As much as people don’t like change, you can’t control the outcome of most situations.
Social Security recipients will notice a change on March 1. The Treasury department will no longer send paper checks to its Social Security recipients. “I have a checking account, but I like to see the money in my hand,” says Mary McCloud. Ms. McCloud is one of many who are against direct deposit.
Retirees will be required to choose to either have their payments directly deposited or credited on a prepaid Direct Express debit card.
The economy has made many Social Security recipients seek additional income in order to afford the cost of living. Inflation has drastically affected the lower class while making clear they aren’t able to afford the necessities.
“People between ages 62 and 66 who work and collect Social Security benefits at the same time might have part or all of their Social Security benefit temporarily withheld. Workers between ages 62 and 65 can earn up to $15,120 in 2013, after which $1 in benefits will be withheld for every $2 of income above the earnings limit. People who turn 66 this year can earn up to $40,080, and then $1 of benefits will be withheld for every $3 earned above the limit. However, once you turn 66, the earnings limit no longer applies. And benefits may be recalculated at age 66 to reflect the withheld benefits and continued earnings.”
Bahiyah Shabazz is one of the nation's leading financial experts on the art of maximizing growth, entrepreneur, personal wealth expert, and author of "Spending fast: Clean up your finances in 5 days" and "Finances are linked to emotions: live within your means". Bahiyah Shabazz is also a motivational speaker, columnist, and radio host. If you have questions or topic suggestions please email: contact@BahiyahShabazz.com.