The Social Security Administration will be cutting some American’s checks in half starting later this month to recoup nearly $72 billion in improper payments. People who have received more Social Security benefits than needed can expect their monthly payments to be cut in half by around July 24 until the overpayment is repaid.

The Social Security Administration, which overpays billions in benefits annually, will start withholding some benefits sent to overpaid recipients.

Social Security payments go out this month on a normal schedule. However, if you happened to have been overpaid by the Social Security Administration (SSA), your check may soon be a bit smaller. That's because the SSA is expected in late July to begin withholding 50% of benefits for those who have been overpaid but have yet to begin repayments.