Social Security Benefit Cuts Will Hit Some Retirees in Late July. Will Your Benefit Payment Be Impacted?

President Trump campaigned on the promise to eliminate fraud, waste, and abuse from government programs. He took immediate action upon returning to the White House for a second term, quickly creating the Department of Government Efficiency (DOGE) and instituting a hiring freeze across federal agencies.The Social Security Administration (SSA) has been working with DOGE to cut costs and boost productivity. Changes made to date include a 7,000-person workforce reduction, the implementation of a modern telephone system with new fraud prevention capabilities and expanded self-service options, and miscellaneous cost avoidance and efficiency initiatives estimated to save the agency $1 billion this year.In addition, the SSA will be more aggressive in future efforts to recover overpayments. Consequently, some retired workers will receive reduced Social Security benefits beginning in July. Read on to learn exactly who will be affected and to what extent.Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool