In May, nearly 53 million retired workers received a Social Security check, with the average payout exceeding $2,000 for the first time. A Gallup survey revealed that 80% to 90% of retirees rely on this income to meet their financial needs. However, over 1 million beneficiaries face potential reductions of up to 50% in their Social Security checks due to new policies implemented under the Trump administration.
The Trump administration has initiated a 15% garnishment for around 452,000 beneficiaries with delinquent federal student loans. Meanwhile, over 1 million recipients have been found to be overpaid, leading to a 50% garnishment, a significant increase from the 10% rate during President Biden’s term. The Social Security Administration reported that it overpaid over 1 million beneficiaries in fiscal 2022 and over 980,000 in fiscal 2023.
Beneficiaries affected by overpayments may seek to appeal or negotiate the repayment terms through various forms, potentially alleviating some financial burden. Options include requesting an overpayment waiver or reconsideration of the overpayment amount, although the standard repayment period is typically within 12 months.
