Taxable Maximum
Social Security’ 2026 changes: How they affect higher and lower earners
Each year, Social Security undergoes a series of parameter changes that have an across-the-board impact on all beneficiaries. That’s simply part of keeping the massive program at least partly synchronized with the national economy. There are two key changes, though,…
Proposed Social Security Legislation Would Increase Benefits, Raise Taxes
New legislation has been proposed by Sen. Brian Schatz (D-HI) that would increase benefits for Social Security recipients by adding an estimated $ 150 per month to payments and modifying the current cost-of-living methodology to reflect cost categories more appropriate…
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…
A Thought on Increasing Social Security’s Revenue Picture
Addressing Social Security’s long-term financial problems typically comes down to two fundamental moves: increasing the incoming revenue or decreasing the outgoing benefits. Either move presents challenges for policymakers, and that’s why there’s a constant search for new and novel approaches.…
Senate Bill S.4877 Would Buy 19 Years
Titled the “Protecting and Preserving Social Security Act,” S.4877 recently introduced by U.S. Senator Mazie K. Hirono (D-HI), would extend the full depletion of Social Security’s trust funds an additional 19 years, to 2054. The length of the extension was…
Social Security’s Maximum Benefit–How Do You Get It?
Well, let’s just say it’s very difficult. Very few beneficiaries have an earnings record robust enough to generate the highest available benefit ($5,108 this year). As explained by Yahoo!Finance reporter Rachel Christian in a post on their website, “the path…
The Debate on Social Security’s Taxable Maximum Continues
One of the common targets in the search for meaningful Social Security reform involves the Taxable Maximum–the amount of earnings subject to the employer/employee 6.2% matching payroll tax levy. This year, the maximum is set at $176,100, meaning that earnings…
2025 Brings With it Several Key Changes
By now, everyone receiving Social Security retirement-related benefits is likely aware of the 2.5% increase scheduled for January 2925. That’s a welcome adjustment for millions of folks, despite the general criticisms about its inadequacy to cope in full with rising…