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2024 Social Security Payment Updates: What You Need to Know

2024 Social Security Payment Updates: What You Need to Know (Photo from:
2024 Social Security Payment Updates: What You Need to Know (Photo from:

Social Security Administration Plans to Reduce Incorrect Payments to Beneficiaries

To reduce the number of incorrect payments made to beneficiaries, the Social Security Administration (SSA) plans to implement a new program called the Payroll Information Exchange (PIE). This program will allow the SSA to exchange payroll data with businesses to reduce the reliance on self-reporting from beneficiaries, which frequently leads to overpayments. The SSA needs help with inaccurate earnings data, resulting in overpayments that cause a financial burden for beneficiaries who must repay the agency.

The PIE program seeks to establish secure information exchanges with payroll data businesses. It will help detect salaries that may go unreported and eliminate manual reporting errors. According to the SSA, overpayments for Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI) recipients frequently result from unreported, late-reported, and improperly reported earnings. By allowing Social Security to access job and wage information through information exchanges while working for employers whose payroll data is available through the exchange, beneficiaries can reduce errors in manual reporting and lessen the reporting burden. The PIE also helps identify unreported salaries, resulting in correct payouts.

This modification is anticipated to reduce significantly mistaken payments, which will be favorable for both the SSA and recipients. In addition, the SSA will save money and strengthen program integrity while beneficiaries receive accurate benefits and are shielded from any repayment requests.

Individuals receiving SSDI and SSI benefits will not have to modify how they report their income and other personal information to the federal agency until further notice, as the proposed changes are still in the suggestion stage. The proposed amendments are open for public feedback until April 15th.

In addition to the PIE program, the SSA is planning other changes to Social Security in 2024. The maximum wages subject to Social Security payroll taxes will increase from $160,200 in 2023 to $168,600 in 2024, mainly affecting high-income earners. The ultimate social security benefit for a worker retiring at full retirement age will increase from $3,627 in 2023 to $3,822 in 2024. The Social Security Administration has also announced increases in average payments for widowed women with two children, elderly widows and widowers living alone, and disabled workers with a spouse and one or more children.

By law, the SSA must adjust benefits or recover debts when it is discovered that an individual received payments they were not entitled to, resulting in an overpayment. The SSA must fulfill its responsibility to taxpayers by ensuring the trust funds are managed. However, the SSA highlighted that payment accuracy rates are still quite good despite the staffing shortages and resource limitations that have made their service delivery more difficult.

The SSA’s proposed changes aim to improve program integrity, reduce overpayments, and provide accurate benefits to the beneficiaries. It remains how effective these changes will be. Still, they are a step in the right direction toward ensuring that the Social Security program remains sustainable and beneficial for all.


READ ALSO: Important Updates On Your EITC Refund: Status, Date, Amount, And Delays

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