FIRST BABY BOOMER RETIREMENT PAYMENT MADE BY DIRECT DEPOSIT

By Eva Lujan
Social Security Public Affairs Specialist in Albuquerque

Baby boomers can be such trend-setters. Take the first baby boomer to receive Social Security retirement benefits, for example.

When Kathy Casey-Kirschling, the nation's first baby boomer, decided it was time to retire, she applied online at www.socialsecurity.gov because she knew it was fast, convenient and secure.

And when the application asked her how she wanted to receive her first payment, she chose the safest, quickest and most convenient way - direct deposit.

No doubt, millions of baby boomers will follow her example. Here's why:

• Direct deposit is safe. Your money goes directly to the bank in the form of an electronic transfer so there's no risk of a check being lost or stolen.
• Direct deposit is quick. You can sign up at www.socialsecurity.gov/deposit or call us toll-free at 1-800-772-1213 (TTY 1-800-325-0778). Your benefit will go automatically into your account every month and you'll have more time to do the things you enjoy.
• Direct deposit is convenient. You no longer have to stand in line to cash your check when it arrives, or leave your house in bad weather or worry if you're on vacation or away from home. Your money is as close as your nearest ATM or just the click of a mouse away with online banking.

For more information about direct deposit, go to www.socialsecurity.gov/deposit or visit www.GoDirect.org. To learn more about Social Security's online services, go to www.socialsecurity.gov/onlineservices.

QUESTIONS AND ANSWERS

Question: I got Social Security benefits last year and wasn't planning to file a tax return. But I heard that I may want to file a tax return to get the "stimulus payment" offered by the government. Should I?
Answer: Yes. If you received Social Security benefits last year, you may be entitled to an economic stimulus payment, or tax rebate, from the federal government - even if you otherwise wouldn't plan on filing a tax return. The IRS will begin sending stimulus payments to more than 130 million taxpayers in May. If you have filed or plan to file a 2007 tax return, no other action is necessary. If you receive Social Security and did not file a 2006 tax return, the IRS will send you a package over the next couple of months, which includes everything you need to file a 2007 return and receive a stimulus payment. In this situation, if you no longer have your form 1099, you do not need a replacement form. Instead, simply estimate your total annual benefit on your 2007 tax return. For more information go to the IRS website at www.irs.gov.

Question: What should I do if my Social Security card is lost or stolen?
Answer: The best solution to prevent that from happening is to keep your Social Security card in a safe place. Never carry it with you unless you know it will be required, such as at a job interview. If you want to safeguard your Social Security card and number, you can take these steps:

• Visit the Federal Trade Commission's identity theft page at www.ftc.gov/bcp/edu/microsites/idtheft;
• Educate yourself about identity theft;
• Monitor your credit reports; and
• Read Identity Theft And Your Social Security Number at www.socialsecurity.gov/pubs/10064.html.

For more information, visit our website at www.socialsecurity.gov or call us toll-free at 1-800-772-1213 (TTY 1-800-325-0778).

Question: How does Social Security calculate how much I get every month?
Answer: In short, we use your average lifetime earnings, not just several years of earnings, to determine your benefit amount. The benefit formula is complex and there are no simple tables we can present that will tell you exactly how much you will receive. However, we can give you a fairly accurate idea - and we do, each year. Your Social Security Statement is automatically mailed to you about three months before your birthday. If you can't find your last one and you need one now for planning purposes, you can request it online at www.socialsecurity.gov/mystatement. Your Statement provides a detailed report of your lifetime earnings and an estimate of retirement, disability and dependent benefits. For more information, visit our website at www.socialsecurity.gov or call us toll-free at 1-800-772-1213 (TTY 1-800-325-0778).

Question: I'm 62 and divorced. But my earnings weren't enough for me to qualify for Social Security. Can I get benefits as a divorced spouse?
Answer: In most cases, you can receive benefits as a divorced spouse on your former spouse's Social Security record if you were married to the former spouse for at least 10 years, are at least age 62 years old, are currently unmarried, and are not entitled to a higher Social Security benefit on your own record. If you would like to get an estimate of benefits you may receive as a divorced spouse, call us toll-free at 1-800-772-1213 (TTY 1-800-325-0778). For more information, visit our website at www.socialsecurity.gov or call us toll-free at 1-800-772-1213 (TTY 1-800-325-0778).

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