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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.
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% ...
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 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]
The Social Security debate in the United States encompasses benefits, funding, and other issues. Social Security is a social insurance program officially called "Old-age, Survivors, and Disability Insurance" (OASDI), in reference to its three components. It is primarily funded through a dedicated payroll tax. During 2015, total benefits of $897 ...
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...
Under current law, Social Security payouts would be reduced by 24% at that time, as only payroll taxes are authorized to cover benefits. [41] The present value of unfunded obligations under Social Security as of January 1, 2009 has been estimated at approximately $5.3 trillion over a 75-year horizon. In other words, this amount would have to be ...