The Social Security program is constantly evolving, with some changes expected and others unexpected. If you’re currently receiving or will soon receive Social Security benefits, it’s essential to be aware of the following updates.
Millions of recipients can expect a monthly benefit increase due to President Biden’s signing of the Social Security Fairness Act in January 2023. The repeal of the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) will reduce Social Security benefits for public pension recipients, resulting in an average increase of $360 per month for around 3.2 million recipients. Those receiving spousal benefits will see an average boost of $700, while survivor benefit recipients will receive a check increase of $1,190 on average.
Another change affects overpayment recovery rates. Previously, Social Security would recover 10% of monthly checks until the overpayment was recovered. However, this rule is no longer in effect. If you’re overpaid, Social Security will now withhold all payments until it receives the full amount back, which could result in missing one or multiple checks.
Stricter identity verification procedures are also on the way. Starting April 14, the SSA plans to enact more stringent procedures for changes to benefits and direct deposit information. Non-SSA website users will need to visit their local office and provide a valid government ID, while those using online accounts can make updates with ease.
It’s essential to stay informed about these changes to avoid any unexpected surprises.
Source: https://finance.yahoo.com/news/few-social-security-changes-starting-102300534.html