Cardin calls on SSA to keep sending statements
For many who have not yet retired, the annual earnings statements mailed out by the Social Security Administration are the only regular contact they have with the agency.
On Monday, U.S. Sen. Benjamin L. Cardin requested that Social Security officials continue to send those statements despite budget cuts the Woodlawn-based federal agency is facing. Social Security recently stopped sending some of the statements, which cost $70 million a year to mail, as a cost-cutting measure.
"Since 1999, the Social Security annual earnings statement has given Americans an indispensable retirement tool to ensure that every worker has an in-depth knowledge of where their hard-earned money is being saved," Cardin said in a letter Monday to Social Security Commissioner Michael J. Astrue.
The agency mails out approximately 152 million statements to workers over age 25 every year, according to Cardin's office. The four-page mailings list a worker’s earnings record, including an estimate of their expected Social Security payout.
"We agree the information in the statement is important," Social Security spokesman Mark Hinkle said in a statement. "We are exploring how to deliver a better version to the American people and save the federal government $1 billion over 10 years by making it available online."
Comments
Why not just have them sent out after age 40? Not much use for a 25 year old compared to the cost of sending them out.
Posted by: BP | June 13, 2011 3:10 PM
Wow Congressman Cardin-- "where their hard earned money is saved"????
How can you continue to lie like this? There is NO money saved. The Washington Crooks have been spending it all along!!!
Posted by: Ben | June 13, 2011 3:44 PM
Cardin really doesn't get it. He probably says 'what's $70 m in savings when the budget is trillions?' Gotta start somewhere Senator Cardin!!
Posted by: Rogers | June 13, 2011 4:37 PM
Beneficial Ben is concerned about saving Social Security's solvency? Why won't he understand what any financial planner knows? Soc Sec is on the verge of a cash flow crunch for baby boomers who will in many cases live another 20-30 years and their kids who will retire in only 40 yrs, a blip in the eye of time. Even Ben however will be out of office then, though maybe not Barb. So why should he care about stagnant revenues and soaring payments? And he won't slash non-Social Security spending that is now funded in part by Social Security funds counted as income by the greedy govt. Ben really has the kindly family accountant persona down pat. Now if he only acted to preserve real solvency.
Posted by: didactic1 | June 13, 2011 4:40 PM
Sending out one every year to everyone was ridiculously expensive and unnecessary. Heck, I got one every year and I'll never be eligible because I'm a retired federal employee. That statement about "where their hard-earned money is being saved" just makes no sense whatsoever.
Posted by: OldPhil | June 13, 2011 4:44 PM
The Obama Adminstration doesn't want you to see what is happening with Social Security which is why they are stopping the statements.
Posted by: Jon | June 17, 2011 4:15 PM
How about sending it once every 5 years from age 25 just to remind/inform future retirees and then yearly 5 years prior to retirement elegibility?
Posted by: Brian | June 29, 2011 5:43 PM