Social Security Checks Could Be Smaller For Michigan Residents
We have all been told since we were young adults that a portion of our income checks are taken out for taxes but what some people may not know or forget is that social security is a part of those taxes. There are funds taken out of every working person's check to put into the nation's social security account. This money is then distributed to retirees to help them maintain a healthy lifestyle.
A common misconception surrounding social security is that each individual person pays into their own social security account as this couldn't be further from the truth. It is one large account that is receiving from everyone and being sent to those that fit the criteria. For years, the amount given in the payments has been a debate point as money always is.
Well, now something is being done about it and it will affect residents all over the United States including here in Michigan. President Donald Trump and his administration have been trying to find ways to pull America out of debt and have done full deep dive analysis into American government spending.
Michigan Residents May Have Smaller Social Security Checks
They sent out executive orders shutting down funding to many government agencies and programs while they decided what was worthy of being funded and what wasn't. This led to the Department of Education being told that they must begin collecting on student loans again. This has placed pressure on Americans and will begin to affect social security payments.
Residents in Michigan and other states that receive social security checks may see some changes starting in June. Some residents may see their checks become smaller or almost completely garnished as the Department of Education begins collecting on late payments. Those individuals were alerted by the Department of Education that they were late on payments and would see these funds removed.
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Federal law does protect $750 worth of social security payments from garnishment but that is still well below the federal poverty line. Those who may be having trouble making payment should contact the Default Resolution Group for other options.