Social Security
Social Security and Income Taxes: Looking Beyond the $6,000 Bonus Deduction
At this point, it’s pretty well understood that the 2025 “One Big Beautiful Bill Act” provides a “bonus” income tax deduction intended to offset (for most seniors) the impact of federal income tax levied on Social Security benefits. It’s also…
Want to earn the maximum Social Security benefit? Here’s what to do.
The maximum monthly benefit available from Social Security in 2026 will be $5,251, or $63,012 annually. That’s an attractive target, of course, but very, very few workers will reach that level of payment. It’s a lofty goal, of course, but…
Understanding the long-term effects of two key Social Changes in 2026
Many of Social Security’s myriad details change annually, so 2026 is no different in that respect. There are, however, two fundamental provisions that should be understood by those not yet drawing benefits. They’re important because they affect future benefits. Check…
Social Security’s realities can be an eye-opener for some.
“Unfortunately, although many Boomers will rely on Social Security to help them cover essential (retirement) costs, many members of this age group simply don’t know the truth about this benefit program or what it can do for them.” That’s the…
Understanding Survivor Benefits
The death of a spouse is generally a traumatic event in a couple’s life and, in so many instances, causes considerable stress for the survivor left to navigate the financial decisions in the future. While the basic rules governing the…
Ask Rusty – My Wife Believes She Can Get a Spouse Benefit While I’m Still Alive; Can She?
Dear Rusty: A friend of my wife told her, and she believes, she could receive a Social Security benefit based on my SS benefit that I’m currently receiving while I’m still alive. I told her she could only receive spouse…
Interest rates and future COLAs: A source of concern for beneficiaries
There’s been a fair amount of hype around the recent Federal Reserve actions on key interest rates, most recently a mid-December quarter-point cut. That, of course, was a welcome move for investors, even though its impact had already been largely…
Social Security and the Federal Payroll Tax
Nearly all workers pay it, but very few understand it – the Federal Payroll Tax. With few exceptions,[1] everyone who works and earns a paycheck is subject to the federal payroll tax on their earnings. That’s more than 180 million American workers, about 93% of the U.S. non-government workforce. …
Social Security and Women in Retirement
A recent Transamerica Center for Retirement Studies survey reports that more than a quarter of women (27%) picture Social Security as their primary source of retirement income. The survey notes that men are less reliant on their projected Social Security…
The Clergy Act H.R.227
The Clergy Act (H.R.227), if passed, would establish a two-year window for certain members of the clergy and Christian Science practitioners to revoke their exemption from Social Security and Medicare taxes on ministerial earnings. Under current law, individuals who object…