Social Security Overpayment Problem Swells to $23 Billion

The Social Security Administration will now have to try and recoup $23 billion in overpayments.

Social Security card is lassoed to keep it from falling off of a cliff.
(Image credit: C.J. Burton, Getty Images)

The Social Security Administration (SSA) released a report revealing its overpayment problem worsened in October, now standing at $23 billion.

The newly released Agency Financial Report showed that the SSA made $11.1 billion in overpayments — accidentally paying beneficiaries too much — and $2.5 billion in underpayments to beneficiaries in fiscal year 2022, up from $6 billion in overpayments and $1.4 billion in underpayments in fiscal year 2021, as noted in the SSA Inspector General (IG) report.

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Joey Solitro

Joey Solitro is a freelance financial journalist at Kiplinger with more than a decade of experience. A longtime equity analyst, Joey has covered a range of industries for media outlets including The Motley Fool, Seeking Alpha, Market Realist, and TipRanks. Joey holds a bachelor's degree in business administration.