefits. A proposal notes that if an advance is taken, the Social Security benefits would be delayed for "at most three months." So, for a $5,000.00 loan today to help you through the financial crisis caused by the corona virus pandemic, you would then have to wait three additional months to begin collecting your Social Security benefits. At present, the earliest you can start receiving Social Security benefits is age 62, unless you are disabled and entitled to Social Security Disability benefits. Please contact my office for more information on Social Security Disability or SSI benefits.

Some Social Security Advocates fear that this could be the beginning of an effort by the Trump Administration to start curtailing the Social Security program while, on the other side, a spokesperson for the White House stated, "President Trump has been clear that while in office, the American People can feel secure without a shadow of a doubt that he will completely protect Social Security and Medicare."

This proposal is being considered along with a potential fifth stimulus package that may provide another round of stimulus checks. However, as of May 14, 2020, Treasury Secretary Steven Mnuchin indicated that the Trump administration is in no hurry to pass another stimulus aide package.

I will keep you informed in future Blogs about any developments regarding stimulus checks and social security benefits.