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Some Social Security recipients could see 50% cut starting in August, here's why
Some Social Security recipients could see 50% cut starting in August, here's why

Yahoo

time3 days ago

  • Business
  • Yahoo

Some Social Security recipients could see 50% cut starting in August, here's why

Your Social Security check next month might be smaller. By a lot. That's because on July 24 at the earliest, the Social Security Administration (SSA) will start taking more money back from people who have gotten too much money from them in the past. So, if you got your check on July 23 this week you shouldn't have seen a difference yet, but the change will be in effect for the Supplemental Security Income (SSI) payment scheduled for Aug. 1 and Social Security checks issued after that. Previously, if the SSA, which pays monthly benefits to nearly 69 million retired workers, survivors of deceased workers and workers with disabilities, overpaid a beneficiary for some reason — usually because benefits were calculated incorrectly or because a beneficiary failed to update a change in marital status, income, or disability status — the agency would start withholding 10% of their checks moving forward to put toward repaying that debt. Starting in late July, that percentage went up to 50%, meaning if you have received an overpayment your checks could be cut in half until the money is repaid. There's no public figure on how many recipients have been overpaid, but the SSA tried to reclaim overpayments from about 2 million people in the fiscal year that ended September 2023, according to KFF and Cox Media Group, based on data acquired in a Freedom of Information Act request. According to AARP, most of the overpayments were to beneficiaries of Social Security Disability Insurance (SSDI) and Supplemental Security Income (SSI). Some people may have seen their benefits go up. That's because the Social Security Fairness Act started for public sector workers such as firefighters, police officers, teachers, and other critical public servants whose benefits were reduced in the past. As of July 7, the SSA said it has processed more than 3.1 million payments, totaling over $17 billion, to those entitled to the retroactive payment adjustments. Here's what to know. Social Security in Florida: How dependent is Florida on Social Security? Study ranks state, how much people make August Social Security payment schedule The Social Security Administration's yearly distribution schedules for 2025 and 2026 are available online so that you can check the calendar for budgeting purposes. Social Security typically pays benefits on Wednesdays, with the first wave of payments going out the second Wednesday of the month and the rest of the payments on the subsequent Wednesdays, depending on your birthdate. Social Security recipients who began getting benefits before May 1997 are paid on the 3rd of the month. The same goes for recipients who also get SSI payments. Regular Social Security retirement benefits for the month of July will be sent out on the SSA's usual schedule: Wednesday, Aug, 13: Birth dates between the first and 10th of the month. Wednesday, Aug, 20: Birth dates between the 11th and 20th of the month. Wednesday, Aug, 27: Birth dates between the 21st and 31st of the month. Worried about Social Security cuts? 3 things to do now if you're already retired What is SSI? Supplemental Security Income is a benefit payment for those with limited income or resources aged 65 or older, who are blind, or have a qualifying disability. Children with a qualifying disability can also get SSI, according to the SSA's website. Adults who earn more than $2,019 from work monthly typically do not qualify for SSI. There will be two SSI payments in August, one on Aug. 1 and another on Aug. 29, but none in September. SSI payment schedule for August, rest of 2025 Here's a look at the payment schedule for the rest of 2025: Friday, Aug. 1, 2025 (Check for August 2025) Friday, Aug. 30, 2025 (Check for September 2025) Wednesday, Oct. 1, 2025 (Check for October 2025) Friday, Oct. 31, 2025 (Check for November 2025) Monday, Dec. 1, 2025 (Check for December 2025) Wednesday, Dec. 31, 2025 (Check for January 2026) Why did the overpayment percentage change? The Biden administration reduced the previous overpayment recovery rate of 100% and capped it at 10% to allow recipients more time to pay back their debt without dropping below the income they needed to survive. Under President Donald Trump and his administration's efforts to reduce waste, the overpayment clawback was initially restored to 100%. The change applied to new overpayments only, the withholding rate for beneficiaries with overpayments before March 27 was not due to change. However, after a public outcry, in April the percentage was changed to 50% for all overpayments, past and future, as a compromise. Social Security changes: Age for full Social Security benefits goes up this year. How old do you have to be? How can I avoid having my Social Security checks garnished? If you know you've been overpaid, paying back the extra money if you still have it will prevent your future checks from being affected. You can also contact the SSA to request a lower recovery rate or even to have it waived if losing half your payments would create financial hardships, especially if the mistake wasn't your fault. Moving forward, keep an eye on your checks for anything unusual and be sure to promptly update your account with changes in your marital status, income, disability status or any other factors that could affect your eligibility. How many people in Florida receive Social Security benefits? Florida had more than 5 million people claiming Social Security benefits as of December 2023, according to the AARP. That included more than 3.9 million retirees, over 478,000 disabled workers, more than 401,000 spouses or survivors and nearly 240,000 children. Nearly one in five Florida retirees, family members, veterans and others receive Social Security benefits, according to the AARP. This article originally appeared on Florida Times-Union: Social Security benefits may be slashed in August for overpayments Solve the daily Crossword

