Since 1999, American workers over the age of 25 could look forward to receiving an annual account statement from the Social Security Administration (SSA). Last year, the SSA discontinued the program.
Recently, the SSA made these statements available via an online portal. Employees can sign up for free to ensure that their earnings history is accurate. To set up an account, you must:
· Have a valid e-mail address
· Have a Social Security Number
· Have a U.S. mailing address
· Be at least 18 years old
You also need to be able to provide detailed information about yourself that the SSA has on file. This could include the year, make and model of your car and the name of your mortgage lender, among other things.
The portal also provides access to other related information, including retirement, disability and Medicare.
This is a cost-saving move. In Fiscal Year 2010, the SSA mailed out more than 150 million statements at a cost of about $70 million. Earlier this year, the SSA partially resumed mailing the statements. Employees over the age of 60 will receive statements as well as workers in the year in which they turn 25 years old.
SSA account statements are particularly useful for those who are nearing retirement. Very often, they may be needed for pension calculation purposes.
As an employer, what types of support do you provide employees who are considering retirement? Please comment below.