Washington, D.C. – U.S. Senator Susan Collins (R-ME) co-sponsored the Know Your Social Security Act, bipartisan legislation that would 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.
“One of my highest priorities is improving retirement security for people in Maine and across the country,” said Senator Collins. “Only half of American workers believe that they will have enough money to live comfortably in retirement. The Know Your Social Security Act would help people of all ages better plan and save for their golden years by requiring the Social Security Administration to provide them with an accurate and updated assessment of what they can expect to receive in retirement benefits.”
Specifically, the bill clarifies the requirement for SSA to mail an annual Social Security statement to all workers age 25 and older with covered earnings who are not receiving Social Security benefits. Since 2011, SSA has failed to mail annual statements to all workers, even though Congress enacted requirements in 1989 and 1990 for SSA to provide a statement annually.
The statement shows how much a worker has earned each year of his or her career; the worker’s contributions to both Social Security and Medicare; and the worker’s estimated Social Security retirement, disability and survivor benefits. The statement also tells workers how to ensure the accuracy of their earnings record so that, in the future, they will receive the correct Social Security benefit amount.
Click HERE to read the bill text.