Social Security Administration will resume paper statements of estimated benefits to certain workers age 60 and up beginning next month, according to a letter from the agency’s commissioner released this morning by two senators.
In the letter dated Jan. 20, Social Security CommissionerMichael J. Astruesaid the agency will begin mailing paper statements to workers 60 and older next month. Additionally, workers at age 25 will receive a first-time paper statement by the end of this year that is accompanied by an explanation of the program.
For all other workers, the agency is developing an online statement service. People who don’t have access online statements will be able to request a paper copy.
Social Security stopped mailing paper statements last year in a move to save about $70 million annually. Not everyone was happy.
U.S. Sen. Herb Kohl, chairman of the Senate Committee on Aging, and Sen. Bill Nelson, both Democrats, pushed the agency to continue sending out the statements that are viewed as an important tool in helping workers prepare for retirement. Statements tell workers what their estimated benefits will be if they take Social Security at different ages.Copyright © 2014, The Baltimore Sun