Posts tagged ‘social security’

Federal Benefits — Paper checks a thing of the past

New Recipients of Federal Benefits to be Paid Electronically as of May 1. Federal benefits are going electronic, and paper checks are being phased out. On May 1, new applicants must select an electronic payment method. People receiving paper checks must switch by March 1, 2013. Payments can be made via direct deposit to a bank account or through a prepaid debit card. For more information, go to www.GoDirect.org or call 1-800-333-1795.

Obama: Social Security Fix Would Be Simple

Be sure to plan for your future …

By THE ASSOCIATED PRESS

Published: February 19, 2010

Filed at 9:52 p.m. ET

HENDERSON, Nev. (AP) — President Barack Obama says Social Security is slowly running out of money but that it can exist well into the future with a slight fix.

The system is funded with a tax on earnings, up to $109,000 a year. Obama says lifting that cap to tax a larger share of income would be one way to extend the system of monthly payments for retirees. It also would be unpopular with some.

Without an adjustment, Obama said Social Security will start to run out of money in about 20 years as more people begin collecting benefits.

Obama spoke Friday at a town-hall meeting in Henderson, Nev., the home state of Senate Majority Leader Harry Reid. Republicans are targeting Reid for defeat in November’s midterm elections.

Source: New York Times

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