You may be one of the many people who are currently collecting either Social Security retirement or disability payments the old fashion way – by check. If that is the case soon you will not see that Social Security check in the mailbox any longer.
The Social Security Administration has mandated that anyone receiving Social Security checks, including those who receive Social Security Disability Insurance (SSDI) or Supplement Security (SSI) payments, must sign-up for electronic payments by March 1, 2013 because Social Security will no longer issue paper checks.
There are two ways to receive electronic payments, direct deposit and through a Direct Express card.
Direct deposit payments will be directly deposited into a bank account of your choosing. Those who do not have a bank account, or who do not wish to do direct deposit, will have to receive their payments through a Direct Express card, which works similarly to a debit card. Those who do not sign-up for direct deposit by the deadline will receive a Direct Express card and will begin receiving payments through the card as of March 1, 2013.
For more information on how to setup direct deposit visit: http://www.ssa.gov/deposit/.
Social Security Statements Available Online
Another technological advance Social Security is now using is to offer Social Security statements online. These statements were previously mailed out. Many times people who are applying for SSDI question what their monthly payments would be if they are found disabled. Earlier this year Social Security unveiled online access to Social Security statements to allow people to get estimates for retirement, disability and survivor’s benefits. To access these online statements you must be at least 18 years old, have a valid Social Security number, have a valid e-mail address and have a valid mailing address. To access this feature visit: http://www.socialsecurity.gov/mystatement/.
