President Trump’s administration is adjusting Social Security garnishment rates for delinquent federal student loan borrowers and beneficiaries overpaid. Unpaid federal taxes and court orders can also result in benefits being garnished. Social Security is crucial for retirees, with an average benefit of over $2,000. Over 16 million adults aged 65 and over rely on Social Security to stay above the poverty line. There are six ways benefits can be garnished, up to 65% in some cases. Options are available to reduce or waive repayment liability for overpaid beneficiaries. Delinquent federal student loan borrowers may qualify for discharge programs. Unpaid federal taxes can lead to a 15% garnishment rate. Court orders for child support, alimony, and victim restitution can lead to garnishment rates of up to 65% and 25% respectively. Make sure to plan ahead to avoid financial hardships due to Social Security garnishment.

Read more at Nasdaq: 6 Ways Your Social Security Benefit Can Be Garnished — Including 2 Directly Impacted by the Trump Administration