Dedicated to Deposits: Deals, Data, and Discussion
Featured Savings Rates
Featured Accounts
Back to Budgeting and Taxes

5 Best Money Strategies For Boomers

Sunday, January 5, 2014 - 2:43 PM
From MarketWatch
The beginning of a new year prompts many of us to start thinking about a personal-finance tuneup, but if you’re 50 or older — a time when those vague retirement dreams are starting to coalesce into a hoped-for reality — it’s crucial to take time to assess your finances.
Read more
2
Ken TuminKen Tumin5,441 posts since
Nov 29, 2009
Rep Points: 123,664
1. Sunday, January 5, 2014 - 3:21 PM
Did I misunderstand the article saying Social Security is no longer mailing out annual statements.  Are they not going to be mailing us our regular SSA1099 statements showing how much we got for the year to use for our income taxes??  This is the only statement we have ever received from them.  It also shows how much we paid for Medicare premiums.
1
paoli2paoli21,140 posts since
Aug 10, 2011
Rep Points: 5,078
2. Sunday, January 5, 2014 - 5:15 PM
April 4, 2011:

"The Social Security Administration has recently decided to stop mailing annual Social Security statements to workers to save money. Suspending mailings for all workers over age 25 beginning this month is expected to save approximately $30 million in fiscal year 2011 and $60 million in 2012. SSA began mailing statements to all workers age 25 and older on Oct. 1, 1999, due to provisions of the Omnibus Budget Reconciliation Act of 1989. The law specifically outlined what information needs to be included in the mailing. The statements were intended to educate workers about their benefits, allow employees the opportunity to review the accuracy of their earnings record, and be a financial planning tool to help individuals make retirement decisions. These statements were mailed only to individuals age 60 and older between 1995 and 1999. Statements have been available upon request since 1988. Social Security benefit statements were the largest customized mailing ever undertaken by a Federal agency."

Business News and Financial News - US News Business
3
ShorebreakShorebreak2,364 posts since
Apr 6, 2010
Rep Points: 12,582
3. Sunday, January 5, 2014 - 5:44 PM
We have never received any of the statements described in the article.  I know if we login on the SS page we can get the info but we have never bothered to do it.  Evidently this is not the SSA1099 that they send every year which we use for tax info.  Unless I misread the article, it seems that is not the one they are discontinuing.
1
paoli2paoli21,140 posts since
Aug 10, 2011
Rep Points: 5,078
4. Sunday, January 5, 2014 - 5:57 PM
"Social security benefits are reported on Form SSA-1099. Taxpayers who did not receive Form SSA-1099 or have misplaced it, can obtain a printout of benefits from their local social security office or request a replacement by accessing the Social Security Administration's web site at www.ssa.gov."

IRS Courseware - Link & Learn Taxes
2
ShorebreakShorebreak2,364 posts since
Apr 6, 2010
Rep Points: 12,582
5. Sunday, January 5, 2014 - 7:47 PM
Do you know if these SSA1099s have already been sent for 2013 benefits?  I would not want to request one if they have not sent them yet.  Thanks!
1
paoli2paoli21,140 posts since
Aug 10, 2011
Rep Points: 5,078
6. Sunday, January 5, 2014 - 9:00 PM
Social Security is required to send each benefit recipient an SSA-1099 by February 1.
3
ShorebreakShorebreak2,364 posts since
Apr 6, 2010
Rep Points: 12,582
7. Sunday, January 5, 2014 - 9:12 PM
Much appreciation!
2
paoli2paoli21,140 posts since
Aug 10, 2011
Rep Points: 5,078
Reply