At HHM Wealth Advisors LLC, we make it a priority to provide you with investment and retirement related news that you need to know to protect yourself and to help keep your information secure.
Social Security Administration to resume mailing paper statements to some workers
The Agency still urges all Americans to create online accounts.
The Social Security Administration (SSA) announced that they will resume mailing paper Social Security benefit statements starting this September 2014. Paper statements will be mailed to workers attaining ages 25, 30, 35, 40, 45, 50, 55, and 60 and over who are not receiving Social Security benefits and who are not registered for an online account. Workers will still be encouraged to sign up online to securely view their personal digital statements 24/7. The online statements are identical to the printed statements.
The agency stopped mailing annual benefit statements as a cost-saving measure in mid-2011. The switch from paper to digital delivery saved the government about $70 million annually in printing and postage.
More than 10 million Americans have signed up for a personalized account at the SSA so far. While online account signups have more than doubled over the past year, it's still a drop in the bucket, representing only 6% of American workers. Consequently, Congress urged the SSA to do a better job in disseminating this critical information.
The SSA will continue to promote the use of it's online statement and will continue to educate visitors to their field offices and help them register for 'My Social Security' online accounts. Workers should review their statements annually and make corrections if needed by contacting the SSA at (800) 772-1213.
To access your information, you must set up a secure, personal account at SSA.gov
At HHM Wealth, we always have the best interest of our clients in mind. If you have any questions or concerns about this update, please feel free to contact our offices at 423-826-1670, or your HHM Wealth financial advisor directly. We would be happy to assist you in any way we can.