Social Security reduces benefit clawback from 100% to 50% for some; experts still warn of ‘devastating’ effects

Social Security reduces benefit clawback from 100% to 50% for some; experts still warn of ‘devastating’ effects

Just weeks after announcing a 100% withholding rate on new overpayments of benefits, the Social Security Administration has slashed the rate down to 50% for certain beneficiaries. Yet that clawback on monthly benefit checks may still cause a financial burden for individuals who are affected, experts say. For new overpayment notices sent on or after April 25, the 50% default withholding rate will apply to so-called Title II benefits, which includ…