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The Social Security Administration recovered more than $4.9 billion in overpayments in fiscal year 2023 but still ended the year with a total balance of $23 billion in uncollected payments.
In 2023, the Social Security Administration collected $4.9 billion in overpayments, and is going after another $23 billion from beneficiaries, according to KFF Health News. An investigation by KFF ...
The Social Security Administration has taken a lot of heat for its handling of overpayments to Social Security beneficiaries, and now the agency wants to make things easier on seniors. Among other...
The basic rule was that Social Security benefits would be reduced by two-thirds of the spouse's or widow(er)'s government pension. If the spouse's or widow(er)'s government pension exceeds 150% of the "normal" spousal or widow(er)'s benefit, the spousal benefit was eliminated.
Social Security tax is withheld from wages [9] at a flat rate of 6.2% (4.2% for 2011 and 2012 [10]). Wages paid above a fixed amount each year by any one employee are not subject to Social Security tax. For 2023, this wage maximum is $160,200. [11]
Social Security’s primary source of funding is payroll tax revenue. Each year, a wage cap is established that dictates how much income is taxed per worker for Social Security purposes. In 2025 ...
80% of retirees do not feel very confident about maintaining financial security throughout their remaining lifetime. [10] 49% of workers over age 55 have less than $50,000 of savings. [11] 25% of workers have not saved at all for retirement. [9] 35% of workers are not currently saving for retirement. [9]
Rule 1: When workers claim Social Security before full retirement age, benefits are reduced by five-ninths of a percentage point (about 0.55%) per month for up to 36 months. Benefits are reduced ...