With the CARES Act set to expire at the end of the month, many Americans are hoping for another stimulus check to help relieve the pressure of the pandemic. This includes retirees collecting Social Security benefits who could see their savings take another hit if the market crashes again.

Although there is no agreement on a plan yet, The Motley Fool notes that Social Security beneficiaries should be aware of 3 things.

Waiting

There may not be an agreement reached until 2021. The President-elect does have a plan that includes another round of checks. This plan, however, cannot be voted on until after the inauguration on January 20, 2021.

However, there has been a call by many for the politicians in Washington to work something out sooner.

Eligibility

If the new stimulus package is anything like the CARES Act, individuals will not need to have filed taxes to qualify for the stimulus check.

However, since there is no agreement on passing a stimulus package, the requirements for the second check remain unknown.

Social Security Benefit Increase

The President-elect’s stimulus plan also calls for Social Security recipients to receive an additional $200 per month during the pandemic.

Student Loan Forgiveness

The plan could also allow for up to $10,000 in federal student loans to be forgiven. This helps senior citizens as well.

As noted by The Motley Fool, there are nearly 3 million adults 60 and older carrying student loan debt. By forgiving some of this debt, it reduces the expenses seniors will need to pay, helping their retirement savings and benefits last longer.

While the uncertainty around when and if another stimulus check will be on the way remains, there is hope for more financial help in the future.

The Senior Security Alliance is providing regular updates and information surrounding Social Security benefits, retirement, and more. For more information and to stay up to date, check out our blog.