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Lawmakers reintroduced legislation on June 24 to clarify the requirement for the Social Security Administration to mail a yearly Social Security Statement to eligible workers.
The Know Your Social Security Act, introduced by Sens. Ron Wyden, D-Ore., and Bill Cassidy, R-La., along with House Ways and Means Social Security Subcommittee Chairman John Larson, D-Conn., and Rep. Vern Buchanan, R-Fla., 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.
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"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 lawmakers said in a statement.
Since 2011, the lawmakers continued, "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."
The Know Your Social Security Act was unanimously approved by the House Committee on Ways and Means in the previous Congress.
The statement shows how much a worker has earned each year of their 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," the lawmakers said.
"Americans pay into Social Security out of every paycheck in exchange for a guaranteed benefit in their old age," Wyden said. "As younger Americans grow more doubtful about their chances for a secure retirement, this bill will provide them clear view of what their earned benefits will be. I am going to keep pushing to get this done with our bipartisan, bicameral coalition so Americans know Social Security will be there for them."
Added Larson: "All workers deserve to have a full understanding of what they're contributing to Social Security and what they can expect to receive. This will help workers, and especially millennials, plan for retirement."
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Melanie Waddell
Melanie is senior editor and Washington bureau chief of ThinkAdvisor. Her ThinkAdvisor coverage zeros in on how politics, policy, legislation and regulations affect the investment advisory space. Melanie’s coverage has been cited in various lawmakers’ reports, letters and bills, and in the Labor Department’s fiduciary rule in 2024. In 2019, Melanie received an Honorable Mention, Range of Work by a Single Author award from @Folio. Melanie joined Investment Advisor magazine as New York bureau chief in 2000. She has been a columnist since 2002. She started her career in Washington in 1994, covering financial issues at American Banker. Since 1997, Melanie has been covering investment-related issues, holding senior editorial positions at American Banker publications in both Washington and New York. Briefly, she was content chief for Internet Capital Group’s EFinancialWorld in New York and wrote freelance articles for Institutional Investor. Melanie holds a bachelor’s degree in English from Towson University. She interned at The Baltimore Sun and its suburban edition.
