Social Security Stops Mailing Annual Statements

[chinaco]

I suppose another motivation to stop mailing it is the impending cuts....

The politicians probably do not want voters to have a handy reference to calculate how much they got scr3wed! Bad for reelection!

 

[Redbugdave]

Also, I am a Federal employee under FERS, nearing retirement. I want and need to know about my SS benefits, since a part of my retirement is tied to it...the Social Security Suppliment which I will get immediately upon retiring. When I reach 62 that portion will roll over to regular SS.

 

[Alan]

Also, I am a Federal employee under FERS, nearing retirement. I want and need to know about my SS benefits, since a part of my retirement is tied to it...the Social Security Suppliment which I will get immediately upon retiring. When I reach 62 that portion will roll over to regular SS.

They have not stopped giving estimates, just stopped mailing an estimate every year to everyone, regardless of age or eligibility.

You can go on-line and get an immediate estimate that is more accurate than the current mailed ones, or you can call or write to them and request a written estimate. If you are 60 or older you get an estimate automatically mailed to you beginning this Fall.

 

[eytonxav]

The idea of paperless statements had been mentioned last month in another thread, maybe the Gov't is monitoring the board or at least some of their workers have a good RE mindset. Here's another article that I noticed in the paper this morning:

Social Security stopping mailed earning statements | AP Business Headlines | Dallas Busi...#

 

[FinanceDude]

Not a big deal. I look at my SS payment as what I will have to PAY IN when I retire. So, if it says $1400 a month, I just assume that's how much extra I will be paying in taxes when I retire each month..........

 

[rescueme]

You can go on-line and get an immediate estimate that is more accurate than the current mailed ones...

True Alan and that is what I've done every month since retiring (at age 59).

What's interesting is that when I get my "hardcopy" from the annual mailing, it does match up exactly (to the dollar) of the on-line from a month before its mailing.

Since I'm currently 63 (and will not claim SS till age 70) I go online on the first of the month (the files are updated overnight, the last day of each month) and I can see my currently monthly benefit increase $10+, month by month.

Actually, this "old phart" does not see a problem as related to PC usage, as long as all the statement info (e.g. annual contributions to SS/Medicare) are shown, for validation purposes.

While my parents (no longer around) would have had a problem using a PC, I would think the current crop of "boomers" approaching retirement in the next 10+ years would have no problem at all, IMHO.

 

[Independent]

I'll be the odd guy here and say I think they are a good idea for the average Joe or Jane who is otherwise clueless about what to expect from SS at retirement. I suspect many think they will get much more than they actually are due, thus this statement may spark a tiny awareness that they need to save more.

+1

I want my fellow citizens to think about their retirement finances because I believe that if more people think about it there will be fewer people who need extra taxpayer support when they are older. (By "extra", I mean things like subsidized elderly housing.)

If one person in a thousand reacts to the statement by doing some planning, the taxpayers will probably recover the cost of the statements.

I also like the statement because it verifies that my employers really notified the gov't of my earnings, and the gov't put them on my record. If they weren't automatically sending me this statement, I'd want to prompt them to verify that anyway.

 

[rescueme]

I want my fellow citizens to think about their retirement finances...

So do I, but I personally don't think a statement from a government on a plan that many younger folks question may be of any value in their future will make much of a difference.

Maybe if they added some additional "guessitmate" info, such as how much they could tentatively accumulate, based upon possible IRA/401(k) contributions, based upon their shown earnings record (Roth or not), some folks would consider the "whole package", and make current savings/investment decisions based upon that “total view”.

However, when you're showing info, as just a single component of a total retirement income plan, you are not showing something that may be of interest as related to show folks how they may be facing retirement years.

It may encourage those who are not saving/investing on their own to take action to ensure their retirement income future, and include future SS as just a portion of that total plan.

The earnings info and the projected SS benefits are there. Why can't they come up with a way to show/project it in a manner to those that are not aware of planning requirements to take action, if needed?

Just my POV...

 

[FANOFJESUS]

+1

I want my fellow citizens to think about their retirement finances because I believe that if more people think about it there will be fewer people who need extra taxpayer support when they are older. (By "extra", I mean things like subsidized elderly housing.)

