If you are currently receiving paper checks in the mail for your Social Security, disability and other benefits this will stop as of March 1st, 2013. If you are currently receiving paper checks in the mail for your Social Security, disability and other benefits this will stop as of March 1st, 2013. You either need to set up direct deposit to an account, or the Treasury will begin to automatically direct deposit to a prepaid “Direct Express” card for you. Luckily, 93 percent of recipients already receive their payments electronically according to the Treasury. If you happen to be in the remaining 7 percent you only have one week left before the change. Let us know if you need help figuring out how this fits into your financial plan, or if you want to have the checks directly deposited into your investment accounts. Here is a link to the Social Security website for more information on setting up Direct Deposit
Financial Planning Blog
Devin Wolf, CFP® serves as our Chief Investment Officer (CIO) and leads our 401(k) branch. As a wealth manager Devin is responsible for delivering comprehensive financial solutions to high net worth clientele. His expertise in navigating complex situations has lead to working with business owners and clients with taxable estates.