A while ago we reported on the fact that the Social Security Administration is no longer going to be sending out annual statements to American workers who are contributing into the program. Effective retirement planning really can’t be done unless you know how much you can expect to receive from Social Security once you reach the age of eligibility, so these statements are important.
The reason why the SSA stopped sending out the paper statements is because of the costs involved. As an alternative that is more efficient and less expensive, the statements are now available online. If you want to obtain your statement, you can find out how to do so by following this link: Social Security statement information.
Now we are hearing some current news about another cost-cutting measure. The Social Security Administration is going completely paperless when it comes to sending out payments.
Beginning in March of next year, you can no longer receive your Social Security check in paper form through the mail. You are going to have to make arrangements to receive your benefit via a direct deposit to your bank account. The only other option would be to accept payment through a special preloaded debit MasterCard.
At the present time, only 10% of people are still receiving paper checks. But this 100% paperless move, which extends to some other government programs as well as Social Security, is going to provide an estimated $1 billion in savings over a 10 year period.
The SSA is urging people to sign up for paperless payments as soon as possible.
- Common Mistakes in Estate Planning – Part IV - December 8, 2022
- 2023 Estate Tax Exemption and Gift Tax Exclusion Update (Video) - December 7, 2022
- Common Mistakes in Estate Planning – Part III - November 30, 2022