Business Correspondent Jennifer Westhoven

We've been getting a lot of questions about the new stimulus plan and how it will affect seniors and retirees. Below, I answer one such question.

Many retirees are wondering how the stimulus package will affect them.

Q: I don't hear of any stimulus checks for those of us over 65. We paid our taxes, planned for retirement, and contributed to social security. Something is not fair in all of this.
- Jan, Connecticut.

A: We get lots of questions like this from seniors and retirees who don’t make a lot of money, and felt like they are getting ripped off!

I think there was so much focus on the “Making Work Pay” angle of the new bailout plan (because it’s more expensive and affects more people), that some of you didn’t hear the good news for retirees.

The first obvious bit of help for seniors is a check - $250 dollars exclusively for people who get Social Security (and others, including retired government workers).

That check should be coming by this summer, look for it in your mailbox starting in July.

To get it, as far as I can tell, you do *not* have to file an income tax form, you don’t even have to lift a finger. The Social Security Administration is going to determine who gets it so it should just come seamlessly. I’m sure we’ll report more on this as we get closer.

There are other parts of the stimulus you can take advantage of, too, that aren’t age-specific.

At any age, you can get a tax break if you take a class at the local college.

There are also tax breaks if you make upgrades in your home (at any age) that save energy (Think new windows, a new furnace or central air.)

And there’s another big way this could help seniors, if this *does* eventually restore confidence in the markets,
it could help your battered pension and 401k retirement savings.

Do you have other questions about how the stimulus plan will affect you? Leave them in the comments field below!

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