Personal Finance

Social Security will cut paper statements — again

Couple’s guide to collecting Social Security
Couple’s guide to collecting Social Security

Say goodbye to receiving your Social Security statements in your mailbox — yet again.

The Social Security Administration announced in a blog post that it would send fewer statements in the mail in an attempt to cut down costs.

Only individuals who are 60 and over, who aren't receiving benefits and who don't have a My Social Security account online will get paper statements. These statements detail information on your earnings, your estimated benefits, and the contributions you've paid via payroll taxes.

This measure will reduce the cost of processing and mailing statements by $11.3 million in the 2017 fiscal year, according to the blog post.

"We know that our cutbacks will affect many of you, but we have no choice," wrote Doug Walker, deputy commissioner of communications at the Social Security Administration, in his blog post.

This latest move marks the second time Social Security has trimmed its mailing schedule for statements.

Back in 2011, the agency stopped mailing its annual paper statements to save on costs. The following year, Social Security launched a web-based version of the statements, which workers can view if they sign up for a My Social Security account.

After a wave of criticism and a push from Congress, in September 2014 the agency resumed sending paper statements to workers who aren't receiving benefits and who haven't signed up for an online account.

Up until now, these individuals were getting their paper documents as they turned 25, 30, 35, 40, 45, 50, 55 and 60 and over.

Correction: The Social Security Administration's plan to send fewer statements in the mail will save $11.3 million in fiscal 2017. A previous version misstated the amount of savings.