Some Americans may be surprised to find their Social Security checks significantly reduced this month. This comes as the Social Security Administration (SSA) intensifies efforts to recover billions of dollars in overpayments made since 2015.
Overpayments often stemmed from miscalculations or instances where recipients failed to report changes in their income. In an attempt to address these financial discrepancies, the SSA began reclaiming funds two years ago by withholding 10 percent from affected individuals’ monthly benefits.
Now, the agency has increased the withholding rate to 50 percent, a move that could sharply impact recipients who rely on their full benefits to meet daily needs. The SSA states that the higher withholding is necessary to accelerate the repayment of funds distributed in error.
While the agency works to address systemic issues that led to the overpayments, many Americans are left to navigate the financial consequences of these efforts. Read more about this issue here.
Social Security does not go far enough for millions of Americans who rely on these benefits to cover their basic needs. That’s why we support a bill we call the Elder Relief Act. Learn more here.