Taxable Maximum
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…
“Fixing” Social Security–A quick recap of some of the ideas being advanced
Money.com’s Pete Grieve, in a post on nasdaq.com, provides a quick summary of five of the ideas currently circulating among various proposals to address Social Security’s looming insolvency problem. As Grieve points out, public sentiment for resolving the matter “sooner…
Tax Policy and Social Security’s Future–Two Closely-Tied Topics
Earlier this month, the White House presented its Fact Sheet on the proposed budget, part of which focuses on the premise that the spending plan Makes Wealthy People Pay Their Fair Share. Since the issue of taxation typically emerges in…