Gary W. Pelletier, CLU, ChFC, AIF®

Northeast Planning Associates, Inc.

Corporate, Estate

& Financial Planning


Another Change in Social Security Statements

| January 26, 2017
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Along with a hiring freeze, the Social Security Administration (SSA) will mail fewer paper statements in an attempt to cut costs.  You may recall that the most recent change to statements was that those not registered for an online mySocialSecurity account received their statements in the mail when they turned 25, 30, 35, 40, 45, 50, 55, and 60 and over.

In a January 9, 2017 post on blog.ssa.gov, Deputy Commissioner Doug Walker first made the case for why cost-saving measures need to take place.  They then announced that only those who are 60 or older who are both not receiving benefits and do not have a mySocialSecurity account will receive paper statements going forward.  The estimated cost savings of this change is $11.3 million for 2017.

“We know that our cutbacks will affect many of you, but we have no choice. We will continue to serve you and work for you as best we can.” writes Walker.  Congress has until April 28, 2017 to pass a spending bill, so this change may or may not be permanent.

For those concerned with this change, you can still create an online account.  See the link below:

https://www.ssa.gov/myaccount/

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