Move over Smith Barney. The feds are now offering financial planning assistance. This week the Social Security Administration (SSA) launches the largest customized mailing ever undertaken by a federal agency with the distribution of SS statements to 125 million workers. Henceforth, the agency will send staggered mailings - approximately 500,000 each day - to workers ages 25 and older who are not receiving benefits. The annual statements are designed to assist Americans with retirement planning by providing estimates of retirement, disability and survivors' benefits.
We couldn't help but notice a strange similarity between this move and the IRS' recent customer service makeover. (Did we mention the SSA statements also are now required by law?)
If all goes well, the mail campaign could forever change the SSA's tarnished image as a bureaucratic black hole. A recent Gallup survey revealed that receipt of a statement played a significant role in Americans' understanding of social security. Nevertheless, we aren't holding our breaths waiting to see the ultimate ROI. (SSA Press Office, 410/965-8904)