The $2 trillion coronavirus stimulus will affect retirees in a few ways: 1. $1,200 checks to those who qualify 2. Extra time to fund IRAs 3. Waiving of required minimum distribution rules
The government’s $2 trillion stimulus package is expected to provide financial relief to small businesses and unemployed workers — but it will also help many people in or on the way to retirement.
More attention, and funding, for nursing homes The stimulus package will provide extra funding to the Centers for Medicare and Medicaid Services in an attempt to assist nursing homes in keeping their facilities safe and preventing the spread of the coronavirus. Nursing homes, assisted living facilities and other senior-focused centers house some of the most vulnerable members of society, as seen after an outbreak in a Washington state nursing home killed at least 26 people.
Programs have been extended as part of the law, such as the community-based long-term care spousal impoverishment protections and the “Money Follows the Person” program under Medicaid, which helps patients transition from institutional care to community-based care, according to NCPSSM. One provision earmarks money for older Americans and disability programs, such as those that support nutrition and family caregiving services.
Rebate checks for many Americans The government will give rebate checks to taxpayers with a Social Security number who meet income requirements. Individuals who earned $75,000 or less in 2019 will receive $1,200. Married couples who file jointly will receive $2,400 if they earned $150,000 or less. Check amounts are phased out until the limits at $99,000 and $198,000, respectively.
Extra time to fund individual retirement accounts The Treasury Department delayed the deadline for contributing to an IRA on behalf of the prior year when it extended the deadline for filing tax returns to July 15 this year. People with extra cash can use this time to max out their IRA for last year, which is capped at $6,000, before beginning to fund an IRA for this year, advisers said.
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