At Parman & Easterday we like to keep you informed of any relevant changes to the Social Security program because it can play such an important role when you are planning for retirement.
Along these lines we recently reported on the fact that paper statements are no longer going out in the mail (click HERE to review that blog). These statements contain valuable information because you really must know how much you can expect to receive when you do start to draw Social Security benefits if you want to plan your retirement intelligently.
Though you will no longer receive a statement in the mail you can access your statement any time electronically via the Social Security Administration website.
A lot of people are concerned about the solvency of the Social Security program going forward, so any savings that can be realized without jeopardizing the well-being of our seniors will be welcomed by all. To this end the Social Security Administration has decided to put a stop to the practice of mailing out paper Social Security checks to benefit recipients.
The option of going paperless has existed for some time but 10% of people who are receiving Social Security still get paper checks. That will no longer be possible as of March 2013.
The savings that will be realized by this change are considerable according to the SSA. Somewhere in the vicinity of $1 billion will be saved over the next decade or so, and this will certainly be helpful as officials attempt to administer the program in the most cost-efficient manner possible.
Author, President and Founding Attorney
Parman & Easterday