Doug Walker, deputy commissioner of communications for the Social Security Administration (SSA), wrote on the SSA.gov website that it will stop mailing estimated benefit statements to most American works to save $11 million per year.
It seems paper statements will only be sent to people who are 60 or older, have not established an online My Social Security account and are not yet receiving Social Security benefits.
This is not the first time the SSA has announced it was cutting paper statements for digital online access. In 1999 SSA began mailing statements annually to workers age 25 and older. Then in mid-2011, the SSA announced it would stop mailing annual benefits statements due to the enormous costs. In May 2012, personalized digital statements became available. Since then more than 27 million people have set up personal accounts.
In response to wide criticism and pressure brought on by Congress, SSA resumed mailing paper statements in September 2014 to workers as they reach 5-year age increments starting at 25 who had not set up an online My Social Security account or started receiving their benefits.
These statements are vital for comprehensive financial planning and critical information about future retirement income. You have access to the same information 24 hours a day and 7 days a week at SSA.gov/myaccount/.
If you haven’t created an account or would like to discuss your benefit planning opportunities, give us a call or send us an email. You may be like most of our clients, wondering when they should start their benefits and how is the best way to strategically start the withdrawal process as a husband and wife.