Social Security Payment Hits First Baby Boomer's Bank Account

The nation's first baby boomer received her first Social Security retirement benefit Tuesday, marking another milestone for the post-World War II generation.

Kathleen Casey-Kirschling, 62, was born one second after midnight on Jan. 1, 1946. The retired teacher who lives in Earleville, Md., and Vero Beach applied for her benefits online, and received her payment by direct deposit.

Federal officials at a Vero Beach event to debut a public service announcement lauded Casey-Kirschling's decision to receive her benefits by direct deposit. A video featuring Casey-Kirschling was scheduled to appear on the Social Security Web site later Tuesday.

"Kathy is a trendsetter for her generation," said Jim Courtney, Social Security's deputy commissioner for communications.

Over the next two decades, nearly 80 million baby boomers — about 10,000 per day — will become eligible for Social Security.

If no changes are made, the Social Security trust fund is projected to deplete its reserves in 2041 and will begin paying out more in benefits that it collects in payroll taxes in 2017.