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Social Security Applauds Passage of Legislation Providing Historic Tax Relief for Seniors | SSA

“The bill ensures that nearly 90% of Social Security beneficiaries will no longer pay federal income taxes on their benefits, providing meaningful and immediate relief to seniors who have spent a lifetime contributing to our nation’s economy.”

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When Will Social Security and Medicare Funds Run Out?

“The funds hitting their go-broke dates doesn’t mean that there won’t be any funds to cover any benefits after that point. After 2034, Social Security would only have enough funds to cover 81% of benefits. After 2033, Medicare’s hospital insurance trust fund would only be able to pay 89% of costs.”

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Most Americans don’t earn enough to afford basic costs of living, analysis finds

“Traditional headline economic indicators like GDP and unemployment tell us the economy is thriving, but they don’t reflect the lived reality of most Americans,” Ludwig said in a statement. “Americans are working harder than ever, fueling our economic growth, but the benefits of that hard work are not being distributed in a way that supports upward mobility for too many middle- and low-income Americans.”

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Some are receiving higher Social Security benefits this month. Here’s who.

“The Social Security Fairness Act, signed into law in January by President Joe Biden, eliminated the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). Those measures reduced or prevented Social Security benefits for more than 3.2 million people with a pension and whose past work wasn’t subject to Social Security taxes, according to the Social Security Administration. Affected recipients include police officers, firefighters, postal workers and public school teachers.”

10 months ago

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Musk’s Social Security Claim

Social Security fraud does exist, but it’s relatively small compared to the total benefits paid. The Social Security Administration (SSA) has multiple fraud prevention measures, but errors and fraud still happen.

How Much Money Is Lost to Fraud?

1. Annual Estimated Losses

The SSA’s Office of the Inspector General (OIG) investigates fraud cases. In 2023, their reports estimated that around $8 billion in improper payments occurred. However, not all of this is fraud—many are errors (such as overpayments due to outdated records).
True fraud cases (deliberate deception) are harder to quantify but likely in the range of hundreds of millions rather than billions.

2. Types of Social Security Fraud

Receiving Benefits for a Deceased Person – Sometimes, relatives fail to report a beneficiary’s death and continue collecting payments.
Disability Fraud – People who falsely claim to be disabled while working or living a normal life.
Identity Theft – Criminals use stolen Social Security numbers to claim benefits fraudulently.
Representative Payee Fraud – A person managing benefits for someone else misuses the funds.

3. SSA’s Response to Fraud

The SSA cross-checks records with government death databases to prevent improper payments.
Banks are required to report deaths, and any checks sent to deceased individuals are supposed to be returned.
In 2022, the OIG recovered over $100 million in fraud cases.

How Big Is the Fraud Problem?

Compared to the $1.4 trillion Social Security pays out yearly, the fraud and improper payments make up less than 1% of total spending. While it’s a concern, it’s not a major drain on the system.

By ChatGPT

10 months ago