A Huge Social Security Change Takes Place Tomorrow
Social Security as we know it will change forever tomorrow. That’s the day an executive order signed by President Trump back in March will take effect. According to an article by Yahoo! News, the Modernizing Payments To and From America’s Bank Account executive order set September 30 as the “compliance deadline to end the issuance of paper checks by the federal government.”
That means as of tomorrow, the federal government will no longer be allowed to issue paper checks for Social Security benefits. All payments will now be made by electronic fund transfers (EFTs) such as direct deposit.
The article lists three reasons for the change: paper checks are more costly than EFTs (the switch could save more than $2 million each year); recipients receive money faster with EFTs; and EFTs are safer (payments are less likely to be lost or stolen).
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.
