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The Countdown Is On to All-Electronic Social Security Payments

The Treasurer of the United States, Rosie Rios, started an official “countdown clock” marking less than one year until the March 1, 2013 deadline when all federal benefit recipients must receive their Social Security and other federal benefit payments electronically.

The move will help taxpayers save $1 billion over 10 years and will greatly decrease the risk of identity and check theft faced by recipients of mailed benefits. Currently, about 90 percent of Social Security and Supplemental Security Income (SSI) payments are being made electronically. The remaining 10 percent have less than a year left to switch over before electronic benefits become mandatory.

This will impact many of the millions of individuals with intellectual and developmental disabilities (IDD) who are eligible for and rely on these benefits, their families and those who act as trustees for federal benefit payments. . However, the Treasury Department has attempted to make it easy to set up electronic payments through its “Go Direct” campaign. Free financial education materials are available along with a “Go Direct Money Matters” page at which offers not only information about how to receive electronic payments, but tips for retirement planning, preventing theft and more. Check it out and mark your calendar for March 1, 2013 if you or someone you care about receives federal benefit checks by mail.