CHICAGO (Reuters) – The $2 trillion economic stimulus package racing toward passage in the U.S. Congress contains several important relief provisions for retirees, and for younger workers saving for retirement.
A window illuminated with a red light shines above the U.S. Senate steps, ahead of a vote on the coronavirus (COVID-19) relief bill on Capitol Hill in Washington, U.S., March 25, 2020. REUTERS/Tom Brenner
Most of these provisions do a good job targeting help for middle- and lower-income households that will need help most during the crisis. Here is a rundown of the most important retirement-related provisions contained in the CARES Act, which sailed through the U.S. Senate on Wednesday and is expected to be approved by the U.S. House of Representatives on Friday. I have also given my “report card” grade to each provision.
Enrollees in Social Security retirement and disability benefits will receive the same one-time $1,200 stimulus payments that are being…