New Social Security Report Shows Growing Overpayment Problem Tops $23B

The US Social Security Administration (SSA) has overpaid beneficiaries by $23bn, up by more than 65% from the previous year’s overpayments, according to its financial report. The majority of overpayments were made within the Old-Age, Survivors, and Disability Insurance programs. Beneficiaries claim they were unaware of overpayments until receiving demands for repayment, sometimes years later. If beneficiaries fail to repay, their monthly benefits could decrease. The SSA intends to review its overpayment policies and procedures to reduce the error rate.