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  • Social Security July update: Here’s why checks could be smaller for millions of Americans [Reclaiming over payments]

    07/01/2025 1:00:00 PM PDT · by Red Badger · 36 replies
    Fast Company ^ | July 01, 2025 | Michael Grothaus
    The Social Security Administration is clawing back more in overpayments than it has in the past thanks to a new rule. Up to two million Americans could see their Social Security payments reduced by 50% in late July. The reduced payments are being implemented so that the Social Security Administration (SSA) can claw back billions in funds that it overpaid to some Americans over the past several years. Here’s what to know about the reduced Social Security payments and who could be affected. What’s happened? In April, the Social Security Administration announced that it would begin recouping approximately $72 billion...