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.
I hear ya. Picking a year to start bashing as they are doing is pathetic. The Boomers are responsible for the wealth, but you won’t hear that.
2032 for me. . . oh wait. . . damn.
Well then fight me and everyone else too while you’re at it. I’ll start collecting too in a few years and I’ll need you to keep paying in just like I paid in for my parents’ generation, and even my parents for my grandparents’ generation. Like it or not. That’s the way it is. We all pay our dues until it’s our time.
Those of us after the Boom should each be entitled to a photo and a letter now and then of the Baby Boomer we are being forced to adopt.
Sounds to me like born in January 1948....since I'm a 4/47 I'll have it all sucked dry by the time he tries to sign up.
Sorry, Eric...RHIP.
Don’t forget that Baby Boomers invented sex too!
As long as you don’t get a mortgage you can’t afford, go for it.
It has to be TV guide or Reader’s digest...
The number of people paying in is dropping compared to the number of people drawing on it.
Some politicians on the Left have pushed to raise the limits on those forced to contribute. And they’ve silently (or not as vocally) been pushing to end the contributions from those at the low end of the economic scale.
Amen! Good for you, I’m just not ready to give it up yet, got a few more years to contribute something. As long as the mind is willing! ;-)
Despite the general censuses, us ol’ farts still have something to give to our “youngers”.
Let’s compare mortgage defaults among Boomers compared with X and Y shall we? Spoiled brats all grown-up bitching about not being able to pay. We are bitching about paying and not getting it back as promised. BIG DIFFERENCE.
Bend over and kiss your ar$e goodbye.
Actually, you won't be adopting them for at least another ten years. It takes five years for the Gov to pay back what the employee paid in (even without considering interest) and another 5 years to pay back what the employer paid in. After that its public dole time, and I guess adoption time.
Looks to me like this "whine and geez" party is a bit premature.
Socialist Insecurity is a pay as you go system. There is no lock box of funds. Just a bunch of IOUs.
Those who WERE contributing are retiring now and expecting their payments. Those still making payments will be responsible for a greater per capita share.
This is what makes the Baby Boom “BOOM” in numbers a problem.
I'm 51. I've been paying maximum social security for nearly 30 years. I'll have to work another 16 before being eligible for social security. In all probability, I will have paid maximum SS for 46 years at that point and I'm anticipating little or nothing in return. Comparatively, you're at the beginning of the road. It will be collapsing long before you have anywhere close to the same financial stake in the big socialist debacle. Start saving and investing now for your retirement. Compound interest is your friend.
Great point … without the baby boomers, we would be Mexico … ;-)
Now I understand. ;-)
They stole the “BOOM” money regardless. Democrats Suck! BTW nobody is “adopting” me as I have the ability to adapt.
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