Millions of Americans to see changes to their Social Security benefits
(CBS, KYMA/KECY) – Millions of Americans are set to see major changes to their Social Security benefits.
The changes impact about 2.8 million retired teachers, firefighters, police officers and some federal workers who receive a public pension that didn’t withhold social security tax.
CBS News Business Analyst Jill Schlesinger appeared on CBS Mornings to break it down.
“It’s not every single one of them but these folks could see increases of what they say is maybe a few dollars a month to up to a thousand dollars a month in a benefit change so this is a real game changer for a lot of those folks who did not pay into the social security system. Just to know, you don’t have to do anything. The government will actually inform you and you might even just see it in your check coming through.”
Jill Schlesinger, CBS News Business Analyst
For retirees who have been getting back more money from the Social Security system in overpayments, the Trump Administration will now withhold 50% of their benefits until that money is repaid.
More than 72 million Americans receive Social Security benefits
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