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.
(I can’t carry all these baby boomers. The weight is too heavy now. My back is going to break soon. Will someone rescue me?)
Rub some dirt on it and get back in the game. I’ve only got 5 more years!
I have 2 nieces nearing this stage. Whether they take it at 62 is another matter but I’m sure one of them will...
Why so little at age 23? I owned two cars and a condominium, had a wife and my first son by that age. All that after completing UCSD and a year of grad school. Hop to it! My 24 year old son had 60 employees and 3 offices last year. The sub-prime debacle killed his business in San Diego. I'm moving him up to Pocatello to restart.
My generation didn’t have peace love dope. We had an AIDS scare that put a big chill on promiscuity.
We also faced a glass ceiling as old fart baby boomers were afraid of the seeing the next generation move up.
It’s gotten better now in the workplace that I am 40 but at 28 there was resentment.
I still don’t have a home (renting an apartment for too long) and with inflated property values thanks to a national trend of flipping land tearing down and building crappy $250,000 townhomes (that yuppies are now defaulting on) there is little to “buy” in the market unless I want to live a meth cooking low rent neighborhood.
Yep. I got left with a lot of gravy.
How is that Jan 1, 1946 is the start date? That would suggest that the nation spent March/April 1945 in the bedroom. True?
You are already paying me. I’m 66+. However, I still would be much better off if I invested SS deductions on my own.
Listen, the real culprits are not the Baby Boomers.
We paid in not only for the preceding generation’s benefits, but since 1983, we have paid in more than what was needed precisely because the BB generation was going to bust the bank.
SS was pay as you go until 1983. Then rates were raised across the board so that money would be available for us beginning in 2008 onward. That was the Reagan Commission.
The money was SUPPOSED to be set aside for SS. The government bought Treasury bonds with the excess money and then promptly spent all of it, IN ADDITION to the normal tax revenues.
SS has a file cabinet full of Treasury certificates in Galena, IL to redeem when they need the money in 2017 onward.
Trouble is, the Gen X and Y generation’s taxes will be used to redeem the bonds.
So, not only did we pay for our own SS as well as our parent’s, our sons and daughters will now also pay for our SS.
That’s right, two generations paying for the SAME BENEFIT, and Congress skates free.
Ain’t that a kick in the teeth?
And all of these damn Congresscritters, most of them have been in on this scam for 25 years, are guilty and should be in prison. That money could have been invested in the private sector and helped the economy all these years. Instead, it was wasted on earmarks and such.
:-)
The money has to come from someplace. The debt needs to be paid to those who paid into the system. The system WILL NOT be there for me.
Why should I have to pay anything more than “support payments” when I will never see a dime?
This is the conundrum. Telling me to be quiet about the program and let it ride another 20 years is foolish.
This lesson might just be enough of a reality check for allot of middle class democrats to see the light. The mindless, unquestioning, raised to follow democrats will suddenly get an education in “what we have been voting for” 101. Should prove interesting.
“As long as you don’t get a mortgage you can’t afford, go for it.”
Can you explain further? Is there some kind of limit we are supposed to know about when we are looking for a house? Is that based on age/gender/sexuality?
Boomers had to deal with inflated home prices too as the prices soared in the 70's and 80's when boomers started buying homes. They also had to deal with jimmah's 12 to 15% interest rates.....YIKES! Home prices have gone way down recently and will go down further. It will be time to buy for first timers in about a year.
“As long as you don’t get a mortgage you can’t afford, go for it.”
Can you explain further? Is there some kind of limit we are supposed to know about when we are looking for a house? Is that based on age/gender/sexuality?
The hierarchy of boxes: soap box, ballot box, cartridge box. Get active in your community (soap box). I go to the city council meetings to keep a leash on the tax and spend politicians. When they attempt something outrageous, shine the light on the cockroaches. Support conservative candidates and get the vote out on election day. Hopefully, you can limit the cartridge box to entertaining afternoons at the range.
If your outflow is more than 35% your inflow, you can’t afford it.
Sorry about your Daddy. You’re doing awesome for 23 years old.
Believe me, I’m trying. South Florida’s a tough nut to crack.
It doesn’t help that elections come around in the cold weather months, when all the snowbirds (who just happen to be liberals) are in town.
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