The Social Security Adminstration (SSA) has just announced that it will resume sending annual earning statements on a limited basis. This is an important tool for many people who are currently planning their retirement and those who may think about it in the future. (You should always be planning, though, right?)
Letters will resume in February to some workers, and information should be available to all workers by the end of the fiscal year.
Since 1999, Social Security Act has required that SSA
provide a statement each year to eligible individuals—people 25 and older with
a social security number and wage or self-employment income—who are not
receiving social security benefits. The statement must inform each individual
of wages paid to, and self-employment income derived by, the eligible
individual as shown by SSA records and, for individuals who have attained age
50, estimates of monthly retirement benefits to which they will be entitled.
However, in March 2011, SSA suspended providing statements for the remainder of
the fiscal year, citing budgetary concerns.
Some other updates:
Beginning in February 2012, SSA will resume mailing paper
statements to workers 60 and over who are not already receiving social security
benefits.
In months to come, SSA will introduce an online statement
service as an alternative to provide workers (of all ages) immediate access to
their statement information. In addition, workers 60 and over may opt to sign
up for the online service in lieu of receiving the annual paper statements.
Later in fiscal year 2012 (which ends September 30), SSA
plans to resume a first time mailing to workers at age 25. This one-time
statement will include a welcome message providing information about the social
security program, where to go for further information, what services SSA
offers, and what business can be conducted online, including signing up for
access to online statements.
Individuals who cannot access their information through
online channels, including victims of domestic violence or identity theft who
have blocked electronic access to SSA services, will be able to request a paper
statement. In addition, Spanish language versions of the statement will be
available on request.
