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"Stimulus: What's in it for retirees"
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Payments to Social Security recipients: This is the obvious benefit for retirees. If you're collecting Social Security payments, you'll get a one-time $250 tax-free payment for this year, regardless of your income. Retired government workers who don't receive Social Security will get a one-time $250 tax credit instead. Since that credit is "refundable" -- i.e., you get the amount of the credit even if you owe no income tax -- it amounts to the same benefit that Social Security recipients receive. If you and your spouse are both collecting Social Security (or are government retirees), you'll get a total of $500.

Exactly how and when checks will be distributed hasn't been announced, although the legislation says payments should begin "at the earliest practicable date, but in no event later than 120 days" after the bill is signed.
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Click this link for the full article
http://money.cnn.com/2009/02/23/pf/expert/stimulus_retirees.moneymag/index.htm

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