Had an incorrect social security payment or statement? Here’s what to do

GETTING an incorrect social security payment or statement can be concerning — and it’s important to take action.

This applies especially if you have been overpaid, otherwise you will be forced to pay it back later.

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If you receive the wrong benefits – you will want to act as soon as possibleCredit: Getty Images

A concerned individual named David recently contacted economics professor Laurence Kotlikoff, who helps Forbes.

In an email, David said he won’t apply for Social Security benefits until he turns 70 – but his statement dated January 6, 2022 estimates he will earn $2,770 in benefits At this age.

For those who don’t know, Social Security statements show how much you paid in taxes and an estimate of the amount of benefits you’ll receive.

It also displays your income history.

However, David used Laurence’s MaxiFi software and Social Security’s AnyPIA calculator, both of which found he would earn $2,693.73.

That’s a difference of $76.27 per month.

Why bad perk is a problem

If your Social Security payment turns out to be wrong, it could cause problems in the future.

While some in David’s case might think they’re better off to sit back and hope the SSA doesn’t notice the higher payouts, they’re probably wrong.

Although this may be an error by the SSA, you can expect to receive bills asking you to return the benefit overpayment immediately.

Also, failure to follow this rule could result in the SSA withholding some or all of your monthly payments until the agency is reimbursed.

So it could impact your budget and cause some headaches at some point.

On the other hand, there are also instances where the SSA will issue payments that are too low.

Actions needed to correct mistakes

If you receive the wrong payment or statement, you will want to resolve this issue as soon as possible.

There are several options if you think you have been overpaid.

If you don’t think you were overpaid but the SSA sent you a notice saying you were, you can appeal by filling out the form SSA-561-U2.

If the overpayment was not your fault and you cannot afford to repay the SSA, you can complete the form SSA-632.

You will then need to send the completed forms to a local Social Security office.

For all other issues, including if you received too little or the wrong benefit estimated on your statement, you should call SSA at 800-772-1213, or you can visit a local office.

In the meantime, we explain why it makes sense to start claiming Social Security at age 70.

We break down how much you can earn in 2022 from SSI and SSDI and still qualify.

Plus, see the full 2022 payment schedule for SSI, Social Security, and SSDI.

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Elaine R. Knight