00:00Have you received a letter from Social Security recently about an overpayment?
00:04You're not alone.
00:05The Social Security Administration is currently working to recoup nearly $72 billion
00:10in improper payments made between 2015 and 2022.
00:15Overpayments often occur due to unreported changes in income,
00:19marital status, or disability, or sometimes simply agency error.
00:23Regardless of the cause, the SSA is legally obligated to recover these funds.
00:28What does this mean for you?
00:30If you've been overpaid, the government can now withhold up to 50% of your future monthly benefits
00:35until the full amount is repaid.
00:38While the Biden administration previously reduced the default withholding rate to 10%,
00:43it's now set at 50%.
00:45The SSA began issuing notices on April 25th,
00:49warning that if you don't respond within 90 days, your benefits could be automatically cut.
00:54While that 90-day window technically closes on July 24th,
00:58the actual start date for reductions varies as each notice has its own designated start date.
01:04Some beneficiaries could see cuts as early as August.
01:07So, what should you do if you receive an overpayment notice?
01:11Act quickly.
01:12You have options.
01:13If you believe the notice is incorrect,
01:15you can file a request for reconsideration to appeal the decision.
01:19Alternatively, you can request a waiver.
01:21Asking the SSA to forgive the debt if you can prove it was on tier fault
01:26and repayment would cause financial hardship.
01:29Both forms must be submitted in person by mail or FACs.
01:33They cannot be done online.
01:35If the overpayment is accurate but the repayment amount is too high,
01:39you can request a lower withholding rate.
01:42Engaging early with the SSA can help you avoid unexpected reductions and explore repayment plans.
01:47Don't ignore these notices.
01:50Understanding your options is crucial to protecting your benefits.
01:53Money explains.
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