Obama’s Stimulus Plan & What It Means For Seniors

The Associated Press posted an article today about the stimulus and how it can help seniors manage through these difficult economic times.  The stimulus "will help, but we’re fighting a very powerful current going the other way," said David Levy, chairman of the Jerome Levy Forecasting Center in Mount Kisco, NY. 

According to the AP article, seniors receiving supplemental Security Income or Social Security will receive a one time payment of $250 and are expected to be issued in May.

However, it does note that the payment will bring little relief for seniors who spend a median amount of $571 a month on housing expenses, including taxes and utilities, according to Census data. That may not sound like much depending on where you live, but one in four seniors spend 30 percent or more of their monthly income on housing expenses.

The AP article also details the changes to reverse mortgages as well as the $4 billion for the Public Housing Capital Fund.  The fund provides money for public agencies that own or operate low income housing, which includes a good amount of senior renters.

Help is needed to reduce a backlog in two types of housing available to low-income seniors, where the wait is long enough that "people are dying on the waiting list," said Elinor Ginzler, AARP’s senior vice president for livable communities.  To read more about what the stimulus bill provides seniors check out the link below.

Obama stimulus holds benefits for seniors (Associated Press)

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