Those in Gainesville who are collecting Social Secuity or SSI are waiting for their 2010 stimulus check. This additional money will put a smile on the faces of retireers and the disabled who are collecting social security benefits.
Social Security recipients in Gainesville and elsewhere will receive a stimulus check in the same manner they received their benefits. Those who have their money direct deposited will find an extra amount in their account at some point.
This check apparently will be in replacement of the annual cost of living adjustment or COLA. Anyone currently receiving a social security check is eligible for this stimulus. This includes those on disability and veterans.
The average person receives approximately $1150 a month. On a montly breakdown, the $250 would amount to $20.83 per month. The average cost of living raise was between 2 or 3 percent.
It is hoped that the extra $250 will be spent to bolster the economy. Twenty dollars per month doesn't seem like a great deal of money, but no retiree will turn it down. In fact, it will likely be spent in two months or less on the higher cost of utilities.
The estimated amount of money being spent for this stimulus is approximately 13 billion dollars. This seems like a lot of money but the bailout was 800 billion. This is a small worry for those who are struggling and waiting for their $250 stimulus check.