Social Security Rolls Out New, Shorter Statements

May 17, 2021

The Social Security Administration kicked off a “soft launch” for a redesigned Social Security statement that is being targeted at a “small percentage” of my Social Security online account users who aren’t currently receiving benefits, an SSA spokeswoman told ThinkAdvisor on Thursday.

The soft launch started May 1 and represents the “first step” for the launch, she said. “Throughout the soft launch we will continue to gather feedback and make updates as needed,” she added.

The details were provided two days after Jeffrey Levine, chief planning officer at Buckingham Wealth Partners, tweeted that he received the newly designed statement, which showed two significant new features.

First, the redesigned statement has two pages, down from four. Second, rather than just ages 62, 67 and 70, the new format shows what the estimated monthly benefits would be for each of nine years if you start receiving benefits from ages 62–70—in a personalized graphic with a series of horizontal bars.

Read the full article here.

 

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