Latest news with #LeeDudek
Yahoo
09-05-2025
- Business
- Yahoo
Social Security Gets A Modern Makeover: Here's What It Means for Your SSN
The Social Security Administration (SSA) has announced plans to introduce a digital version of the Social Security card this summer, enabling Americans to access their Social Security numbers securely online. What Happened: The new feature can be availed through the My Social Security website. It will allow users to retrieve and display their Social Security numbers digitally, even for purposes beyond typical SSA matters. Don't Miss: Shark Tank's Kevin O'Leary called Missing Ring his biggest mistake — Don't repeat history—invest in RYSE at just $1.90/share. Nancy Pelosi Invested $5 Million In An AI Company Last Year — Here's How You Can Invest In Multiple Pre-IPO AI Startups With Just $1,000. The move hopes to present an alternative to paper cards, especially when cards are misplaced or stolen. "We believe that this modern approach will meet the needs of our constituents in a more efficient manner," said acting commissioner Lee Dudek. Why It Matters: Experts are hailing the move but also highlighting security concerns. Richard Fiesta of the Alliance for Retired Americans told CNBC: "Generally, anything that is a new avenue for accessing your account or in an interaction with Social Security is a good thing, so long as it's easy and secure." The new development came just as 580,000 people filed initial claims in March, up by nearly 80,000 compared to the same month in 2024, according to figures shared at a recent Social Security Administration meeting. Last month, the SSA scaled back its clawback efforts, lowering the repayment rate to 50% of a beneficiary's monthly check. This was down from the full 100% it began seizing in March. Read Next: Invest Where It Hurts — And Help Millions Heal: Invest in Cytonics and help disrupt a $390B Big Pharma stronghold. Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Many are rushing to grab 4,000 of its pre-IPO shares for just $0.30/share! Photo courtesy: Shutterstock Send To MSN: Send to MSN Up Next: Transform your trading with Benzinga Edge's one-of-a-kind market trade ideas and tools. Click now to access unique insights that can set you ahead in today's competitive market. Get the latest stock analysis from Benzinga? This article Social Security Gets A Modern Makeover: Here's What It Means for Your SSN originally appeared on
Hindustan Times
07-05-2025
- Business
- Hindustan Times
Social Security issues ‘emergency message' on clawbacks: Here's what is changing
There were increased fears about financial hardship for Social Security beneficiaries in the coming days. In light of such an impending scenario, the Social Security Administration announced that it is reducing its overpayment clawback rate to 50% from 100%. This information was circulated via an "emergency message" to Social Security beneficiaries on April 25. Social Security to reduce overpayment clawbacks?(AFP) The issue of this policy change stems from recovering overpayments to Social Security recipients. Earlier in March, it was announced by the SSA that 100% of the monthly checks issued will be held until the overpaid amount is recovered. ALSO READ | New Mexico military zone: 82 people charged with trespassing, here's what happened However, it had then sparked concerns about possible financial trouble if the checks were halted for the beneficiaries. Now, the SSA has retreated from the March policy change and is now considering a clawback rate of 50%, according to their message. SSA still mum on reason for policy change However, SSA did not immediately explain the reason for such a major policy change. According to a CBS News report, the agency's inspector general had discovered that nearly 73,000 overpayments in 2022 were due to problems with Social Security's own calculations. Moreover, these problems had no involvement whatsoever of the beneficiary. In a report, the inspector general stated, "SSA's automated systems could not compute benefit payments due in certain situations, and the Agency did not provide employees with a comprehensive tool to use when they had to manually calculate them. Without adequate automation tools, employees can make errors". The 100% clawback policy was introduced by SSA Acting Commissioner Lee Dudek, suggesting that it was necessary to properly "safeguard US taxpayer funds". However, things may see a major change henceforth. During the Biden administration this clawback rate was capped at a mere 10% in 2024, after the White House came to know about financial hardships being faced by dozens of Americans, that even included homelessness. However, that 10% rate was only applicable for about a year, with SSA returning it to the 100% later.
