Apr 28, 2008 10:31 am US/Eastern
Economic Stimulus Money Is Headed Your Way
Direct Deposits Of Tax Rebate Payments Begin Earlier Than Expected
NEW YORK (CBS) ―
The check isn't quite in the mail, but rather in your direct deposit account. Rebate money from the $152 billion economic stimulus package passed by Congress in February heads out Monday.
By giving up to $600 to individuals, and $1,200 for couples, Congress and the president hope to reinvigorate the nation's slowing economy.
The Treasury had originally planned to begin tax rebate payments in early May. However, the Bush administration wanted to rush the tax rebate checks to consumers.
"The money is going to help Americans offset the high prices we're seeing at the gas pump and the grocery store and it will also give our economy a boost to help us pull out of this economic slowdown," President Bush said.
Financial experts want people to use the money to either pay down debts or save for the future. Their advice includes:
- pay down high-interest credit-card debt
- start or add to a tax-deferred retirement savings account
- start a Roth or non-deductible IRA
- set up a 529 college-savings plan
- create a health savings account open to anyone under the age of 65 with high-deductible health insurance plans.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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