Social Security beneficiaries who previously received excess payments could see their monthly checks cut in half as early as next week, after the agency's new recovery rules take effect on Thursday.
What Happened: In April, the Social Security Administration (SSA) began mailing overpayment letters that give recipients 90 days to seek a waiver or negotiate a lower repayment rate. When the grace period lapses, the agency will automatically withhold 50% of each check until the debt is cleared.
