Social Secudity
Social Security will remain solvent as long as people contribute.
There is a lot of unnecessary fear that Social Security will go bankrupt. Social Security operates on a pay-as-you-go basis and remains funded as long as workers contribute. Social Security is experiencing a financial deficit, which may lead to reduced…
Ask Rusty – Is There Income Tax on Social Security Benefits?
Dear Rusty: The Trump Administration is saying that now there will be no taxes on Social Security benefits. Since we’re getting ready to start our 2025 income tax return, can you explain how this all works? Signed: Confused Taxpayer Dear…
People sixty-five or older may receive a higher tax deduction on their 2025 Tax Return
A lot of people were hoping to see the taxation of Social Security benefits end; however, that did not happen. However, included in the “One Big Beautiful Bill” (OBBB) that did pass is included an additional $6,000 tax deduction for…
Ask Rusty – Did the Obama-era Social Security Tax Cuts Hurt the Program?
Dear Rusty: I will be retiring early next year but my question to you is: During the Obama administration, payroll taxes that employees pay were cut in half from 6.2% to 3.1%, while the employer’s part stayed the same at…
Judging COLA’s Adequacy
Much has been written about the annual Social Security cost-of-living adjustment process, from explaining how the formula works to opinions on its effectiveness in keeping seniors above poverty lines. With the 2025 benefit increase coming in at 2.5%, down from…
Filing for Benefits: The Basic Question
As multimedia journalist Tracy Byrnes point out at the beginning of her post on www.thestreet.com, the first and most basic question you should consider asking yourself is, “Do you really need the check?” Asking this question will help you think through the pros…