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.
Ping
Your'e going to fight, with guns a blazing, everyone born between 1946 and 1964 simply because that is when they were born? Cool!
Doc, It ain’t no lottery. They stole the money by law with promise of giving it back. They lied outright. The best America can hope for is the younger ones getting some control and investing in Wall Street. Even that is unacceptable to the Democrats determined on killing Capitolism.
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?
AARP periodical?
I should've said I hope someone will rescue me. We're thinking alike.
I am 1/48. Pay me...
You have a better chance than me. Of course I guess timing is everything.
The Boomers were robbed paying for the Greatest Generation's SS, I guess its Gen x's turn to be robbed. Then you can pass the baton to Y and they to Z and they back to A. I would not feel so all alone, everybody must get stoned.
She beat Diane Keaton by 4 days!
You need to take some initiative. How about starting a "Final Solution to the Boomers" movement?
Those effin boomers, how dare they be born when they were.....the nerve!
Understand. The reference to a lottery was in reference to her being the “first”. I agree with you otherwise.
Obama has proposed a bill where the US will have to pay a WORLD TAX .It will be controlled by ..are you ready ..THE UN !
Paypal on the way … ;-) By the way what is 1/48?
You younger folks should start a TEA party......
If I move some old people into my house, can I get Boomer Credits on next year’s taxes?
You sound just like my dad.
April of '09 for me, and I'm going on the teat immediately, basically just to piss off the X-ers on this board. Screw 'em.
I’m in my 50’s and have paid in the max for as long as I can remember. That amount of $ over the years could have really produced in the private markets, but odds are, I’ll not see much of it because I know Gen-X isn’t going to be able to handle the burden facing them. Glad I don’t have to rely on it as many will.
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