While we adhere to strict editorial guidelines, partners on this page may provide us earnings.

Maurie Backman

Updated Oct 11, 2024

Social Security provides benefits to almost 64 million Americans today, with nearly 90% of those aged 65 and over receiving monthly payments as of June 2024. However, the program is facing significant financial challenges.

In the coming years, Social Security is expected to pay out more in benefits than it collects in revenue, as a wave of retirements reduces the payroll taxes that serve as its primary funding source.

Exacerbating the problem are concerns over the program’s financial management. A former Social Security employee recently slammed the agency in an article in the U.S. Sun, raising issues that align with actual data. Through his observations, the agency may be losing money it should be working harder to hang onto.

An issue that’s gotten worse

Attorney Avram Sacks, a former employee of the Social Security Administration (SSA), has firsthand experience with the agency’s tendency to issue overpayments. Often, it boils down to simple errors. However, in some cases, overpayments may be a result of fraud.

Sacks became vocal about the issue of overpayments when he realized that the process had gotten worse instead of better since his early days on the job in 1987.

“It was at that point that I realized the system for assessing overpayments was really messed up, and as a government attorney, I needed to make sure that what I was...

Read Full Story: https://news.google.com/rss/articles/CBMikwJBVV95cUxNY2FIRlpjenpVVVl5RjdkUHU5...