Social Security provides critical benefits to countless seniors and disabled Americans, but despite the program's long-term standing, there has been talk in recent years of it running out of money. In fact, in a 2016 Transamerica survey, 77% of workers said they're worried about Social Security going bankrupt by the time they're set to retire.
But while the program isn't going broke (or going away), it does have its share of money problems -- not the least of which is the $1 billion it just lost to incorrect payments. A recent audit of the Social Security Administration confirmed that over the past decade, the agency paid $1 billion in benefits to recipients without valid Social Security numbers. Specifically, over 22,000 individuals received money they shouldn't have from the agency. Ouch.
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