New Policy Limits the Financial Burden of Social Security Clawbacks

Social Security overpayments have made headlines for over a year now, with more attention than ever being given to this serious issue.

Many seniors have been overpaid by the Social Security Administration (SSA). When they were contacted to pay this money back, it created a financial nightmare.

Most seniors were unaware they were overpaid. When they got the news, they were shocked to find they were on the hook for tens of thousands of dollars. This left many seniors in serious trouble. Countless affected people lost their Social Security checks as a result. Some were even left homeless trying to pay the money back. The outrage over these issues has created a push for change.

The new SSA commissioner has criticized the former clawback approach. Now seniors can’t have their whole retirement benefit taken in these instances. A new policy caps the limit at 10 percent. In addition, measures have been taken to prevent future overpayment errors.

Do you think these changes will solve the overpayment problem? Will clawbacks stop crippling seniors financially? Share your thoughts.