Social Security Trims the Fat

Aug. 2, 2011 - PRLog -- The Social Security Administration adopted a variety of money saving measures this year. Of course, this doesn’t come without some inconveniences.  Here's a look at a few services that have recently been reduced or eliminated.

Closing early. Beginning on August 15, Social Security field offices nationwide will close 30 minutes early each day. Standard business hours have been 9:00am until 4:00pm and now the public windows will close at 3:30pm.  SSA hopes to eliminate overtime hours with this adjustment.

Paperless payments. The Treasury Department eliminated paper checks for new Social Security beneficiaries back on May 1, 2011. Social Security recipients must now have their payments directly deposited into a bank account or loaded onto a Direct Express Debit Mastercard. This measure is expected to save taxpayers $1 billion over the next 10 years. People currently receiving paper checks must switch to direct deposit by March 1, 2013.

Suspended statements. The Social Security Administration has stopped mailing annual statement to workers. This is expected to save approximately $30 million in fiscal year 2011 and $60 million in 2012. Some of the information previously provided in these mailings is available online.  SSA plans to eventually resume mailing statements to recipients over age 60, but has not set a definitive date as to when this will occur.

Promoting online services. The Social Security Administration has aired a series of public service announcements over the past two years encouraging retirees to sign up for Social Security online.  It is estimated that online applications resulting from the advertisements has saved SSA between $25 million and $30 million.

Seeing these extreme measures from the Social Security Administration should make us all stand up and take notice.  One can only assume that the federally funded agency is not on solid ground as we head forward into massive numbers of people reaching age 65 in the coming decades. It has become imperative for Americans of all ages to take control of their retirement planning and make the proper preparations now to assure financial security during retirement.

If you would like to take an in-depth look at your current retirement plan and evaluate its appropriateness for you and your family, please contact John Dubots of Dubots Capital Management for a free, no-obligation consultation. 888-605-8363.  http://www.jpdcapitalmanagement.com.

Investment Advisory Services offered through John P. Dubots Capital Management, LLC, CA License # 0822926

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