How Trump’s new spending law will impact taxes – CBS News Watch CBS News Does President Trump’s new economic law really wipe away taxes on Social Security and tips? CBS News MoneyWatch correspondent Kelly O’Grady dives into the fine print. Be the first to know Get browser notifications for breaking news, live events, and exclusive … Read more
As Congress was approving President Trump’s “big, beautiful bill” on Thursday, the Social Security Administration touted the legislation by stating that the legislation “eliminates federal income taxes on Social Security benefits for most beneficiaries.” That claim, which echoes previous promises by Mr. Trump to remove taxes on Social Security, may have come as welcome news for the … Read more
Americans are continually encouraged to sock away money in a 401(k) or other retirement plan to ensure a comfortable, if not cushy, life in their later years. Yet about half of all U.S. workers in the private sector lack access to an employer-sponsored retirement plan, a huge obstacle in building enough wealth to retire, a … Read more
Social Security may run out of funds for full payments earlier. Here’s how it impacts benefits. – CBS News Watch CBS News A new projection shows Social Security is on track to deplete its funds for full payments earlier than previously forecasted. CBS News business analyst Jill Schlesinger breaks down how it could impact beneficiaries … Read more
When Social Security mistakenly overpays benefits, you might get a bill | 60 Minutes – CBS News Watch CBS News Each year, about two million people are told they owe the Social Security Administration money because the agency miscalculated their benefits and paid them too much. Be the first to know Get browser notifications for … Read more
Social Security is on track to deplete its trust funds by 2034, one year sooner than previously forecast, when the federal retirement program will be required to cut monthly benefits by about 20%. The new projection, issued Wednesday in the Social Security Board of Trustees’ annual report, is partly due to increased costs from the Social Security … Read more
New data on wage growth for people staying at current jobs – CBS News Watch CBS News Wage growth may be paying off more for those who are choosing to stay with their current employers instead of making a switch to a different company. Juliana Kaplan, a senior labor and inequality reporter at Business Insider, … Read more