The Social Security Administration has released a summary of new operational features for 2013 that note the end of the two-year payroll tax cut through the elimination of paper Social Security checks.
The administration is going electronic and a number of services will be posted online. Check out some of the recent Social Security changes that are efffective or will go into effect this year that may impact residents of the Gulf Coast region:
1) The temporary payroll tax cut has expired on January 01, 2013. Workers are now paying 6.2 percent of their wages for 2013, up to a new payroll tax cap of $113,700.
2) The payroll tax cap was increased by $3,600, from $110,100 in 2012 to $113,700.
3) Social Security is adding more online services including ability to access benefits, a verification letter and payment history. Retirees can also change their address and start or change direct-deposit information online.
4) Office hours have been reduced to save money and avoid paying overtime to workers and began closing at noon on Wednesdays.
5) The Treasury Department will stop mailing paper checks to Social Security recipients. Retirees will be required to choose to have their Social Security payments either directly deposited into a bank or credit union account or loaded onto a prepaid Direct Express Debit MasterCard.
Paper checks will end. On March 1, 2013
6) At the age of 66, an earnings limit no longer applies and you can earn as much income as you want.
7) Social Security beneficiaries began receiving payments that were 1.7 percent larger in January, 2013.
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