Social Security Benefits: Social Security Losing $8 Billion Dollars to Wrong Claimants

Thursday, June 16, 2011

A government investigator said the Social Security Administration (SSA), has been shelling out $8 billion dollars to undeserving claimants while some beneficiaries receive financial assistance more than what they need.

Patrick O’Carroll, the inspector general of SSA said that in 2009, the agency overpaid $6.5 billion for disability claimants, while it made almost $1.5 billion in underpayments.

According to the investigation, the benefits were obtained by claimants who altered their numbers and records. Meanwhile, some of the beneficiaries did not give the complete report of their assets and properties.

Legislators and officials said such errors in making payments would cause significant problems for the SSA in the future. However, the SSA said that they are trying to minimize such mistakes to continue providing assistance to the elderly, retired, and disabled.

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