SSA Taking Steps to Save Taxpayers Money
Sometimes you can engage a paradigm shift that can provide economic efficiency in a rather simple
but effective manner. This is something that the Social Security Administration has been doing and the
timing is ideal.
Retirement planning experts tell us that tens of thousands of people are joining the ranks of Social
Security recipients monthly, and this growth will continue for years to come as the baby boomer
generation reaches the age of Social Security eligibility. On the surface it would seem as though the
cost of administering the program is going to rise commensurate with the number of people who are
However, this is where the paradigm shift comes in. The Social Security Administration is doing away
with the practice of mailing out paper checks beginning in March of next year.
So, rather than adding the cost of mailing out checks to thousands upon thousands of new recipients
they are actually reducing costs. This move is the focal point of an effort that is expected to save
approximately $1 billion over the next decade according to informed individuals within the SSA.
The savings started when the Social Security Administration decided to stop sending out annual paper
statements to everyone who is going to be receiving a benefit eventually. This practice began last year,
and it is saving the taxpayers somewhere in the vicinity of $70 million annually.
These statements are important for people who are planning for retirement because they let you
know how much you can expect to receive when you become eligible for the program. You can access
your statement online by registering on the Social Security Administration website.
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