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Social Security Updates Overpayment Policies to Enhance Financial Management

Social Security Administration Implements New Rule to Ease Burden of Overpayment Recollection

Social Security Administration Implements Fairer Overpayment Collection Policy

The Social Security Administration (SSA) has made a big change to how they collect money from people who got too much in benefits. This change came after many people complained about the problem of overpayments. If someone got too much money the social security would take it all back at once leaving them with nothing for that month. But now they have a new rule they can only take up to 10% of someone monthly benefit or $10 whichever is more.

This new rule is meant to help people who were struggling because the SSA took all their money back at once. The head of the SSA Martin O Malley said they want to be fair and not hurt anyone too much. He said it is not right for someone to be at risk of losing their home or not being able to pay bills just because they got too much money by mistake.

READ ALSO: Stimulus Checks From IRS – South Carolina Residents Encouraged To Claim Unclaimed 2020 Refunds: Find Out Now!

Exceptions to New Overpayment Rule Remain for Fraudulent Cases

The ancient rule still holds true in certain situations. The SSA has the right to reclaim any money that was obtained through deception or fraud. The new rule ensures that most people who received excessive benefits will not lose everything. An individual can visit the SSA’s office or give them a call to discuss changing their payment plan.

READ ALSO: Tax Relief Stalemate: Key Law Hangs In Balance As Small Businesses And Families Await Clarity

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