VIEWS: 40 PAGES: 1 CATEGORY: Legal POSTED ON: 11/10/2012
The ongoing future of the Social Security program is a subject that is often discussed within elder law circles.
SSA Forcing Conversion to Direct Deposits The ongoing future of the Social Security program is a subject that is often discussed within elder law circles. Without question there are some challenges ahead because there are some 10,000 people applying for the program every day. Because of the maturation of the baby boomer generation this intense volume is expected to persist for some 20 years. Any time you would like to save money you look for ways to increase efficiency. To this end the Social Security Administration has recently been taking steps to reduce administrative expenses. Every year the SSA used to send out millions upon millions of paper statements to future Social Security recipients. This was extraordinarily expensive, and they were able to realize savings of $70 million per year by doing away with these mailings. The statements are now available online. It has now been announced that the practice of mailing out paper checks is going to be discontinued as well. Though most people are currently receiving direct deposits 10% of recipients have not yet gone paperless. As of March of next year everyone who is receiving a Social Security benefit will be getting either a direct deposit or accepting payment through a preloaded Direct Express Debit MasterCard. There are some other types of government benefit payments that are going to be going 100% paperless as well. Officials have stated that the overall savings to be realized over a ten-year period will be somewhere in the vicinity of $1 billion, and this is certainly going to help ease the burden. Experienced estate planning attorneys Indianapolis IN of the Frank & Kraft Attorneys at Law offers estate planning and business planning resources to residents of Indianapolis IN. To learn more about these free resources, please visit http://www.frankkraft.com today.
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