Social Security Plans Cutback on Benefits Statements

The Social Security Administration recently quietly noted on its website that it will mail out even fewer earnings and estimated benefits statements to save the agency money.  The agency said it had “no choice” because Congress has cut its budget by 10 percent since 2010 (after adjusting for inflation) despite a 13 percent increase in the number of beneficiaries.

With the new policy, the paper statements will only be sent to people who: are age 60 and over, are not getting Social Security benefits and don’t have a mySocial Security account.

Paper Social Security Statements, Then and Now

Since September 2014, the Social Security Administration had been mailing the statements every five years to workers age 25 and older who weren’t receiving Social Security benefits and hadn’t registered for my Social Security accounts, and annually to people over 60.

The cutback in mailing these important statements, the Social Security Administration says, will bring down the costs of processing and mailing them by $11.3 million in FY 2017.

Conclusion

If you are under age 60 and want to keep up with your Social Security earnings and potential benefits, you must open a mySocial Security account at https://www.ssa.gov/myaccount/.  You can then check your status at any time online.

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