The Social Security Administration said it will now seek to recoup less money from beneficiaries. Advocates say the revised policy is still burdensome.

During his final days in office, President Joe Biden signed the Social Security Fairness Act, which increased the federal retirement benefits of 3.2 million U.S. seniors. If you're among them, you've probably eagerly awaited the adjustment to your checks, which may amount to as much as $1,100 more per month for some retirees.

Just weeks after announcing a 100% withholding rate on new overpayments of benefits, the Social Security Administration has slashed the rate down to 50% for certain beneficiaries.