- Posted May 1, 2012 by
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My Ten Sense: Unsettling news about your future Social Security payout
Earlier today, I found out some unsettling news about Social Security that is likely to upset many others when they find out, which is probably why the U.S. government never made an official announcement.
I was informed of an unsettling decision the government made to save millions while throwing American workers’ future retirement into darkness during a meeting with a friend who was critiquing my new financial advice book.
I didn’t believe it when he told me the news, so I followed his advice to check it out myself by visiting Social Security’s website, www.ssa.gov. Upon visiting the site, it was confirmed that the government decided to stop sending individual annual statements in the mail, three months before each American worker’s birthday, to show an individual’s projected monthly Social Security check during retirement. The decision was made last year to save $30 million, and the government expects to save $60 million this year.
And unlike banks which are fazing out paper statements in favor of online banking, the Social Security Administration is not making your annual statements available online. Only workers age 60 and older will continue to receive annual statements via mail to track their future monthly Social Security payments.
This is unacceptable because many workers have relied on their annual Social Security statement to plan for retirement. For years, we have heard whispers that the Social Security trust fund is going bankrupt and may not be around when younger generations retire in 20-30 years even though Social Security taxes continually come out of every paycheck.
Learn how you can estimate your future Social Security check and how you can prepare in case Social Security is bankrupt when you retire in 20 years or more on my blog, http://mytensense.com/2012/05/unsettling-news-about-your-social-security-payout/.