Donald Trump, Social Security and tax
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The second round of Social Security payments for the month of July are headed out. Here's when you can expect your check.
Let's assume that you worked for at least 35 years in jobs that are eligible for Social Security and you wait until age 70 to claim benefits. What salary do you need to make to receive the maximum benefit payment? The magic number is $176,100 -- for now.
When you've spent four decades or more in the workforce, it's understandable to be drawn to the idea of claiming those monthly checks at 62.
With concerns over Social Security high, seniors may benefit by supplementing their income with one of these options.
Starting in August, the Social Security Administration (SSA) will claw back overpayments, potentially reducing recipients’ checks by as much as half. Those who received a letter from the SSA regarding overpayment may need to rebudget their expenses as the agency moves to recoup excess funds.
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The same approach could work again: thoughtful, phased reforms that maintain the program’s core protections. Ideas on the table include lifting the payroll tax cap (currently $176,100), gradually raising the 6.2% FICA rate, or making more forms of compensation subject to payroll taxes—similar to how TSP contributions are treated.
Pairing an annuity and Social Security can have a big, and perhaps surprising, impact on your retirement plan.
Choosing the right Medicare coverage, deciding whether to buy a long-term-care insurance policy and determining when to claim Social Security retirement benefits are among the most complicated financial decisions older adults need to make. Can AI help?
Senator Bill Cassidy on Friday proposed significant changes to Social Security to prevent the agency's impending insolvency.In an interview on CNBC's Squawk Box, he said the Social Security fund is currently invested in Treasury bonds,