00:00Beyond the trust fund depletion, other factors are hitting Social Security beneficiaries now.
00:05Overpayments and garnishments, a growing concern affecting over a million individuals.
00:10While sometimes due to administrative errors, they can also arise from recipients not reporting
00:15income changes. Imagine a disabled worker exceeding income limits facing a clawback.
00:21The Trump administration intensified these clawbacks, sometimes reaching 100% of the
00:26benefit check. Under Biden, this was reduced to 10%. But a 50% garnishment rate for overpayments
00:32is currently in effect. In recent years, nearly a million beneficiaries annually have been overpaid,
00:38meaning significant reductions in monthly income, income many cannot afford to lose.
00:43If you're facing an overpayment, know your options. You can request a waiver if the overpayment wasn't
00:48your fault and repayment causes hardship. You can file for reconsideration if you disagree with the
00:54decision or the amount. You can also negotiate a lower repayment rate to ease the burden potentially
01:00extending it over 60 months. Inflation adds another layer of pressure. Despite cost of living adjustments,
01:08many retirees still struggle as rising expenses outpace. These increases eroding the purchasing
01:14power of their benefits. What does all this mean for you? Social Security, a vital but challenged
01:20program. Full solvency is at risk, demanding proactive retirement planning. Don't solely rely
01:27on government checks. Financial experts stress early and consistent savings, diversified income
01:33streams, like retirement accounts and investments, are crucial. Staying informed and planning diligently
01:39are your best defenses in navigating. These changes in securing a sustainable retirement,
01:45money expo.
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