Millionaires Get Unemployment Checks Too

Ryan J. Monmoyer wrote on Bloomberg that 2,840 households that reported 2009 income in excess of $1 million collected unemployment benefits.  The article explains that unemployment checks are insurance claims based on whether an insured event has occurred and are not needs based.  The article also points out that spouses of million dollar plus earners could receive unemployment payments even though their spouse remained well employed.  The full article can be found here.

Posted by James G. Haskell, Senior Associate Editor, Wealth Strategies Journal.