When it comes to retirement planning Social Security is certainly going to be an important component for most people. It is however a good idea to recognize the limitations of the program.
There are those who feel as though they don’t have to plan ahead to accumulate resources for retirement because they will be receiving a Social Security benefit. While you may well qualify for the program it is important to recognize the fact that it is not possible for most people to live comfortably on Social Security alone.
Is advisable to visit the Social Security website from time to time to take a look at your statement. This information is invaluable as you are planning for retirement.
The Social Security Administration used to mail out the statements every year, but they are no longer sent out because it was very expensive and inefficient. They are taking things a step further now and discontinuing the mailing of paper checks.
As of the beginning of March of next year all Social Security recipients must receive their payments either through a direct deposit or through the loading of a Direct Express Debit MasterCard.
At the present time 90% of people are indeed receiving their payments electronically, but believe it or not the Social Security Administration says that forcing the other 10% to convert will save $1 billion over 10 years.
People from all sides are concerned about the cost of administering the Social Security program. This step certainly seems like a logical economical move toward heightened efficiency that everyone should be able to agree on.
Paul A. Kraft, Estate Planning Attorney
Mr. Kraft assists clients primarily in the areas of estate planning and administration, Medicaid planning, federal and state taxation, real estate and corporate law, bringing the added perspective of an accounting background to his work.
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