Social Security overpays its recipients by billions of dollars every year—and then asks for the money back. Here are some ways experts say you can reduce the chances of it happening to you.
This week on 60 Minutes, correspondent Anderson Cooper reports on what happens when Social Security overpays people who receive benefits. Beneficiaries may find out years later that they owe tens of thousands of dollarsâeven if it was not their fault. During the 2021 fiscal year alone, the agency estimates it made approximately $6 billion in overpayments, according to a report by the Social Security Administration's inspector general.
Supplemental Security IncomeOne of the largest sources of overpayments comes from Supplemental Security Income , a program for people with low incomes who are elderly or disabled. Because the eligibility guidelines have not been updated for inflation in many years, the threshold for eligibility is becoming more stringent. if your individual assets go above $2,000, you no longer qualify for benefits.The rules for SSI can be complex.
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