#49 - Social Security Is STILL Shortchanging Widows (2018)

In 2009, senior officials at the Social Security Administration were made aware of grossly underpaying widows who were entitled to much larger benefits. They did nothing. So, the "whistleblower", for lack of a better term, contacted the one person with a large enough megaphone and deep understanding of Social Security to tell him about this absolute disgrace, Larry Kotlikoff. In 2015, Larry wrote a scorching article for PBS about this issue. The Social Security Administration did nothing. In February 2018, the report was released. And this is what they concluded: "...we estimate SSA underpaid about $131.8 million to 9,224 beneficiaries who were age 70 and older. In addition, we estimate SSA will underpay an additional 1,899 beneficiaries who were under age 70 about $9.8 million, annually, beginning in the year they attain age 70." What will the SSA do now??? Who knows but this means you need to understand your OWN Social Security benefit.