This Houston man got an immediate above-asking offer for his 1948 Packard — but it ended up costing him thousands
This Houston man got an immediate above-asking offer for his 1948 Packard — but it ended up costing him thousands

Yahoo

time4 days ago

  • Business
  • Yahoo

This Houston man got an immediate above-asking offer for his 1948 Packard — but it ended up costing him thousands

Thinking about buying or selling a used car? You may want to proceed with caution so you don't fall victim to a fake overpayment scam that uses fraudulent checks. 'I could see how so many people could easily fall for this,' Matt Neff, who was recently trying to sell his 1948 Packard online, told KHOU 11 Houston. Don't miss Thanks to Jeff Bezos, you can now become a landlord for as little as $100 — and no, you don't have to deal with tenants or fix freezers. Here's how I'm 49 years old and have nothing saved for retirement — what should I do? Don't panic. Here are 6 of the easiest ways you can catch up (and fast) You don't have to be a millionaire to gain access to this $1B private real estate fund. In fact, you can get started with as little as $10 — here's how Neff learned firsthand how a scam like this can happen. Here's what you need to know so it doesn't happen to you. How the fake 'overpayment' scam works This type of scam typically takes place via online marketplaces (rather than in person) where the buyer overpays for the product you're selling. 'The buyer may claim to have seen the listing on Craigslist or on Facebook Marketplace, and declare that they want to buy it for more than you are asking just to ensure no one else buys the listing before they do,' according to Chargebacks911. Or, they might say they overpaid to cover shipping and handling or other fees. Whatever the excuse, they follow up by asking you to refund the overpayment to a third party. In the meantime, they've sent you a check and you've sold them your car. When, several days later, the bank processes the check, you're informed that the check was fraudulent — but the fraudster is already in the wind and you're on the hook for the money. This is what happened to Neff, when a potential buyer sent him a check for more than his asking price and then asked him to refund the overage to a shipping company. 'And sure enough, 10 days later it came back as a counterfeit check,' he told KHOU 11. It can also happen to buyers. Dayja Wallace nearly lost $1,200 when she tried buying a used car online. In her case, the seller used a sense of urgency to push the sale forward, saying that their son had passed away and they wanted to 'hurry up and sell the car,' she told KHOU 11. The seller suggested that Wallace pay a shipping company up front to speed up the transaction and the seller would then send a check to Wallace. A fake check can look remarkably like a real one — and in some cases it may actually be real, but it belongs to someone whose identity has been stolen. 'It can take weeks for a bank to figure out that the check is a fake,' according to the Federal Trade Commission (FTC). 'Even if you see the funds in your account, that doesn't mean it's a good check. Fake checks can take weeks to be discovered and untangled. By that time, the scammer has any money you sent, and you're stuck paying the money back to the bank.' Even if you were unaware that you were being scammed, you could still be responsible for replacing the funds. Read more: Want an extra $1,300,000 when you retire? Dave Ramsey says — and that 'anyone' can do it Red flags every used car seller or buyer should know Summer is often the peak car buying season, according to Premier Auto Group. 'Families often seek to purchase vehicles before the school year starts. While you can find deals, prices may be higher due to demand.' Even if prices are higher, beware of customers who offer to overpay or 'accidentally' send you more money than the asking price. 'This is a huge red flag, and you should respond by rejecting any transaction with this customer. This is doubly true of any customer who offers to pay your transaction fees,' warns Chargebacks911. Indeed, you may want to avoid accepting checks altogether. Instead, use a credit card, which can help protect you from fraudulent transactions (most major credit card companies have zero-liability protection). And don't forward funds to a third party for any reason. 'Customers that ask you to transfer any amount of money for any reason should be flagged as potential fraudsters and their transactions immediately canceled,' advises Chargebacks911. Other red flags include a sense of urgency and/or not wanting an in-person viewing (which is unusual for a major purchase like a car). You should also be wary if you're feeling pressured to use an escrow service you're not familiar with — fraudsters can set up a fake escrow company or even pose as a legitimate one. 'Be wary the moment a seller begins to stipulate the escrow site that must be used to complete a transaction. That is your time to run a thorough scrutiny on the website before settling for it,' says You should also avoid any services that require payment through untraceable methods. If you think you may have been targeted by an overpayment scam, report it to the FTC and your state consumer protection office. What to read next Robert Kiyosaki warns of a 'Greater Depression' coming to the US — with millions of Americans going poor. But he says these 2 'easy-money' assets will bring in 'great wealth'. How to get in now Accredited investors can now buy into this $22 trillion asset class once reserved for elites – and become the landlord of Walmart, Whole Foods or Kroger without lifting a finger. Here's how Rich, young Americans are ditching the stormy stock market — here are the alternative assets they're banking on instead Here are 5 'must have' items that Americans (almost) always overpay for — and very quickly regret. How many are hurting you? Stay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. This article provides information only and should not be construed as advice. It is provided without warranty of any kind. Solve the daily Crossword

