Posted on 02/12/2008 7:37:17 PM PST by MotleyGirl70
Direct Deposit Expected To Be More Common
VERO BEACH, Fla. -- The nation's first baby boomer received her first Social Security retirement benefit Tuesday in Vero Beach, Fla., local station station WPBF is reporting.
Kathleen Casey-Kirschling was born one second after midnight on Jan. 1, 1946. The 62-year-old retired teacher who lives in Earleville, Md., and Vero Beach applied for her benefits online, and received her payment by direct deposit.
"Like many of her fellow boomers, Kathy leads a full and busy life," said Jim Courtney, Social Security deputy commissioner for communications. "By choosing direct deposit, Kathy's benefit is safely and conveniently deposited into her bank account. No matter where in the country - or the world - Kathy is, her money is as close as the nearest ATM or just a mouse click away through online banking."
This marks another milestone for the post-World War II generation.
Federal officials in Florida are calling her "a trendsetter for her generation" since she decided to receive her benefits by direct deposit.
"Direct deposit is a win for everyone," said Judith R. Tillman, commissioner of Treasury's Financial Management Service. "For the last three years, Treasury has led a campaign called Go Direct to educate Americans about the many benefits of direct deposit. We at Treasury congratulate Kathy on receiving her first Social Security payment and on her decision to Go Direct."
At an event Tuesday in Vero Beach, Social Security also premiered a new video public service announcement that promotes filing online for retirement benefits. The video, featuring Casey-Kirschling, was posted to the Social Security Web site Tuesday afternoon.
Social Security officials claim that direct deposit eliminates the risk of lost or stolen checks, reduces fraud, helps protect against identity theft and gives people more control over their money. Direct deposit also saves taxpayers millions of dollars. According to the Financial Management Service, if every current federal benefit check recipient switched to direct deposit, it would save taxpayers about $130 million a year.
Over the next two decades, nearly 80 million baby boomers -- about 10,000 per day -- will become eligible for Social Security.
If no changes are made, the Social Security trust fund is projected to deplete its reserves in 2041 and will begin paying out more in benefits that it collects in payroll taxes in 2017.
2017 is my year. I doubt I’ll collect as much as if I had invested the money.
That's a good down-payment. Keep it coming.
Ping list for the discussion of the politics and social (and sometimes nostalgic) aspects that directly effects Generation Reagan / Generation-X (Those born from 1965-1981) including all the spending previous generations are doing that Gen-X and Y will end up paying for.
Freep mail me to be added or dropped. See my home page for details and previous articles.
I think they will too, since they are so much less selfish than the Boomers.....all they do is give give give.
Psst. Government does not care what your net worth is. They are interested in your current earnings and you future earning potential only. Net worth is your problem, not the governments. Ain't that nice and fair.
I wish I could hand over all my money now and never be bothered by taxes again.
BTW - a positive net worth at 23 is a good start. Many of us, after college, start out deep in the red. If your net worth involves some autos and property, you should consider yourself wealthy.
My mother in law commented on what a nice house we have when we made our last move. She was facinated that there was plenty of room for the in laws to move in with us when they get old. I took her to the back of the house and showed her the living arrangements we had planned should it ever come to that.
Ma, don't worry, by the time you need to come live with us the shed back there will have lights and heat. I can move the mower and snow blower to the garage.
At least you are humble.
Certain conditions for that apply depending on the specific cause of demise. I will leave it at that.
Keep at it. You are doing great. It sounds like you have some additional challenges to overcome as well. My condolences on your loss.
It sounds cliche but there is truth in the idea that tough times builds character. Character builds a person. A person with strong character and determination is bound to find success.
I know that a lot of people paid in to the system for many years. But there are many little old ladies that worked from say 1949-1954 and then a little part time here and there. They get full benifits and they tend to live a long time.
God bless them, but ouch.
No, you can't do that - if people your age made that choice, the broken system wouldn't even make it to 2041. Nope, stand up and go to work and pay, pay, pay. The "me" generations got to have theirs, and yours, and everyone's....
My dad put me through college. He said he didn't want to be repaid. My obligation was to do the same for my kids.
Figures she’s in MD. How appropriate!
We are younger Americans are screwed....
Put as much as you can in the 401k because SS will want you to retire at 72 or 75
Here is a huge and obvious flaw.
We move the goal posts back so fewer people can kick. As American’s live longer, they move the age back. They call it proportioning. But they do not change the benefits that are doled out (hardly). IE - They collect for longer, which adds more providers, more die before they can collect, which provides fewer collectors and the amount you receive for your effort remains (almost) unchanged.
Thanks, hadn’t thought of that. Still one should always have access to the funds that they contributed absent the employer matching funds.
Oh, wow. I’m sorry to hear that. Good luck to you and your son.
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