Social security can send more mailed annual accounts under new invoice – Community News
Social Security

Social security can send more mailed annual accounts under new invoice

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A new bipartisan law proposed in Congress would require the Social Security Administration to again send annual statements to anyone 25 and older who has paid into the system.

The bill, called the Know Your Social Security Act, was proposed Thursday by Republicans and Democrats in both the House and Senate. They include Representatives John Larson, D-Conn., and Vern Buchanan, R-Fla., as well as Sens. Ron Wyden, D-Ore., and Bill Cassidy, R-La.

Since 2011, the Social Security Service has only sent out paper statements to a limited extent. Those who still receive annual paper statements in the mail include people 60 and older who are not on benefits and have not signed up for an online My Social Security account.

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The proposal calls for the Social Security Administration to send annual statements to all employees aged 25 and older who pay into the system but are not yet receiving benefits.

By receiving these statements, employees can see how much they contribute to Social Security and Medicare, as well as how much money they qualify to receive through disability, retirement, and survivor benefits.

By receiving the financial statements, employees can ensure that their statement of income with the government agency is correct. It will also help them plan for retirement, Larson noted.

“All employees deserve to fully understand what they contribute to Social Security and what to expect,” Larson said in a statement. “This will help employees, especially millennials, plan for retirement.”

The bill allows prospective beneficiaries to choose to receive their financial statements electronically instead.

About 2 in 5 people with an online My Social Security account requested their annual accounts in 2018, according to a survey conducted by the Inspector General of Social Security.

In 2020, the Social Security Administration emailed statements to approximately 19 million individuals out of a total of approximately 180 million employees who contributed to the program.