Social Security solvency
Should You Have Taxes Withheld from Your Social Security Benefit?
Up to 85% of your Social Security benefits can be taxable income. You can use IRS form W-4V to request tax be withheld from your Social Security benefits. This move can help keep you from owing money at tax time.…
There’s a New Bill in Town
The Social Security Expansion Act aims to change the COLA adjustment calculation from the CPI-W to the CPI-E, which is more in tune with Senior Citizens expenses. It also proposes the Social Security payroll tax be applied to additional earnings…
Does Trump’s Plan to end Taxes on Social Security Benefits Make Sense?
Income taxes paid on Social Security benefits are an important source of revenue for the Social Security Trust Fund. As much as President Trump would like to alleviate this burden on Social Security recipients, Social Security can not afford to…
Looking Hard at Social Security Reform
This article by J.D. Tuccille for “reason” explains some tough moves that could change Social Security. Read here… As an example of the leading thoughts on reforming Social Security, the Association of Mature American Citizens (AMAC, Inc.) believes Social Security must…
One Way to Improve Social Security Solvency
Ending the Retirement Earnings Test, which places a limit on how much you can earn if you take your Social Security benefits before your Full Retirement Age, would be one strategy to improve solvency. While the purpose of the Depression-era…
Some SSA employees offered reassignment (with conditions)
There is little doubt the the Trump Administration’s new initiative to streamline the federal government, with the new DOGE (Dept. of Government Efficiency) as the lead agency, has caused a fair amount of angst among government employees. To this point,…
Political Promises vs. Social Security Reality
During the 2024 election season, we often heard candidates promising that cuts to Social Security were “off the table.” President Trump was among those so promising but, as is already evident, that promise did not extend to cutting waste and…
New Proposal Raises Retirement Age
The Brookings Institution released a proposal for Social Security reform that includes raising the Full Retirement Age for high earners and taxing all Social Security benefits with adjusted gross incomes above $100,000 for individuals and $125,000 for couples. Melanie Waddell…
Trump’s Plan to Eliminate Federal Tax on Social Security
President Trump has stated he wants to eliminate federal tax on Social Security benefits. Robert Thomas, Senior Editor for Newsweek explains why that may not be a good decision in the long term. Although it sounds great to give tax…
The Social Security Financing Problem
The Social Security Insolvency issue will not go away by itself. Congress needs to reform it to avoid a fiscal crisis. From increasing life expectancies to a decline in the number of workers paying into the program, Social Security is…