The 2023 COLA has been announced by the Social Security Administration to prevent payments from losing buying power in the face of rising costs. The increase in monthly payments for the following year will be the largest since 1981 and also the third-biggest ever due to significant inflation during the previous months.
Double Payments From SSA
You might see 2 payments accumulated during the same month, based on the month in which a payment has been made. This isn’t an error; simply the way the Social Security bill payment schedule operates. However, Social Security overpayments can occur for a variety of reasons, so don’t be alarmed. Each month, the SSA performs the enormous duty of sending benefits payments to approximately 70 million Americans. Payments are delayed throughout each month according to a schedule based on recipients’ birth dates, the kind of benefit, and/or when a recipient applied to start receiving Social Security to better effectively use the deposits.
What Are The Scenarios In Which An Overpay May Occur?
A beneficiary’s failure to notify the SSA with data that could alter the monthly benefit amount they are entitled to receive is one of the many scenarios in which an overpay may occur. Particularly for those collecting SSI and disability assistance (SSDI). Both schemes have unique criteria that could result in distinct circumstances where a beneficiary receives the money they weren’t entitled to. Beneficiaries must record their wages, though, so there is one thing they all have in common. To lessen the possibility of overpayments, this must be done during the first six days of the month.
It’s also not funny when people purposefully hide facts from the SSA to keep receiving benefits; doing so could lead to criminal charges. In any case, if there has been an overpayment, the SSA will notify you in writing. You can check the funds you’ve gotten by notifying the department or verifying online, and you can resonate with the overpayment decision if you believe there was an agency error. You can make arrangements to pay back the extra money you received in installments if you need to reports AS.
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