Do you know the amount of your anticipated monthly Social Security benefits when you reach retirement age? You should. That’s why a new Social Security proposal aims to make it easier to understand your benefits and how to plan for retirement.
The Know Your Social Security Act has been introduced in both the U.S. House of Representatives and the U.S. Senate. It would bring back mailed paper statements to working adults age 25 and older. Mailings of the annual statements were curtailed after 2010, leaving many working Americans in the dark about how much financial assistance they will have in retirement.
The bill has bipartisan support from federal legislators including Reps. John Larson, D-Conn., and Vern Buchanan, R-Fla., as well as Sens. Ron Wyden, D-Ore., and Bill Cassidy, R-La. Many consumer advocacy organizations also support the new Social Security proposal.
“AARP believes strongly that all Americans, unless they choose otherwise, should have access to their Social Security statements via mail,” said Bill Sweeney, senior vice president for government affairs at AARP, in a letter to the chairs of the House Ways and Means Committee Subcommittee on Social Security. “This bipartisan bill would once again place vital paper Social Security statements in the hands of millions of Americans to help them more effectively plan for retirement, identify fraud, correct earnings records and better understand their stake in Social Security.”