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New policies aim to reduce overpayments. In 2024, the SSA changed its policies on overpayments and moved away from withholding 100% of a recipient’s monthly benefits. Instead, they now collect ...
Lower repayment: As of March 25, the SSA will collect the greater of $10 or 10% of the beneficiary’s total monthly Social Security benefit to recover an overpayment. That’s way down from 100% ...
Pay: If you do owe SSA funds for overpayment, you can pay back what you owe in full, or you can set up a payment plan. Plans typically involve withholding all or part of monthly checks from SSA ...
Those who request to repay in smaller monthly payments are advised to fill out the Request for Change in Overpayment Recovery Rate (Form SSA-634) and fax or mail the form to your local Social ...
Social Security recipients will now have to pay back much less if they were inadvertently overpaid. Social Security slashes amount of overpayments beneficiaries must pay back Skip to main content
You have several options if you did receive an overpayment notice: You can submit a Request for Change in Overpayment Recovery Rate, which will reduce the monthly payments to manageable amounts ...
Social Security Acting Commissioner Kilolo Kijakazi told Congress in mid-October that the agency sent overpayment notices to 1.03 million people in fiscal year 2022 and 987,000 people in 2023.
As previously reported by GOBankingRates, the SSA’s latest Agency Financial Report revealed that the agency made about $11.1 billion worth of new overpayments to Social Security beneficiaries ...