Double-check your Social Security benefits – newsletter 9-3-24

A report from the Inspector General (IG) of the Social Security Administration found that a particular group of individuals were being shortchanged on retirement benefits. The report looked at those who receive retirement benefits before full retirement age but continue to earn income from working. When that happens, the monthly benefits are reduced if the earned income exceeds certain levels. But once the beneficiary reaches full retirement age, the monthly Social Security benefits are supposed to be increased to restore the benefits that were reduced in earlier years. The IG found that the monthly benefits were not adjusted properly for more than half the beneficiaries whose cases they studied. Sometimes the SSA overpaid the beneficiaries. Other times, the beneficiaries were underpaid. Sometimes no adjustment in benefits was made at all. The IG report makes clear that you need to carefully review your Social Security claiming options and seek good information from other sources, not just the SSA. Know the facts and how you want to claim benefits before you contact anyone at Social Security.