A new bipartisan bill proposed in Congress would require the Social Security Administration to once again mail annual statements to everyone ages 25 and over who have paid into the system.
The bill, called the Know Your Social Security Act, was proposed on Thursday by Republicans and Democrats in both the House and Senate. They include Reps. John Larson, D-Conn., and Vern Buchanan, R-Fla., as well as Sens. Ron Wyden, D-Ore., and Bill Cassidy, R-La.
The Social Security Administration since 2011 has only sent out paper statements on a limited basis. Those who still receive annual mailed paper statements include people who are ages 60 and up who are not receiving benefits and have not signed up for an online My Social Security account.
Don't do this without giving Social Security more money to implement it. If you prioritize one thing without giving additional operating funds, you deprioritize others. The problem isn't that Social Security lacks the desire to send out annual statements; it's that they don't have the operating funds to do everything they ought to be doing. I don't think this gets through to these members of Congress. There's no elasticity left at the agency.