Thousands in Lewisham could be owed millions in council tax refunds
Thousands in Lewisham could be owed millions in council tax refunds

Yahoo

time4 days ago

  • Business
  • Yahoo

Thousands in Lewisham could be owed millions in council tax refunds

You could be entitled to claim council tax according to a new FOI, which revealed that Lewisham Council currently holds nearly £8 million in overpaid council tax. An information request to Lewisham Council revealed that a total of £7,863,925.04 (between 2000 and 2025) remains unclaimed across 57,977 households. The figure represents 25 years of overpaid council tax, with credits left on closed or inactive accounts during that timeframe. The figures, released in response to a Freedom of Information request, show that many residents could unknowingly be entitled to refunds worth hundreds of pounds. The unclaimed money dates to the year 2000 and includes overpayments made as recently as 2025. Between the year 2000 and 30 June 2025, Lewisham Council collected £2,686,604,331 in council tax, and the amount currently left in unclaimed credits represents 0.2927 per cent of that total. According to Lewisham Council, 67.89 per cent of council tax accounts are paid by Direct Debit as of June 30, 2025. Of the total £7,863,925.04 in overpaid council tax held by Lewisham Council, 18.2 per cent relates to the last three years, at £1,433,477.29. In the 2023 financial year, £573,502.38 was overpaid, representing 0.0213 per cent of all council tax collected between 2000 and 2025. This increased in 2024, with £802,060.72 in overpayments, equating to 0.0299 per cent of the total collected. In the first half of 2025 alone, a further £57,914.19 was recorded as overpaid, making up 0.0022 per cent. The majority of Lewisham's council tax accounts are paid by Direct Debit. As of June 30, 2025, 67.89 per cent of all council tax accounts used Direct Debit as the primary payment method. In most cases, overpayments made via Direct Debit are refunded automatically, however refunds can be missed if an account is closed - such as when a resident moves house - or if payment details are no longer up to date. A Lewisham Council spokesperson said: "Lewisham Council is committed to ensuring our council tax collection processes are transparent and fair. "We appreciate that overpayments may occur from time to time for a variety of reasons. When this happens, residents can be sure that any overpaid council tax is accounted for and can be refunded upon request. "Anyone who believes they may have overpaid or who wishes to query a council tax bill should get in touch using our dedicated online form. "We review every claim and, where a refund is warranted, payments are processed within 20 working days. In many cases refunds are sent automatically once an overpayment is identified."

