Uncle Sam wants some Social Security beneficiaries to give their money back

Also: The IRS Just Increased the Amount You Can Save in Your Retirement Accounts

͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌ ͏‌  No images? Click here November 21, 2023 Washington gives – and sometimes takes the money back when it gives you too much, even when the error isn’t your fault. Case in point: the federal government is under scrutiny for its efforts to retrieve overpayments it paid out to some Social Security beneficiaries. Recipients are obliged to repay any overpayment, whether the mistake was due to government error or mistakes by the beneficiary, like providing incorrect salary information. The excess money may be demanded years after it was paid out, and beneficiaries may receive overpayments for years before the error is spotted. That means required repayments can run into the tens of thousands of dollars, according to a recent report from 60 Minutes. Experts are encouraging Social Security recipients to calculate how much they should be getting in benefits to ensure they’re not being overpaid. And if you receive notice that you have to return overpayment, know that you can file an appeal or request that the SSA not seek to reclaim the funds.  You can read more about Social Security overpayments from Money reporter Pete Grieve’s story. — Mary Ellen Cagnassola, Money reporter P.S. If you got this newsletter from a friend, sign up here for email delivery to make sure you don't miss the next issue.

Retirement Stat of the Week: 99%

Gen Z workers, who range in age from 21 to 26, have lofty ambitions when it comes to retirement. On average, Gen Zers say they want to retire by 61, the earliest retirement expectation of any generation surveyed in Charles Schwab’s October 401(k) participant study. At the same time, 99% of Gen Zers said they’re facing obstacles to saving for a comfortable retirement. That compares to 88% of millennials, 91% of Gen Xers and 86% of baby boomers.

Retirement 1, 2, 3

Soaring elder care costs are draining older Americans’ retirement savings, forcing many family members to provide care to aging loved ones on their own. Retirement account balances dipped slightly in the third quarter of 2023 while withdrawals and loans inched up amid inflation and market volatility. Retirees who are drawing down income from their investments may be able to afford to withdraw up to 4% from their portfolios.

More Insights and Advice from Money

retirement The IRS Just Increased the Amount You Can Save in Your Retirement Accounts Americans will be able to save more money for retirement in tax-advantaged accounts next year thanks to an inflation adjustment. READ MORE Money; Getty Images

retirement Biden's Junk Fee Crackdown Comes for Shady Retirement Advisors Each year, Americans cumulatively spend billions of dollars on so-called junk fees, or surcharges hidden by banks and other service providers in customer bills. READ MORE Money; Getty Images

social security 5 Ways to Fix Social Security's Funding Problems, According to Actuaries The Social Security trust funds are expected to be depleted in about a decade if Congress doesn't act, leading an association of actuaries to argue that now is the time to think seriously about solutions. READ MORE Olive Burd / Money; Getty Images

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