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SSA Provides Beneficiaries Online Benefits Statements

May 05, 2012

The Social Security Administration (SSA) recently rolled out an online tool for beneficiaries to easily check their statements of estimated social security retirement and disability benefits, reports said.

The said move would replace the paper statements that the SSA distributes to its beneficiaries via mail. Workers aged 18 and older can access their statements online by creating an account at the My Social Security page of the SSA’s website. (http://www.ssa.gov/mystatement/)

The SSA first suspended mailing paper statements last year as a cost-cutting measure that would save the federal agency about $70 million a year. However, the SSA resumed it this year for the sake of beneficiaries 60 years old and older.

Social Security Commissioner Michael J. Astrue said that the online Social Security statement is “simple, easy to use and provides people with estimates they can use to plan for their retirement,” making it “an important financial-planning tool.”

The switch to the online benefit statements is just one of the many initiatives that the federal agency is doing to migrate their distribution of information from the print to the digital format.

The SSA previously announced that it will be phasing out the distribution of mailed checks, instead paying their beneficiaries electronically. New beneficiaries have until March 2013 to apply for electronic payments via direct deposit, Direct Express, or Electronic Transfer Account.

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