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Recent Social Security changes

Posted by Andrew Chan  May 9, 2011 01:00 PM

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The Social Security Administration (SSA) recently announced a couple of changes designed to reduce its costs and increase the use of the online tools and information available at the SSA’s web site ( Both of the changes noted below are expected to help the SSA save more than $190 million each year. The changes include the following:

• Suspension of the annual Social Security Benefits statements: Each year, the SSA sends out a Social Security Statement to each person, which includes their earnings history and an estimate of the retirement, disability and survivors benefits that they and their family are expected to receive (based on the earnings in the statement). Statements are sent out about three months before a person’s birthday each year.

As of last month, the SSA suspended those mailings to everyone for the remainder of this year. The SSA expects to resume the mailings in 2012 to those who are 60 or older. For those who are younger than 60, you can still request a copy of your benefits statement but they will not be automatically sent out each year. In addition, the SSA is working on options for people to download or access their benefit statements online. In the meantime, you can still use the SSA’s Benefit’s Estimator ( to help you estimate your social security retirement benefits.

The information from these statements - regardless of how to receive it - can be valuable in your financial planning or retirement planning process for a couple of reasons. First, it will provide you with an estimate of the retirement, disability, and survivor benefits that you are likely to receive. Secondly, it provides you with the earnings history that the SSA uses to calculate your benefits. It’s important to check (and correct, if necessary) your earnings history to ensure that you receive the benefits you are entitled to.

• Switching from paper checks to electronic payments: Those who are applying for Social Security benefits on or after May 1, 2011 will receive their benefits checks electronically (through Direct Deposit or Direct Express). Those who are receiving benefits prior to May 1, 2011 can continue to receive paper checks but will need to switch to one of the electronic methods noted above by March 1, 2013. For more information about the SSA’s electronic payment methods visit

This blog is not written or edited by or the Boston Globe.
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Local finance professionals share insights and advice on issues such as budgeting, managing debt, and retirement planning.

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D. Abraham Ringer is a CERTIFIED FINANCIAL PLANNER practitioner and a Financial Adviser with Morgan Stanley Global Wealth Management in Boston. He is registered in MA, NH, NY and several other states to which his articles are directed. For more information please visit
Financial Planning Association™ of Massachusetts has 900 members who specialize in the financial planning process. Many of its members engage in philanthropic pro bono work in their communities, recommend legislation, elevate public awareness, promote financial literacy, and advocate for sound economic and tax policies.
Odysseas Papadimitriou is the founder of, a credit card and gift card marketplace, and, a personal finance site. He has more than 13 years of experience in the personal finance industry, and previously served as senior director at Capital One.

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