Newsweek
06-05-2025
- Business
- Newsweek
Social Security Announces Changes Coming This Summer: What To Know
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Starting this summer, Social Security cardholders will have a new digital option for accessing their Social Security numbers. The Social Security Administration (SSA) announced it will roll out secure digital SSN cards via the "my Social Security" online portal, offering a modern alternative to the traditional paper cards used for decades. Why It Matters The shift to digital is intended to improve convenience and security for millions of Americans. SSA officials say this innovation will cut down on the need for physical visits to Social Security offices and reduce the reliance on mailed replacement cards, processes that can take days or weeks. With the increasing risk of identity theft and fraud, a digital SSN offers users a faster and more secure way to retrieve their number when needed for everyday non-SSA-related transactions. According to SSA Acting Commissioner Lee Dudek, the new feature is part of a broader effort to "provide better service to the public while ensuring that their personal information remains secure." A woman stands outside a US Social Security Administration building, November 5, 2020, in Burbank, California. A woman stands outside a US Social Security Administration building, November 5, 2020, in Burbank, California. VALERIE MACON/AFP via Getty Images What To Know The digital SSN feature will be available to people with a "my Social Security" account and can be accessed through the SSA portal on mobile or desktop devices. Once logged in, users would securely display their Social Security number on screen. The option is intended primarily for those who may have lost their paper cards or simply forgotten their number. This feature is not a digital ID or government-issued mobile credential, and doesn't replace the need for a physical card in all situations. Rather, it's an additional access method aimed at simplifying proof of identity in contexts like job applications or financial transactions requiring a Social Security number. The digital rollout is scheduled to begin in early summer 2025 and reach all SSA field offices and card centers nationwide by season's end, according to SSA's press release. What People Are Saying Michael Ryan, a finance expert and the founder of told Newsweek: "Think about it, no more tearing apart your filing cabinet looking for that little blue card! You'll be able to pull up your Social Security number right on your phone or computer whenever you need it." "But here's the catch, what about grandma who still uses a flip phone? Or people without reliable internet? The SSA says they're keeping all the traditional options available too, so nobody gets left behind. They've already shown they're willing to adjust when they get pushback, which is reassuring." Kevin Thompson, the CEO of 9i Capital Group and the host of the 9innings podcast, told Newsweek: "The move from physical cards to digital versions is a much-needed step forward for the SSA. It's about time we caught up with the digital age. That said, if you still prefer a physical copy, you can absolutely get one. The digital version is just an added layer of convenience." Alex Beene, a financial literacy instructor for the University of Tennessee at Martin, told Newsweek: "It's a long overdue update. For years, many Americans have been asking for a digital update to physical forms of ID, as it's vastly easier to keep track of and utilize. Obviously, the primary concern from a government-level was maintaining the security of the card to ensure data was protected. The new virtual access can be used to verify Social Security information in any situation so that individuals don't have to find their physical card or send off for a new one." What Happens Next Users who wish to take advantage of the new digital card will need to create or log in to their existing "my Social Security" account at SSA recommends that people ensure their personal contact information is current to avoid login issues or security verification delays. "This is for the Gen X'ers mainly; those that have fully embraced the digital age and the very young boomers that can handle this transition," Thompson said. As the rollout progresses, SSA plans to monitor feedback and adjust for usability and accessibility, particularly for older adults and people with limited digital literacy. The agency has said that the paper SSN cards will remain available, and the digital version is an optional enhancement, not a mandatory replacement. "This is the SSA finally catching up with the 21st century. For most of us, it'll make life easier, but the success will really depend on how well they handle the transition for vulnerable populations," Ryan said.
