Should You Cash in on Social Security Benefits Now to Get Through the Coronavirus Crisis?

In March, legislators passed the CARES Act, a massive stimulus package designed to help American households pay their bills through the coronavirus-fueled economic crisis. The CARES Act will ultimately cost $2.2 million, an alarming price tag for a federal government that's already overextended. The latest numbers show the federal deficit for this fiscal year, which began on October 1, has already reached a mind-blowing $1.48 trillion.

Those federal deficit concerns have some politicians considering alternative funding sources for any future stimulus packages. One idea, dubbed the Eagle Plan, would allow Americans to get a one-time payment of, say, $5,000 as a loan against their future Social Security benefits. The borrowed funds, plus interest, would be repaid from a person's first Social Security checks -- meaning the beneficiary would have to wait a few months after claiming to receive any Social Security payments at all.

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