Eric Jones Law

Every year, Social Security statements are mailed out to workers explaining the amount of Social Security and Medicare taxes that have been paid by them for the previous year. These statements are extremely helpful as they estimate the monthly benefits one might receive if deciding to retire. However, in an effort to save money, Social Security has decided to forgo mailing these statements by the end of the year. The government hopes to save approximately $70 million annually by providing access to this information online rather than mailing individual letters.

Social Security’s website offers a benefits estimator where workers can enter their Social Security numbers and get estimates of future benefits. While saving a significant amount of money, this option is useless to individuals lacking computer access. Many rely on receiving this letter yearly, as claims for both disability and retirement benefits are increasing substantially.
Currently, workers can claim early retirement benefits beginning at age 62. Full benefits are available at age 66. For more information, please visit Social Security’s website, at www.socialsecurity.gov.