Tuesday, June 21, 2011

Social Security Annual Statements

Did you see that the Social Security Administration will stop mailing annual statements to workers in order to save money?

The SSA plans to eventually resume mailing these statements to workers age 60 and over. It intends that those 60 and younger be able to download their statements.

The SSA starting mailing annual statements to individuals age 60 and over back in 1995. In 2000 it included workers age 25 and over. Last year it mailed out more than 150 million four-page statements, which list your earnings history and give an estimate of your expected retirement benefit.

SSA Commissioner Michael Astrue pointed out that the annual statements cost approximately $70 million each year to print and mail.

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