Spending Your Stimulus Check? Pay Yourself First

Stimulus checks are hitting bank accounts, and many people already have plans for their money. But before you start spending, first take a closer look at your savings.

The $2.2 trillion CARES Act is the largest emergency relief package in American history. It includes a one-time direct payment to an estimated 93% of taxpayers. Even those receiving Social Security benefits are eligible for a check, even if they haven’t filed taxes in the past few years. The money started hitting bank accounts in mid-April, with paper checks close behind.

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Tony Drake, CFP®, Investment Advisor Representative
Founder & CEO, Drake and Associates

Tony Drake is a CERTIFIED FINANCIAL PLANNER™ and the founder and CEO of Drake & Associates in Waukesha, Wis. Tony is an Investment Adviser Representative and has helped clients prepare for retirement for more than a decade. He hosts The Retirement Ready Radio Show on WTMJ Radio each week and is featured regularly on TV stations in Milwaukee. Tony is passionate about building strong relationships with his clients so he can help them build a strong plan for their retirement.