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.
NeverHappened 0 points 6 months ago
One of your worst takes. I didn't think you were so heartless.