Social Security Administration

Does the “big, beautiful bill” eliminate taxes on Social Security?

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Does the "big, beautiful bill" eliminate taxes on Social Security?

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

Social Security’s insolvency date is now a year earlier. Here’s how it could impact your benefits.

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Social Security's insolvency date is now a year earlier. Here's how it could impact your benefits.

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