Social Security eliminates overpayment burden for social security beneficiaries

WASHINGTON – The Social Security Administration announced it will decrease the default overpayment withholding rate for Social Security beneficiaries to 10% or $10, whichever is greater, from 100%, significantly reducing financial hardship on people with overpayments.

“Social Security is taking a critically important step towards our goal of ensuring our overpayment policies are fair, equitable and do not unduly harm anyone,” Martin O’Malley, commissioner of Social Security, said. “It’s unconscionable that someone would find themselves facing homelessness or unable to pay bills, because Social...