Social Security Commissioner Makes 4 SHOCKING Changes to Social Security (#218)

Financial Advisors Say The Darndest Things

Episode Summary: In this episode of "Financial Advisors Save the Darndest Things," host AB Ridgeway addresses the issue of Social Security overpayments and the impact they have on beneficiaries. He discusses recent changes announced by Social Security Commissioner Martin O'Malley aimed at addressing these issues and providing relief to affected individuals and families.

Key Takeaways:

1. Reforming Overpayment Practices: Commissioner O'Malley announced significant reforms to the overpayment recovery process, including reducing the default withholding rate from 100% to 10% of monthly benefits. This change aims to alleviate the financial burden on beneficiaries who are struggling to repay overpayments.
2. Shifting the Burden of Proof: Another key change is shifting the burden of proof away from the claimant in determining overpayment fault. This means beneficiaries no longer have to prove they were not at fault for the overpayment, simplifying the process for those seeking resolution.
3. Extended Repayment Plans: The Social Security Administration will now approve repayment plans for up to 60 months, extended from the previous 36-month limit. This extension provides beneficiaries with more time and flexibility to repay overpayments without undue financial strain.
4. Streamlined Waiver Requests: Beneficiaries can now more easily request waivers for repayment if they believe they were not at fault or lack the ability to repay. This streamlining of the waiver process aims to provide relief to those facing financial hardship due to overpayments.
5. Improved Pay History Accuracy: Efforts will be made to work with payroll agencies to improve the accuracy of pay histories, reducing the occurrence of overpayments in the future. This proactive approach seeks to prevent future hardships for Social Security beneficiaries.

Quotes:

1. "For 88 years, the hardworking employees of the Social Security Administration have strived to pay the right amount to the right person at the right time." - Martin O'Malley, Social Security Commissioner
2. "This overpayment can wreak havoc on the financial plan. The prior practices were very harsh and complex." - AB Ridgeway, Host of Financial Advisors Save the Darndest Things
3. "I prefer to take the attitude of gratitude at this moment because it can happen to anyone, especially the vulnerable." - AB Ridgeway, Host of Financial Advisors Save the Darndest Things

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