Congress enacted requirements in 1989 and 1990 for Social Security statements to be sent annually, but it’s fallen short. Now four Beltway politicians are doing something about it.
Proving retirement planning issues are rarely partisan, the Know Your Social Security Act was introduced on June 24 by Senators Bill Cassidy, R-La., and Ron Wyden, D-Ore., and House Ways and Means Committee Members John Larson, D-Conn., and Vern Buchanan, R-Fla.
The legislation will clarify the requirement for the Social Security Administration (SSA) to mail a yearly Social Security statement to eligible workers. Since 2011, SSA has only mailed annual statements to a limited group of workers: those who are age 60 years or older, are not receiving Social Security benefits, and have not registered for an online account with SSA.
Specifically, the bill will require the SSA to mail an annual Social Security statement to all workers aged 25 and older with covered earnings who are not receiving Social Security benefits.