October 1, 1999

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T H E W H I T E H O U S E

October 1, 1999: Announcing Social Security Statements for Working Americans

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PRESIDENT CLINTON:
ANNOUNCING SOCIAL SECURITY STATEMENTS FOR WORKING AMERICANS

“This new Social Security statement will help more Americans understand what Social Security means to them. It will form a vital part of any family's financial planning and help more Americans chart a course to retirement that is clear and secure.”
President Bill Clinton
Friday, October 1, 1999

Today, at the White House, President Clinton announced that the Social Security Administration will begin mailing statements to 125 million workers over the age of 25, informing them of their estimated future benefits under Social Security The President stressed the importance of Social Security in providing guaranteed benefits to millions of Americans, and pledged to continue his commitment to strengthen Social Security for the next century.

Personalized Mailings Help Workers Plan Their Financial Future. In the largest customized mailing ever undertaken by a federal agency, the Social Security Administration will begin today to mail individualized Social Security Statements to all workers age 25 and older (roughly 125 million) who are not already receiving monthly Social Security benefits. The four-page statement, required under laws enacted in 1989 and 1990, will help workers with financial planning by providing:

an estimate of the monthly retirement benefit the worker would receive at age 62, at full retirement age, and at age 70;

an estimate of the monthly disability benefit to which the worker and his or her family would be entitled if he or she became disabled;

an estimate of the monthly benefit the worker's family could receive if the worker dies; and

a year-by-year display of the worker's earnings and the total Social Security taxes paid by the worker and his or her employers over the worker's career

Public Service Announcements Encourage Retirement Planning. Later this month, the Social Security Administration will release two new public service announcements for television, encouraging Americans to plan for their financial future using the new Social Security Statement. The PSAs will be sent to approximately 1,100 television stations across the country.

Social Security Provides Critical Benefits to Millions of Americans. President Clinton emphasized the importance of Social Security in providing rock-solid retirement, death, and disability benefits to millions of Americans, and in helping to reduce poverty, particularly among the elderly. The President stressed the need to extend the life of the Social Security Trust Fund, particularly in this time of economic prosperity, and pledged to do all he could to strengthen Social Security for the next century.

October 1, 1999