With the Senate going on break from talks about a second stimulus package until September, there will be a little time until people can expect to see any more stimulus checks coming their way. If and when they do come again, though, CNBC calculated what a person could make by investing those funds into retirement.
The report made three assumptions, one of which being that all of the money received in the check goes into a retirement account. The others were that the investments would net a 6% increase annually and that taxes and fees are not factored into the final predictions. The example shown in the video takes a 25-year-old who could turn the $1,200 check into $12,343 savings over the course of 40 years. A second model showed that a 35-year-old could turn it into $6,892 in savings over 30 years and that a 45-year-old would see $3,849 extra over 20 years. The final sample predicted a 55-year-old over 10 years could nearly double the $1,200 into $2,149 over 10 years.
While the two sides are at impasse when it comes to an array of topics concerning the next stimulus plan, the one thing that both sets of policymakers seem to have agreed on is getting a $1,200 check included in the next deal whenever it does pass. President Donald Trump, who has already begun issuing some executive orders when it comes to the stalled talks, has advocated for getting money into the hands of the people. Trump tweeted on Friday that he directed Steven Mnuchin, the secretary of the Treasury, to “get ready to send direct payments to all Americans,” before claiming that it was the Democrats who have held up this process.
In addition to providing updates on the stimulus checks, Trump also spoke about rental assistance in his string of tweets. Like he is with the $1,200 payments, Trump is eager to get rental assistance payments out to the public, insinuating that Democrats are once again too blame for the hold up. He went on to also express his desires to get more money out for state and local government. As for when all of this will occur, it likely won’t occur until Senate reconvenes from recess in September. The Senate will not return until Tuesday, Sept. 8, which marks the day after Labor Day.