Unbelievable.
2023
They missed Halloween, but these Social Security Horror Stories are too scary for trick-or-treaters anyway.
BU economist Laurence Kotlikoff and syndicated financial columnist Terry Savage launched their new book Sunday night with an appearance on CBS’ 60 Minutes. Despite the title, it’s not about zombie grannies, but rather an exposé of efforts by the Social Security Administration (SSA) to claw back a fortune in supposed overpayments from roughly a million Americans every year. The SSA wants them to pay the money back—often within 30 days—even though Social Security made the errors in the first place.
“It can happen to anyone, and it can take years, even decades, for these unexpected debts to suddenly come to light,” 60 Minutes correspondent Anderson Cooper said during the broadcast. “Few people realize it, but Social Security’s mistakes are your responsibility.”
“It goes against good conscience,” says Kotlikoff, a William Fairfield Warren Professor and College of Arts & Sciences professor of economics. “People are 87, living just off of Social Security, and receive a $30,000 bill. And a couple of weeks later, if they haven’t paid it back, their check is cut. Or eliminated. This is horrific.”
https://www.bu.edu/articles/2023/social-security-clawbacks-are-a-year-round-horror/
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