Cynchbeast Posted November 14, 2013 Posted November 14, 2013 Sorry, I realize this doesn't pertain directly to retirement plans, but it is related to retirement. We have client who normally receives his Social Security check on the third Wed of each. He unexpectedly received his Social Security on 11/01/13, and then again on 11/13/13. So it appears he was overpaid. Assuming this was indeed a mistake and he continues to receive regular checks from December on, how much time does the SSA have in which they can come back and demand the money?
david rigby Posted November 14, 2013 Posted November 14, 2013 Not criticizing or pointing fingers, but are you sure? Could this person be confused about what he received? For example, there is a SSA push to get all payees to receive electronic payments, http://www.ssa.gov/deposit/ I'm a retirement actuary. Nothing about my comments is intended or should be construed as investment, tax, legal or accounting advice. Occasionally, but not all the time, it might be reasonable to interpret my comments as actuarial or consulting advice.
ESOP Guy Posted November 14, 2013 Posted November 14, 2013 It appear they can go back forever. http://www.usatoday.com/story/news/nation/2013/05/06/mother-social-security-debt/2138219/ Why doesn't this person just call them up and ask a few simple questions?
masteff Posted November 15, 2013 Posted November 15, 2013 Were the amounts received the exact same amount? Did your client work (ie have social security wages) last year? If he worked, he may have received an adjustment, retroactive to January 1st. http://www.ssa.gov/pubs/EN-05-10069.pdf Kurt Vonnegut: 'To be is to do'-Socrates 'To do is to be'-Jean-Paul Sartre 'Do be do be do'-Frank Sinatra
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