Up to two million Americans could experience a 50% reduction in Social Security payments as part of the Social Security Administration's effort to recover approximately $72 billion in improper payments made from 2015 to 2022. Initially, the SSA decided to withhold 100% of payments for overpayments but reduced it to 50% after public backlash. Those affected should have received notification from the SSA, which began sending letters regarding these changes starting in late July.
In April, the Social Security Administration announced that it would begin recouping approximately $72 billion in improper payments made to Social Security claimants between 2015 and 2022.
The SSA announced that those who received an overpayment in benefits would see 10% of future payments withheld until the total sum of the overpayments was recovered.
After backlash, the SSA said it will reduce the withholding to 50%. However, this is still a significant sum for many retirees and more than it's been in the past.
The withholding of 50% of Social Security payments will affect approximately 2 million individuals.
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