HSE paid €720,000 invoice twice using different systems, audit finds
HSE paid €720,000 invoice twice using different systems, audit finds

Irish Times

time4 days ago

  • Health
  • Irish Times

HSE paid €720,000 invoice twice using different systems, audit finds

Two separate parts of the HSE , which operated different financial systems, paid a supplier more than €700,000 for the same invoice, new accounts published by the health service show. In a note on the accounts, the State's financial watchdog, the Comptroller and Auditor General maintains the HSE has not recovered the overpayment. The accounts also show that what is described as an 'asset', constructed in 2009 at a cost of €1.4 million but never used for its intended purposes, had been written off last year. The accounts say the cost of the write off was €800,000. The annual report and accounts for 2024 also reveal that about €4 million in payments due from the health insurance industry in respect of subscribers treated in HSE facilities was written off due to delays in submitting bills. The report says the risk of bad debts 'is most relevant' in relation to claims from one health insurer, which is not identified. The report says the HSE entered into a memorandum of agreement with a health insurer in 2016 in relation to accommodation charges for patients with private health insurance. 'The arrangement entitles the Executive to be paid 70 per cent of its charges, on account, pending the submission and validation within a 12-month period of a fully completed claim. Failure to meet the submission deadline results in forfeiture of the full value (100 per cent) of the claim.' [ Listeriosis outbreak 'unusual' as ready meals must be cooked, and bacteria is sensitive to heat, professor says Opens in new window ] 'For a sample of eight hospitals examined on audit, it was noted that losses incurred in 2024 as a result of delays in submitting completed claims amounted to €2 million. The Executive estimates that losses for the remaining hospitals that it manages were €2.1 million, resulting in an estimated total loss of €4.1 million for 2024. The annual report also shows that one HSE employee received just under €700,000 in total payments including basic pay, allowances, overtime and weekend, night duty and on-call fees last year. A total of ten HSE staff were paid in excess of €500,000 overall. The report also reveals that personal protective equipment worth about €22 million and vaccines to the value of about €11 million had been written off because they had become obsolete. The report shows that the supplier who was paid twice had entered into an arrangement with the HSE in 2020 for the supply of diagnostic devices, ancillary supplies and equipment as well as information technology and support. It says the overall system 'was considered to be of significant value in monitoring the condition of Covid-19 patients in hospital settings'. Ultimately the supplier received about €15 million up to 2024. However, the report raises concerns about procurement arrangements and controls over how the money was being spent. [ Inquiry begins into historical use of anti-epileptic drug and effects on pregnant women Opens in new window ] 'The initial arrangement with the supplier was put in place without a competitive procurement process on the basis of emergency circumstances, as provided for in procurement legislation. However, the arrangement continued each year until 2024 without being regularised through an appropriate competitive tendering process. Accordingly, it represented significant non-compliant procurement over a number of years.' 'The payments to the supplier over the period 2020 to 2024 amounted to a total of €15 million. However, the terms of the procurement arrangement were not set out in a formal written contract with the supplier. In practice, the arrangement was that a number of units of the Health Service Executive were invoiced from time to time by the supplier for devices and ancillary items. This included prepayment each quarter from mid-2022 to mid-2024 for supply of a standard number of devices, to be drawn down as required by individual hospitals. The Executive did not maintain central records of the total number of units paid for. The number of devices received by hospitals, or paid for and remaining undrawn from the supplier is not known. The Executive also does not know how many of the items paid for were actually used in its hospitals.' 'The Executive discloses that as part of efforts to improve control over the receipt of goods, it identified that one invoice from the supplier to the value of €723,000 had been paid twice, in two different areas of the Executive operating at the time (in December 2021) on separate financial systems. The Executive has not recovered the overpayment from the supplier.'

