Social Security to resume statements for 60 and over, for 25 year-olds
January 25th, 2012|
The chairman of the Senate Special Committee on Aging announced Tuesday that Social Security benefits statements will again be sent out to selected age groups, according to The Washington Post.
Since the 1980s, Social Security statements had been mailed to workers older than age 25. The statements include a history of taxable earnings for each year, the total amount of Social Security and Medicare taxes paid over the lifetime of the worker, and estimates of monthly benefits, based on current earnings and based on when a worker plans to retire.
Annual statements will be sent next month to people 60 and older who are not yet receiving benefits.
One-time mailings to 25-year-old workers, introducing them to the program and their potential benefits, will be sent by the end of the year.
The bulk of the 150 million people, who had previously received statements in the mail, will not. They will instead be directed to a Social Security Administration website to access their benefit estimates.
People who are unable to access the Internet or who have other reasons for needing a paper statement will be able to request one.
Reducing the number of statements sent out is expected to trim the estimated $70 million annual bill to about $3.7 million.
Do you think that this move is an effective way for Congress to save taxpayers’ money?