Miami Herald
06-05-2025
- Business
- Miami Herald
Social Security Update: Why No Checks Are Being Paid Out This Week
National Social Security Update: Why No Checks Are Being Paid Out This Week social security. File photo of a Social Security card is displayed on Oct. 12, 2021, in Tigard, Ore. AP Millions of Americans expecting Social Security checks will find their accounts quiet this week-but this is not because of any issue, it is just how the payment calendar is structured. May 5 to 10 marks just one of two weeks this year in which no scheduled benefits are being distributed, according to the Social Security Administration (SSA)'s 2025 payment calendar. Why It Matters Some 68.5 million Americans receive Social Security checks of some kind, according to SSA figures from 2024. These people will be used to being paid on every week of the year-there are only two weeks in which Social Security payments are not made-this one and August 4-9. Even a planned gap in payments can be concerning to recipients who rely on the timing of these deposits. While the week may feel like a delay, it's simply a function of how monthly benefits are spaced. What To Know The SSA uses a rotating schedule to distribute benefits, with benefits issued based on birth dates. Those born between the 1st and 10th of the month are paid on the second Wednesday (May 14), while those with birth dates from the 11th to the 20th are paid on the third Wednesday (May 21). Those born after the 20th receive their checks on the fourth Wednesday (May 28). Because of this structure, the first full week of May includes no payment dates. Those who began receiving Social Security benefits before May 1997 are paid on the 3rd of each month. For May 2025, that date fell last week. These schedule quirks happen every year but the number of payments per year remains the same. What People Are Saying Celebrating the Donald Trump administration's first 100 days in office, Acting Commissioner of Social Security Lee Dudek said: "I am proud of the extraordinary work by our dedicated employees at SSA to help deliver on President Trump's promise to protect Social Security. "Our employees understand the urgency of the moment and have worked hard to restore the public's trust. While much work remains to be done, there is no question that SSA is taking the necessary steps to transform how it serves the public while protecting hardworking American taxpayers." What Happens Next The next Social Security payments will be issued on May 14, 21 and 28, depending on recipients' birth dates. The SSA urges beneficiaries to check its official calendar to stay informed and avoid confusion. The SSA recommends that beneficiaries who have not received their monthly payment on the expected date wait three working days before contacting the agency. Saturdays, Sundays and public holidays are not considered working days. Related Articles 2025 NEWSWEEK DIGITAL LLC. This story was originally published May 6, 2025 at 6:40 AM.
Newsweek
06-05-2025
- Business
- Newsweek
Social Security Update: Why No Checks Are Being Paid Out This Week
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Millions of Americans expecting Social Security checks will find their accounts quiet this week—but this is not because of any issue, it is just how the payment calendar is structured. May 5 to 10 marks just one of two weeks this year in which no scheduled benefits are being distributed, according to the Social Security Administration (SSA)'s 2025 payment calendar. Why It Matters Some 68.5 million Americans receive Social Security checks of some kind, according to SSA figures from 2024. These people will be used to being paid on every week of the year—there are only two weeks in which Social Security payments are not made—this one and August 4-9. Even a planned gap in payments can be concerning to recipients who rely on the timing of these deposits. While the week may feel like a delay, it's simply a function of how monthly benefits are spaced. File photo of a Social Security card is displayed on Oct. 12, 2021, in Tigard, Ore. File photo of a Social Security card is displayed on Oct. 12, 2021, in Tigard, Ore. AP What To Know The SSA uses a rotating schedule to distribute benefits, with benefits issued based on birth dates. Those born between the 1st and 10th of the month are paid on the second Wednesday (May 14), while those with birth dates from the 11th to the 20th are paid on the third Wednesday (May 21). Those born after the 20th receive their checks on the fourth Wednesday (May 28). Because of this structure, the first full week of May includes no payment dates. Those who began receiving Social Security benefits before May 1997 are paid on the 3rd of each month. For May 2025, that date fell last week. These schedule quirks happen every year but the number of payments per year remains the same. What People Are Saying Celebrating the Donald Trump administration's first 100 days in office, Acting Commissioner of Social Security Lee Dudek said: "I am proud of the extraordinary work by our dedicated employees at SSA to help deliver on President Trump's promise to protect Social Security. "Our employees understand the urgency of the moment and have worked hard to restore the public's trust. While much work remains to be done, there is no question that SSA is taking the necessary steps to transform how it serves the public while protecting hardworking American taxpayers." What Happens Next The next Social Security payments will be issued on May 14, 21 and 28, depending on recipients' birth dates. The SSA urges beneficiaries to check its official calendar to stay informed and avoid confusion. The SSA recommends that beneficiaries who have not received their monthly payment on the expected date wait three working days before contacting the agency. Saturdays, Sundays and public holidays are not considered working days.