When will your Social Security payment arrive in July 2025? See schedule
When will your Social Security payment arrive in July 2025? See schedule

Yahoo

time08-07-2025

  • Business
  • Yahoo

When will your Social Security payment arrive in July 2025? See schedule

Social Security payments for July will soon be distributed on a normal schedule to more than 71 million Americans. However, if you happened to have been overpaid by the Social Security Administration (SSA), your check may soon be a bit smaller. That's because the SSA is expected in late July to start withholding 50% of benefits for those who have been overpaid but have not yet started repayments. There's no public figure on how many recipients have been overpaid, but the SSA tried to reclaim overpayments from about 2 million people in the fiscal year that ended September 2023, according to KFF and Cox Media Group, based on data acquired in a Freedom of Information Act request. For most recipients, Social Security payments are issued on Wednesdays throughout the month. About 7.4 million Americans who are disabled or have limited resources receive monthly Supplemental Security Income (SSI) benefit payments. About half of those who receive SSI also receive Social Security. Here's what to know about this year's Social Security benefits. The Social Security Administration's yearly distribution schedules for 2025 and 2026 are available online to allow recipients to use the calendar for budgeting purposes. Regular Social Security retirement benefits are slated to be distributed on the SSA's usual schedule: Thursday, July 3: People who started receiving Social Security before May 1997 Wednesday, June 9: Birthdates between the 1st and 10th Wednesday, June 16: Birthdates between the 11th and the 20th Wednesday, June 23: Birthdates between the 21st and the 31st The July Supplemental Security Income (SSI) benefit payments will be distributed on Tuesday, July 1. Supplemental Security Income provides monthly benefits to those with limited income or resources who are 65 or older, blind or have a qualifying disability. Children with a qualifying disability can also get SSI, according to the SSA's website. Adults who qualify for SSI generally do not have monthly wages above $2,019. Those eligible for SSI can begin the application process online, in person at your local Social Security office, or by calling 1-800-772-1213 (TTY 1-800-325-0778) from 8 a.m. to 7 p.m. local time during the work week. SSI checks will be sent out on the following dates remaining in 2025, according to the SSA calendar: Friday, Aug. 1, 2025: August payment Friday, Aug. 30, 2025: September payment Wednesday, Oct. 1, 2025: October payment Friday, Oct. 31, 2025: November payment Monday, Dec. 1, 2025: December payment Wednesday, Dec. 31, 2025: January 2026 payment The Social Security Administration suggests that if you don't receive your payment on the expected date, allow three additional mailing days before contacting the agency; most arrive on time because 99% of beneficiaries are paid electronically. For those looking to visit an SSA office, here are some locations in New York (excluding NYC and Long Island): Albany County: 11 A Clinton Ave., Room 430, Federal Building Broome County: 2 Court St., Suite 300, Binghamton Erie County: 478 Main St., Suite 200, Buffalo; 1900 Ridge Road, Suite 120, West Seneca Monroe County: 200 E. Main St. (second floor), Rochester; 4050 W. Ridge Road (second floor), Greece Onondaga County: 100 S. Clinton St., Federal Building (fourth floor), Syracuse Westchester County: 1 Park Place, Peekskill; 297 Knollwood Road, White Plains; 20 S. Broadway, Suite 500, Yonkers Everyone can start receiving reduced Social Security benefits as early as age 62. However, waiting until full retirement age results in a larger monthly payment. That age has gradually increased in recent years, rising by two months for each successive birth year. For example, if you were born in 1958, your full retirement age is 66 years and 8 months, while those born in 1959 will reach it at 66 years and 10 months. According to the SSA, individuals born between May 2, 1958 and February 28, 1959, will reach their full retirement age in 2025. For those born in 1960 and later, the full retirement age will increase to 67. USA Today contributed to this report This article originally appeared on Rochester Democrat and Chronicle: When will your Social Security payment arrive in July? See schedule

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