A Big Change is Coming to Social Security, and It Could Affect Your Benefits
Having your Social Security benefits cut off would be devastating for millions of older Americans. But that could happen if you are not careful because of a big change coming next month.
According to an article by Newsweek, the Social Security Administration (SSA) announced that it plans to stop issuing paper checks for benefit payments starting September 30. While most beneficiaries already use electronic payments, about 500,000 recipients had yet to make the change. The SSA is contacting affected individuals and providing instructions on how to switch to electronic payments.
The switch to electronic payments will benefit security and government efficiency. The article states that “Electronic Funds Transfers (EFTs) process payments more quickly and securely than mailed paper checks, which the SSA found are 16 times more likely to be lost, stolen or tampered with.”
Additionally, doing away with paper checks will save the government millions of dollars each year. The article points out that issuing a paper check costs about 50 cents compared to less than 15 cents for an EFT.
The Seniors Trust is committed to improving the financial well-being of older Americans through the passage of the Social Security Expansion Act. It will give retirees an immediate benefits increase of about $200 a month, a fair annual cost-of-living adjustment (COLA), increased minimum benefits, and ensure the long-term solvency of the Social Security program.
