Donald Trump's administration to roll out social security payments; Here's all about the eligibility criteria & overpayment penalty
United States residents can be eligible for social security benefits if they're a permanent resident for at least five years, have paid payroll taxes through a qualified job for 10 years, and are at least 62 years of age.
Social security is a strong pillar of America's social safety net, with the scheme being particularly valued by elderly American citizens and their families and people with disabilities who are unable to work for whatever reason.
Overpayments might become an issue as social security payments begin
With the stark warnings issued by the Social Security Administration, overpayments are likely to become a bigger issue going forward. Social security payments are set to start coming in on July 23, with the payments going towards retirement, spousal and survivor benefits for people whose birthdays are between the 21st to 31st of any month.
This is so cruel. A Chicago couple was stunned to learn they owed Social Security $51,887 and were expected to pay it back in 30 days.The reason? Social Security mistakenly overpaid them.@andersoncooper reports pic.twitter.com/WlRaI9y03n
Per the SSA's payment calendar, however, some recipients may actually receive their payments on August 1 instead. Social security overpayments can be traced back to many reasons, such as the SSA making an error when calculating someone's benefits, or a recipient receiving a change in income and not reporting it.
How to handle an overpayment notification
Social security beneficiaries who have received an overpayment notification can rectify the situation by repaying the overpaid amount via credit card, check, or an online bill payment. Beneficiaries who do not want to, or are unable to return the overpaid amount can instead apply for a waiver on the SSA website.
Some Social Security recipients could experience a payment garnishment as an agency clawback policy on previous overpayments doled out to seniors goes into effect later in July.The Social Security Admin (SSA) updated the overpayment garnishment rate in April to 50%. In some… pic.twitter.com/S1qMNGpMto
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