Social Security Changes Going Into Effect

DailyFinance.com reports new rules have been implemented by the Social Security Administration for 2013. Here are highlights of some of those changes. 

Paper checks will stop March 1

The Treasury department will stop mailing paper checks to Social Security recipients. Beneficiaries will be required to choose to have Social Security payments either directly deposited into a bank or credit union account or loaded onto a prepaid Direct Express Debit MasterCard.

Higher payments

Social Security beneficiaries began receiving payments that were 1.7 percent larger in January as a result of a cost-of-living adjustment. 

Added online services as offices are reducing hours

Retirees now have the ability to access a benefit verification letter and payment history online, and can also change their addresses and start or change direct-deposit information. Access those options by clicking here. Social Security offices have cut hours. 

Workers are paying more

Payroll tax cuts expired at the end of 2012, and workers are now contributing 6.2 percent of their earnings, up from the 4.2 percent in 2011 an 2012, to Social Security.

Click here to read DailyFinance's full story. 

Click here to find the nearest Social Security office.