Changes Coming For Social Security Payments For Michigan Residents

We enter the work force during our teenage years and learn fairly quickly that a portion of our pay is garnished by the federal government. Yes, most of us are aware of taxes before we get our first job, but some people are unaware of social security. Social security was invented to provide a small income for workers as they transition into retirement.

We have all believed that we will be able to work for years and have social security to influx our pockets once we have paid our dues. Unfortunately, it looks like the pot of money is starting to dwindle and these funds may not be available in later years. That's a problem to focus on later, right now, there is some pertinent information coming to those who already receive social security benefits.

Retired residents in Michigan and every other state around the country rely on social security payments to pay bills, purchase necessities, and even provide some excitement and entertainment to their lives. Currently, those funds arrive to residents via a paper check in the mail, but the government has announced a change is being made to this process.

Are You Prepared For The Changes Coming To Social Security Payments In Michigan?

MLive reports:

Based on an executive order signed by President Donald Trump, the federal government will stop issuing paper checks for most payments, including Social Security and veteran benefits, effective Sept. 30. While millions of Americans already receive their benefits electronically, this change directly affects the approximately 500,000 individuals who still receive monthly paper Social Security checks. The Trump administration has framed this as the fulfillment of a “longstanding bipartisan goal” to modernize federal disbursements.

The switch is being made in order to save money by digitizing paper records and reducing the money spent delivering checks by hand. They also believe that the electronic payments are more secure than paper checks as direct deposit minimizes the chances of a check being lost, stolen, altered, or delayed.

Those who have a bank can set up direct deposit through their banking institution while others are being offered a Direct Express Debit Mastercard that will have their monthly benefits loaded electronically to ensure access to funds without a traditional account. There is some leeway for those who don't have a banking or direct deposit option.