The Social Security Fairness Act says that if you claimed Social Security between January 2024 and when your benefit adjustment took effect, you should be entitled to a one-time retroactive payment. This could be worth thousands or even tens of thousands of dollars for some seniors.

There were increased fears about financial hardship for Social Security beneficiaries in the coming days. In light of such an impending scenario, the Social Security Administration announced that it is reducing its overpayment clawback rate to 50% from 100%.

As Democrats link Trump to Social Security’s struggles, he reiterates his promise to protect the agency’s benefits while also carrying out sweeping staff and spending cuts.