Retirement planning requires a firm understanding of all relevant facts, so changes to the Social Security program are certainly something to monitor.
For most people Social Security is going to be an important income stream during retirement. By no means should you depend on it as your sole source of income, if you can avoid it, but it is certainly going to help.
Up until last year the Social Security Administration sent out statements annually to people who have been paying into the program. When you think about the volume of paper involved in something like this and the cost of postage you you realize that this is a very big expense to the government.
Since we live in the digital age and almost everybody is online the SSA made a shift. The statements are no longer being mailed to anyone who is under the age of 61.
However, it is possible to create a My Social Security account on the SSA website and gain access to your statement whenever you would like to see it.
In addition to this there has been a new announcement from the Social Security Administration. As of March of next year paper checks will no longer be an option. Recipients of Social Security are going to have to set up direct deposits or agree to payment through the loading of a special type of debit card.
Officials say that this move along with the discontinuation of some other types of government benefit checks will save some $1 billion over the next 10 years. These savings will certainly be welcomed by those who are concerned about the costs associated with administering the program.