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Some Americans will see their Social Security checks drop by 50%
Some Americans will see their Social Security checks drop by 50% after the Social Security Administration announced in April that it would start withholding payments from recipients who were overpaid starting at the end of July. Here’s what you need to know about the new policy and how it will affect you.
Social Security checks for some Americans to be reduced by 50%
Starting in July, the federal agency will start withholding 50% of a person’s check if they’ve received an overpayment of their benefits. The withholding, officially part of what’s known as the Treasury Offset Program, will remain until the extra benefits are repaid.
Why your Social Security check for July might be smaller
Regular Social Security retirement benefits for the month of July will be sent out on the SSA’s usual schedule: Wednesday, July 9: Birth dates between the first and 10th of the month. Wednesday, July 16: Birth dates between the 11th and 20th of the month.
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