Starting in July, the Social Security Administration will begin withholding up to 50% of benefits from individuals who have received overpayments. An overpayment occurs due to incorrect benefit amounts or lack of necessary information from beneficiaries about life changes. Notifications regarding this change will be sent from April 25 and will be effective after approximately 90 days. This withholding applies to various benefit types and comes in response to cases of financial distress among beneficiaries. Previous withholding rates of 10% will remain for those with existing payment agreements.
A major change by the Social Security Administration could affect some beneficiaries' incomes - potentially cutting their benefit payments in half starting in July.
The Social Security Administration (SSA) will now withhold up to 50 percent of benefits from those who have received overpayments from the agency.
This withholding applies to retirement, survivor, family, and disability benefits. Last year, the SSA began withholding only 10% of payments from people who needed to return funds due to overpayments.
Those who already had a payment agreement with the agency will not see their withholdings affected; the percentage will remain the same.
#social-security-administration #overpayments #benefit-withholding #financial-impact #ssi-recipients
Collection
[
|
...
]