Social Security checks are going to be reduced. But don’t panic, this isn’t an across-the-board reduction in benefits for all retirees. This is an attempt to correct an error that occurred a long time ago. Between 2015 and 2022, $72 billion in incorrect payments were made to millions of retirees. Most were overpayments. These errors were discovered in August of 2024 by the Inspector General.
If you are retired and received an overpayment you should have received a letter from the Social Security Administration in April. Just in case you thought the letter was junk mail and threw it away, here’s what you need to know. If you received an unexpected increase in your benefits anytime between 2015 and 2022, your social security check will be reduced beginning later this month.
The amount of the reduction will be based on how much you were overpaid but could be as much as a 50%. However, you can visit the SSA website to see the balance of what you owe and pay it by credit card or check. You can also fill out a waiver if you believe the overpayment wasn’t your fault or if you believe the reduction in benefits will lead to financial hardship.
Although mistakes were made most retirees are not prepared to lose half of their social security benefits because they have no other source of income. How can this be prevented from happening in the future? If you receive a benefits check that is incorrect, report it. You can call the SSA at 1-800-772-1213 or fill out and mail a form reporting the suspected error.