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Experts at Maximize My Social Security have answered more than 10,000 questions about Social Security over many years. Search for your questions and answers here.
Is It True That I'm Repaying My Overpayment At The Lowest Possible Rate?
Hello. I am paying a SS over payment of $265 per mo. I am 67 and working 2 jobs to pay this much. SS says that's the lowest payment they can do. True? Balance is now $8500.
Hi,
Normally, Social Security would withhold an overpaid person's entire benefit payment until the overpayment is recovered, but they are allowed to accept a lower withholding rate as long as the amount withheld results in full recovery of the overpayment within 3 years. The only way they'd withhold less is if you can show that you'd be unable to pay for your necessary living expenses unless a lower amount is withheld monthly. If you think you'd qualify for a lower withholding rate, you'll need to contact Social Security a submit proof of your income and expenses.
Best, Jerry
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April 21, 2020