Social Security
Will Social Security Taxes Increase?
With the prospect of the Social Security Trust Fund running out of funds by 2035 some are concerned about a Social Security Tax Increase. There are several options to be considered to keep Social Security solvent and raising the tax…
Is COLA Affected by Tariffs?
The yearly Cost of Living Adjustment (COLA) is calculated based on inflation for the third quarter of the year compared to the third quarter of the previous year. Sean Williams for The Motley Fool looks into whether or not President…
“No tax on Social Security” not included in Trump’s “Big Beautiful Bill”
The Trump Administration wanted to end the taxation of Social Security benefits, but some House Republicans did not agree. Instead, the Bill includes a $4,000 tax deduction for those age 65 and older, a compromise intended to help low- to…
Experts Weigh in on the State of Social Security
Social Security is not going away. However, if no changes are made, the combined Old Age, Survivors, and Disability trust funds are projected to be depleted by 2035. This is expected to necessitate a 20 – 25% decrease in benefits.…
Discussion of $4000.00 tax deduction included in “Big Beautiful Bill”
Republicans are using the budget reconciliation process to pass the bill. This lowers the Senate’s threshold for passage from 60 votes to 51 for some fiscal legislation. Supposedly, the reconciliation process forbids direct changes to Social Security; consequently, there’s quite…
New Immigration Policy involves Social Security numbers
The Trump administration plans to cancel immigrants’ Social Security numbers to push for deportation. Critics say it is unconstitutional, while supporters say it is a strong deterrent against unauthorized migration. As a post by VisaVerge explained, “… the cancelation of…
Overpayment withholding rate changed again
A short time ago the withholding rate for Social Security overpayments was 10% of your benefit. Then it changed back to it’s original amount of 100%. Now Social Security information says it is going to be 50%. The return of…
What Happened to the removal of federal taxes on Social Security benefits?
The budget plan now under consideration in Congress gives an increased tax deduction of $4000.00 to seniors, but does not remove taxes. Considering the current state of Social Security solvency, it would not be a financially sound decision to take…
Social Security’s Anti-Fraud Policy reversed
A short time ago Social Security announced implementation of fraud prevention tools for telephone claim processing. There was quite an outcry from seniors claiming it would be difficult for many who do not use computers or live far from physical…
Working after Full Retirement Age
Working after Full Retirement Age can sometimes boost your Social Security benefit depending on the circumstances. If your current income exceeds one of the 35 inflation adjusted years used to calculate your benefits, there may be an automatic increase. If…