the adjustment for lost benefits was not nearly as generous as it is today. Initially, the social security benefit structure discouraged work after the age of 65. With recent changes, the program is roughly neu
President Trump while on the campaign trail proposed eliminating taxes on Social Security benefits. "Seniors should not pay taxes on Social Security," he commented on social media in July. He reiterated the point during aFox & Friendsinterview in August. Importantly, Trump is not the onl...
Your Social Security benefit payments can be a significant part of your retirement income. To make the most of these benefits, timing matters, and a little bit of planning can go a long way. To figure out your best move, take into account your retirement age, health, other sour...
Would a beneficiary have to take action to get increased benefits? It depends. The proposals moving on Capitol Hill are straightforward: “The Commissioner of Social Security shall adjust primary insurance amounts to the extent necessary to take into account” changes in the law. And the Social...
Daniel Patrick Moynihan (D) of New York, a leading expert and influential voice on Social Security reform, proposed changes March 16 that would allow workers to invest money in a personal savings account. "It's gone from being a third rail to something that is highly talked about," Sanford...
Social Security benefits began being taxed in 1984 as part of the last major federal overhaul to shore up the program’s finances. Any changes to tax law would need to go through Congress. How Social Security benefits are taxed Currently, seniors don’t owe taxes on their benefits if they ...
So taxing Social Security benefits doesn’t significantly contribute to the trust funds, but eliminating it completely — as Trump has proposed —could speed along its insolvency. “Trump’s proposal to eliminate taxes on benefits — which would largely benefit higher income earners — is not paid...
Either way, retirement programs such as Social Security and Medicare sit in the crosshairs of many proposed changes. “There is a clear indication that (Trump) is going to look at things differently,” says Javier Palomarez, president and CEO of the United States Hispanic Business Coun...
The baby boomer generation is so large that it is putting a strain on Social Security. Raising the retirement age and raising Social Security taxes are two ways to address this growing demand for benefits. Some Americans are nervous about proposed changes to Social Security by the Trump administr...
The program faces some hurdles that can impact its long-term viability, with the White House’s proposed elimination of federal income taxes as one concern that can impact Social Security. Here are a few key takeaways when it comes to the White House versus your Social Security benefits:...