If one person in a thousand reacts to the statement by doing some planning, the taxpayers will probably recover the cost of the statements.

I also like the statement because it verifies that my employers really notified the gov't of my earnings, and the gov't put them on my record. If they weren't automatically sending me this statement, I'd want to prompt them to verify that anyway.

+1

Some people will wake up to late at 60 and not much they can do about it then.

 

[jazz4cash]

I guess it is designed for people like me. I am 8 yrs from eligibility and still working. The estimate on the SS website is spot on with the statement I received in Feb. I think the statement is good, especially to remind people of the other disablity and dependent benefits but it makes sense to eliminate/suspend the expense of annual mailings. An annual postcard as a reminder to go online and use the estimator tool might be an appropriate substitute.

 

[Sossy]

I agree the online statements and web version would save a ton of money - but here are some challenges: Too many people do not have access to a computer, or are not computer literate. Or perhaps have disabilities that make computers a challenge. I was amazed, when I managed a healthcare clinic, at the number of staff members who did not know how to do email (this is recent, not ages ago). We had docs who wouldn't use the computer & resisted doing anything on it. We had young clerks who could enter patient appointments, but had to get training to figure out email or web usage. As for the patients - well, it was an indigent care clinic & most didn't have computers.

I can see why SS still has to use Snail Mail, but maybe someday they can find a way for people to opt out of the paper trail.

 

[jdw_fire]

So do I, but I personally don't think a statement from a government on a plan that many younger folks question may be of any value in their future will make much of a difference.

Maybe if they added some additional "guessitmate" info, such as how much they could tentatively accumulate, based upon possible IRA/401(k) contributions, based upon their shown earnings record (Roth or not), some folks would consider the "whole package", and make current savings/investment decisions based upon that “total view”.

However, when you're showing info, as just a single component of a total retirement income plan, you are not showing something that may be of interest as related to show folks how they may be facing retirement years.

It may encourage those who are not saving/investing on their own to take action to ensure their retirement income future, and include future SS as just a portion of that total plan.

The earnings info and the projected SS benefits are there. Why can't they come up with a way to show/project it in a manner to those that are not aware of planning requirements to take action, if needed?

Just my POV...

lol and i bet you dont want to pay any extra in taxes for this added work.

 

[rescueme]

lol and i bet you dont want to pay any extra in taxes for this added work.

Sorry; I'm retired and on a "fixed income", don't you know? ...

I can't afford anything extra (and anyway, I have my own analysis software to get the result...)

 

[freebird5825]

In the absence of annual hardcopy statements, I created a calendar reminder to check my future SS benefits using the online estimator at www.ssa.gov/estimator
The reminder pinged me today, so I ran the Estimator and was happy to see that my future benefits are with $10 of my last hardcopy statement dated September 2009. All is well.
I used the scenario creation tool to enter a retirement age of 52 (my current age) and future earnings of zero (FIREd). I was not allowed to enter my real retirement age of 48, but entering 52 was close enough. My 2009 hardcopy statment shows a stop w*rking age of 48, so I feel pretty good about the data integrity of my own SS records.
The Retirement Benefit Estimate was very brief...it consisted of only the *Retirement data (3 values for benefit amounts at FRA 66yrs 8mos, age 70, and age 62) listed under Your Retirement Benefits (from page 2 of the hardcopy version). There was no *Disability, *Family, or *Survivors data provided.
What I could not find was a way to view my Earnings Record (from page 3 of the hardcopy version) online.
Has anyone else tried to verify their Earnings Record? Were you able to find a way to successfully get a complete set of data online?

 

[gerntz]

I can't even get a estimate online as the birth date they have for me on the mailings is wrong. So when I try to enter either the right or wrong date the site comes back as says we can't match either to their records. I wonder why? LOL.

 

[Rustward]

I can't even get a estimate online as the birth date they have for me on the mailings is wrong. So when I try to enter either the right or wrong date the site comes back as says we can't match either to their records. I wonder why? LOL.

You may want to follow up on this and get it corrected. If they can't give you an estimate now, they might not be able to pay you a benefit when you are eligible.

