During his campaign, Donald Trump promised to end taxes on Social Security benefits. This would seem like a welcome relief those who have enough other income which would result in federal income tax on 85% of SS retirement benefits. But when you consider the impact on the Social Security trust fund, the proposal may not be so great. Read More >
Significant changes to Social Security, Medicare and taxes are set to take effect in 2025 and as the presidential election approaches, it’s crucial for retirees to grasp these developments and how each candidate's proposals may impact these vital programs and their overall retirement strategies. Read More >
Claiming Social Security prematurely out of fear is a bit like selling stocks in a down market: All you’ve guaranteed is that you’ve locked in a loss. And if future benefit cuts did materialize, the benefits of those who claimed as soon as possible would be reduced even further. Read More >
The “right” answer to this common query remains as elusive as ever. It depends on a wide array of personal variables. No wonder many families find themselves in a quandary when it comes to taking their Social Security benefits. Let’s take a closer look at how to find the right balance for you. Read More >
Recent proposed changes to Social Security Retirement Benefits by Republican Senators may have had you worried, but without a majority in the Senate (not to mention a Democrat still in the White House) there is no chance Social Security and Medicare will be made discretionary expenses and subject to annual budget cuts.
Under the Biden Administration's social security plan, the 12.4% Social Security tax would be collected on earnings up to the regular wage base ($142,800 in 2021) as well as on earnings over $400,000. These additional revenues would be used to expand benefits for specific groups of people. Find out how this might apply to you.
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