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Social Security Alert: Overpayments, Garnishments & Inflation Squeeze Retirees!
Money Explainers
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18/6/2025
Are you facing reduced Social Security benefits due to overpayments or inflation? Know your rights and options. Stay informed about the latest threats to your Social Security income, from garnishments to the rising cost of living.
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00:00
Beyond the trust fund depletion, other factors are hitting Social Security beneficiaries now.
00:05
Overpayments and garnishments, a growing concern affecting over a million individuals.
00:10
While sometimes due to administrative errors, they can also arise from recipients not reporting
00:15
income changes. Imagine a disabled worker exceeding income limits facing a clawback.
00:21
The Trump administration intensified these clawbacks, sometimes reaching 100% of the
00:26
benefit check. Under Biden, this was reduced to 10%. But a 50% garnishment rate for overpayments
00:32
is currently in effect. In recent years, nearly a million beneficiaries annually have been overpaid,
00:38
meaning significant reductions in monthly income, income many cannot afford to lose.
00:43
If you're facing an overpayment, know your options. You can request a waiver if the overpayment wasn't
00:48
your fault and repayment causes hardship. You can file for reconsideration if you disagree with the
00:54
decision or the amount. You can also negotiate a lower repayment rate to ease the burden potentially
01:00
extending it over 60 months. Inflation adds another layer of pressure. Despite cost of living adjustments,
01:08
many retirees still struggle as rising expenses outpace. These increases eroding the purchasing
01:14
power of their benefits. What does all this mean for you? Social Security, a vital but challenged
01:20
program. Full solvency is at risk, demanding proactive retirement planning. Don't solely rely
01:27
on government checks. Financial experts stress early and consistent savings, diversified income
01:33
streams, like retirement accounts and investments, are crucial. Staying informed and planning diligently
01:39
are your best defenses in navigating. These changes in securing a sustainable retirement,
01:45
money expo.
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