Millions of Americans depend on Social Security benefits, yet these benefits often fall short of covering all their needs. Compounding this issue, there has been a notable increase in cases where the Social Security Administration (SSA) overpays recipients and then demands repayment, sometimes amounting to thousands of dollars.
On top of these challenges, Social Security recipients must carefully monitor their savings and part-time earnings. Exceeding certain thresholds can lead to a reduction or loss of benefits, adding another layer of financial stress.
Fortunately, some members of Congress are working to address these issues. One proposed bill aims to protect individuals who developed a disability before age 22, ensuring they won’t lose their benefits if they are able to work.
Another legislative effort seeks to raise the limit on how much money people receiving Social Security disability benefits can save without jeopardizing their benefits.
These potential changes offer hope for a more secure financial future for Social Security recipients. Until then, it remains crucial for beneficiaries to stay informed about their benefits and any changes in legislation that could impact their financial situation.
Read more about these Social Security challenges and the fight in Congress to address them here.
We think that Social Security benefits have been far too low for far too long. This is especially true for members of the greatest generation who gave so much and now get so little in retirement. That’s why we supports bill in Congress we call the Elder Relief Act. Learn more about this important legislation here.