SSA sent me a notice that they overpaid my retirement benefit for the month of Jan 2013. I began receiving benefits at age 62 in 2010
I started small business in 2006 after retiring from corporate job in 2004. My benefits increased annually. They want repayment of 1350 in one payment. Should I ask for reconsideration, or request a waiver to lower amount and/or have the option to re-pay in installments?
You really need to consult with an accountant. It would be well worth the money. | 09.18.14 @ 18:13
Hi - If you haven't yet reached your Full Retirement Age - which depends on your year of birth - income you earn over a certain annual limit is counted against Social Security benefits. For example in 2014, if you earn more than $15,480, your benefits will be reduced by $1 for every $2 of earned income over the annual limit. If this is the case in your situation, you would only have to earn $2,700 over the limit to have to pay back $1,350. The first action I would take is to have them fully explain why they are asking for the money. Once you understand the "why", then work on the "how do I make payment arrangements". Good luck! | 10.01.14 @ 21:52
Another option is to request the overpayment be prorated- typically 12 months. Good luck, Darius | 02.07.16 @ 01:27