New bill would require Social Security Administration to increase mailed annual statements
The Social Security Administration sends annual statements to a limited number of people. Lawmakers on both sides of the aisle are calling for that to change.
The proposal calls for requiring the Social Security Administration to mail annual statements to all workers ages 25 and up who are paying into the system but not yet collecting benefits.By receiving those statements, workers will be able to see how much they're contributing to Social Security and Medicare, as well as how much money they are eligible to receive through disability, retirement and survivor benefits.
Receiving the annual statements will help workers make sure their earnings record with the government agency is accurate. It will also help them plan for retirement, Larson noted."All workers deserve to have a full understanding of what they're contributing to Social Security and what they can expect to receive," Larson said in a statement. "This will help workers, and especially millennials, plan for retirement."
The bill will allow prospective beneficiaries to choose to instead receive their annual statements electronically.Just about 2 in 5 people with an online My Social Security account accessed their annual statement in 2018, according to a review conducted by the Social Security Administration's Inspector General. headtopics.comRead more: CNBC »
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