U.S. Rep. Vern Buchanan (R-FL), a member of the House Ways and Means Committee, and Social Security Subcommittee Chairman John B. Larson (D-CT) recently introduced legislation that would ease access to Social Security information regarding earnings and contributions and future benefits.
The Know Your Social Security Act seeks to aid Americans in planning for retirement by making it easier to access critical information.
“Too many hard-working Americans enter retirement without enough savings,” Buchanan said. “Because Social Security is the primary source of income for a majority of seniors, it is imperative they have a full understanding of their benefits as they plan for retirement.”
Per the legislation, the Social Security Administration (SSA) would be required to continue mailing yearly earnings statements to 180 million American workers between the ages of 25 and 60 years old currently paying into Social Security. The lawmakers noted 11 years ago, the SSA abruptly suspended mailing statements to the vast majority of working Americans.
“All workers deserve to have a full understanding of what they’re contributing to Social Security and what they can expect to receive,” Larson said. “That’s why it’s vital we pass the Know Your Social Security Act to ensure every worker gets a Social Security Statement mailed to them.”
The bill would require information that includes how much a worker has earned in a given year; a worker’s contributions to both Social Security and Medicare; an estimate of the worker’s Social Security benefit at full retirement age; and the Social Security benefit a worker’s family receives when they die.