(The opinions expressed here are those of the author, a columnist for Reuters.)
FILE PHOTO: A sign is seen on the entrance to a Social Security office in New York City, U.S., July 16, 2018. REUTERS/Brendan McDermid/File Photo
But the Social Security Administration decided in 2010 to save money by eliminating most mailings of benefit statements. Instead, we would all be encouraged to obtain this information online.The number of workers accessing their statements online has been just a fraction of those who once were reached by paper statements. And the cost-benefit tradeoff is poor.
If you have an online account with the SSA, you will receive an email message three months before your birthday reminding you to review your statement. But the process of logging on can be challenging, partly due to security protections aimed at preventing identity theft and fraud. The security is necessary, but the setup process requires users to go through multiple layers of authentication to prove identity.
But the relatively low engagement with statements also might be due to human behavior. “I logged on and set it up the first year it was offered,” said Kathleen Romig, senior policy analyst at the Center on Budget and Policy Priorities, a leading research and policy expert on Social Security. People who review their statements tend to make more optimal decisions claiming benefits. The statement projects your benefit at various ages - and people who review the numbers are far less likely to claim at earlier ages, and more likely to stay in the workforce longer, one recent research paper found.
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