Social Security Benefits to Remain Flat in 2016
For only the third time in 40 years, the nation's elderly and disabled Social Security recipients will not receive an increas...Read more
No more paper checks in the mail. Starting March 1, nearly everyone who receives Social Security must switch to the government's new electronic payment system. Beneficiaries will be able to have their checks directly deposited into their bank account or put on to a debit card.
The government is switching to electronic payments in order to save money and to provide a more reliable method of delivering payments. The move to paperless payments will save the government close to $1 billion dollars over the next 10 years. It also eliminates the problem of checks that get lost in the mail or are delayed due to bad weather.
Currently, around 93 percent of payments are made electronically, but about 5 million checks are still being mailed each month. If you are among those who haven't converted to electronic payments, the following are your options:
Some individuals are exempted from the requirement to switch to paperless payments. If you are over age 90, live in a remote area that doesn't have electronic payment options, or have a mental impairment that doesn't allow you to manage finances, you may not have to switch to an electronic payment system.
To make the switch, call 1-800-333-1795 or visit www.GoDirect.org.