Social Security Will Start Taking 50% of Overpayments This Month
“Some Americans will start getting smaller Social Security payments in July.
Don’t worry, it’s not because of the impending shortfall – although many might already be fretting about that. However, if the Social Security Administration happened to issue you an overpayment in the past, the agency is now seeking to get it back.
An overpayment can happen when a beneficiary fails to update a change in income, for instance, and as a result Social Security overpays them. Or the SSA can incorrectly calculate a person’s benefits.
Social Security paid out nearly $72 billion in improper payments – most of which were overpayments – during fiscal years 2015-2022, according to an August 2024 report from the Social Security Administration’s Office of the Inspector General.
Improper payments accounted for less than 1% of the almost $8.6 billion in benefits paid. As of September 2023, the agency had $23 billion in uncollected overpayments, according to the report.”
Read more at USA Today.