Starting in August, the Social Security Administration (SSA) will claw back overpayments, potentially reducing recipients’ checks by as much as half. Those who received a letter from the SSA regarding overpayment may need to rebudget their expenses as the agency moves to recoup excess funds.

The Social Security Administration under President Trump has raised its overpayment recovery rate to 50% in an effort to improve efficiency.

Pairing an annuity and Social Security can have a big, and perhaps surprising, impact on your retirement plan.