One Time Payment for Social Security Recipients...?The President's Budget Includes $250 Stimulus Payment for Social Security Recipients. President Obama's Fiscal Year 2011 budget proposes a $250 payment to Social Security recipients. The relief would come at a time when Social Security beneficiaries will not be receiving a normal cost-of-living adjustment (COLA) because of a formula that forbids adjustments during times of negative inflation. "Without a COLA, far too many of America's seniors will find it even more difficult to purchase basic necessities, heat their homes and pay for their medications. "The President's budget proposal will provide Social Security beneficiaries with the equivalent of a 2% increase in benefits and will help greatly to bolster their financial security."As expected, the budget also calls for a Bipartisan Fiscal Commission that will address the growth of entitlement spending, including Social Security, Medicare, and Medicaid. A plan to freeze non-security discretionary spending for three years to address the budget deficit would not affect those programs. "We must watch this fiscal commission development carefully, so that the budget is not balanced on the backs of seniors," Other items in the budget are aimed at supporting seniors. These include $3.3 billion for the Low Income Home Energy Assistance Program (LIHEAP); funds to reduce Social Security backlogs; and money to help families care for aging relatives at home. Retirement security initiatives include establishing automatic workplace IRAs, with employees being able to "opt-out" if they choose; doubling the credit for small employers starting a retirement plan; and providing a 50-percent match on the retirement savings of families that earn less than $85,000.
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