Social Security underpayments are a hot topic on Thursday as the Social Security Administration (SSA) confirms its catching up on late or missed payments to beneficiaries.
According to a blog post from the SSA, it is paying out $901 million in Supplemental Security Income (SSI) underpayments. It notes that this includes roughly $209.1 million of Social Security underpayments to some 81,000 recipients.
Here’s what the SSA had to say about Social Security underpayments in a blog post.
“In March 2024, we increased the amount from $5,000 to $15,000. Underpayments less than $15,000 may now be released without peer review. This policy change means the time it takes for SSI recipients to receive their first installment payment is now dramatically reduced.”
Social Security Underpayments: What’s Next?
The SSA says that its dedicated to improving its ability to send out Social Security payments on time, which would allow it to reduce the amount of underpayments it has to make.
The SSA also notes that there are several reasons why underpayments occur. That includes the failure of potential recipients to send to updated data, as well as the agency not acting on it after getting the data. That, combined with complex calculations, is part of why SSI underpayments occur.
Of course, that’s not all of the news that is worth reading about on Thursday!
We also have all of the hottest stock market happenings you need to know about today! Among that is what’s going on with shares of Meta Platforms (NASDAQ:META), Intuitive Surgical (NASDAQ:ISRG) and Oklo (NYSE:OKLO) stock. You can catch up on all of this at the following links!
More Stock Market News for Thursday
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
