New Social Security policy could cut off entire benefit for some: Here’s how
- The Social Security Administration announced changes to recoup overpayments, returning to a 100% withholding rate from the previous 10%.
- Starting March 27, the SSA will notify beneficiaries affected by the new 100% withholding rate for overpayments made after this date.
- Lee Dudek, Acting Commissioner of Social Security, stated that this move is a "duty" to safeguard taxpayer funds.
- This change aims to recover about $7 billion over the next decade in overpaid benefits.
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Financial Focus: Carefully consider Social Security decisions
Your Social Security benefits can be an important part of your retirement income — but when should you start collecting them? It’s a big decision, so you’ll want to consider your options carefully. Essentially, you’ll need to decide whether you’re going to take your benefits as early as possible — age 62 —or if you should wait until your “full retirement age” or even longer. If you begin accepting benefits at 62, they’ll be about 30% lower than …
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Total News Sources89
Leaning Left14Leaning Right11Center45Last UpdatedBias Distribution64% Center
Bias Distribution
- 64% of the sources are Center
64% Center
L 20%
C 64%
R 16%
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