 

[Achiever51]

Definitely should check with SSA to get this corrected before you plan to draw benefits. My Mom's birthdate was off by one digit and she had to jump thru some hoops to get it corrected when she applied for my Dad's benefit

 

[Independent]

I can't even get a estimate online as the birth date they have for me on the mailings is wrong. So when I try to enter either the right or wrong date the site comes back as says we can't match either to their records. I wonder why? LOL.

This calculator allows you to enter your birthdate and annual earnings. I used it recently and it matched the version that looks up your data for a particular scenario, but I felt this version gave me more flexibility (I got most of my earnings history from my last paper statement).

Social Security Online Calculator

 

[MasterBlaster]

I can't even get a estimate online as the birth date they have for me on the mailings is wrong. So when I try to enter either the right or wrong date the site comes back as says we can't match either to their records. I wonder why? LOL.

You need to contact SSA to fix that. Make sure that your work record matches what they have.

 

[Backpacker]

In the absence of annual hardcopy statements, I created a calendar reminder to check my future SS benefits using the online estimator at www.ssa.gov/estimator
The reminder pinged me today, so I ran the Estimator and was happy to see that my future benefits are with $10 of my last hardcopy statement dated September 2009. All is well.
I used the scenario creation tool to enter a retirement age of 52 (my current age) and future earnings of zero (FIREd). I was not allowed to enter my real retirement age of 48, but entering 52 was close enough. My 2009 hardcopy statment shows a stop w*rking age of 48, so I feel pretty good about the data integrity of my own SS records.
The Retirement Benefit Estimate was very brief...it consisted of only the *Retirement data (3 values for benefit amounts at FRA 66yrs 8mos, age 70, and age 62) listed under Your Retirement Benefits (from page 2 of the hardcopy version). There was no *Disability, *Family, or *Survivors data provided.
What I could not find was a way to view my Earnings Record (from page 3 of the hardcopy version) online.
Has anyone else tried to verify their Earnings Record? Were you able to find a way to successfully get a complete set of data online?

I could not find earnings record on-line so called a live body and was told i must submit a form and pay a fee and wait 4 months for an answer...zoiks

 

[gerntz]

I did contact SS. They looked up my records and found that I originally applied with my correct birth date (Imagine that I had it right?) as a teenager, but that when they created an electronic file of my records however many years ago they entered the wrong month - "5" & "2" do look similar I admit. I said OK, fine, fix it (Should be simple, right, given she had the original application, right?)

But she said I needed to get a birth certificate & then take it to an SS office to get the change made and that 911 made changes more difficult (huh?).

I responded bs. I said that I didn't create the issue, SS did. You fix it. Afterall, she could see both the original record by me (on microfiche or whatever) & that an error had been made in the electronic file. After continued haggling, she magically found a form # that she could fill out & send to some SS records office in Baltimore to get the correction made. The net of that is she didn't want to do anything.

Said it will take a month or so for the correction to be made. I'm in no hurry. We'll see.

 

[travelover]

..........But she said I needed to get a birth certificate & then take it to an SS office to get the change made and that 911 made changes more difficult (huh?). ............

More Bin Laden tax........

 

[FreeAtLast]

My guess is that when they started sending them out 10+ years ago they had their own agenda. Social Security was already in need of help as they had every year just increased the rates & limits of the amount they collected from worker/employer. Around that time they found it harder and harder to make the traditional increase. Medicare got split from SS with the contribution percentages and limits.

I think that they did it to help promote themselves as if to say, you have a balance in an account with us. Just as we are used to seeing on our bank statements.

It also delivered a message that SS should only be relied on as part of retirement income. Interestingly, they started sending their statements just after corporate america started doing away with the traditional pension.

 

[freebird5825]

GAO is doing their j*b. Hopefully we will see a reversal of the "no more statements" decision, possibly with statements available in an online version. No timetable is set.
Social Security Statements Remain Unavailable - The Best Life (usnews.com)

 

[ziggy29]

GAO is doing their j*b. Hopefully we will see a reversal of the "no more statements" decision, possibly with statements available in an online version. No timetable is set.
Social Security Statements Remain Unavailable - The Best Life (usnews.com)

Maybe, maybe not. The cynic in me suspects that "cost savings" is a smokescreen here, that maybe if they stop sending these statements to us, we're less likely to notice if future reforms reduce the amount we can expect to receive...