SSA Benefit Estimate Statements

“The Social Security Administration is reversing a cost-savings move and will once again mail benefits statements to people 60 and older who don’t yet receive Social Security. Also included in the mailings will be 25-year-old employees, who will get an introductory statement explaining their benefits. Others soon will be able to access their benefits information online, but people who don’t have Web access can request paper copies.”

“Reducing the number of statements sent out is expected to trim the estimated $70 million annual bill to about $3.7 million.” “Since the 1980s, Social Security statements have been mailed each year to workers older than 25. They include a history of taxable earnings for each year — so people can check for mistakes — as well as the total amount of Social Security and Medicare taxes paid over the lifetime of the worker. The statements provide estimates of monthly benefits, based on current earnings and when a worker plans to retire.”

Sources: Retirement Security SmartBrief rssb@smartbrief.com and the Minneapolis Star Tribune