Q: I am 67 years old and still working. I am on Medicare but I have not yet applied for Social Security. Ever since I've been on Medicare, I've stopped getting the annual statement of projected Social Security benefits. Obviously, I'd still like to keep track of my future retirement nest egg. When I called my Social Security office to find out why I no longer get the annual updates, they said that once I'm on Medicare, the statements stop. This doesn't seem reasonable. Can you explain what's going on?
A: You're right. It really doesn't make sense. My guess is that when the Social Security Administration computer geeks set up the automated system that sends out the annual statement of benefits, they programmed it to stop sending statements once a person becomes a "beneficiary."
That part makes sense. After all, once people are receiving Social Security benefits -- i.e., they are beneficiaries -- they obviously no longer need to get an annual statement of projected benefits because ... duh! ... they're already getting them.
But you are a Medicare beneficiary, not a Social Security beneficiary. You're still working and still paying Social Security taxes and still building up your future Social Security benefits. And it would make sense if SSA would continue to send those statements to you to help in your retirement-planning efforts.
Perhaps if enough people like you complain to SSA, they might reprogram their computers! Until they do, you can go to your local Social Security office and ask them to print out a benefit estimate for you from their records.
And on a separate but related note, I wonder why you haven't applied for your Social Security benefits. Once you've reached your 66th birthday, you are due full Social Security retirement benefits even though you are still working full time. Some rich people don't take their Social Security benefits for tax reasons. But many folks delay taking their Social Security until age 70 or so because they are trying to build up those benefits to very high levels. If you're in the latter category, you should understand that you'd have to live a VERY, VERY long time to make up in higher benefits for all the money you're throwing away by not taking your Social Security now.