The Social Security Administration is tightening its rules on Social Security overpayment. Beneficiaries could see 100% withholding, a jump from the current 10% rate.

If someone cannot afford full recovery of their overpayment, they can contact Social Security at 1-800-772-1213 or their local office.

The Social Security Administration (SSA) said it is reinstating a plan to recover 100% of overpayments to beneficiaries, a policy the agency abandoned last year after an outcry over cases in which the practice led some Americans to receive shock bills amounting to thousands of dollars.

If you or a loved one relies on Social Security payments, pay attention because there’s about to be a policy change that could affect your money.

The Social Security Administration plans to take back overpayments to beneficiaries from their upcoming checks. CBS MoneyWatch associate managing editor Aime Picchi has more.

The Social Security Administration will resume withholding full benefits from senior citizens who have received overpayments, reversing a Biden policy, in an effort to recoup $7 billion over the next decade.

The Social Security Administration said late Friday it is going to increase the amount it would claw back from Social Security recipients who received overpayments of their benefits, bringing the withholding back to 100% from 10%. The change would apply to new overpayments.

Americans endlessly debate the best age to claim Social Security. If you ask economists and actuaries, the answer is actually pretty simple.