Social Security, Big Beautiful Bill
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The Social Security Administration circulated an imprecise email about the provisions in the new law. Here’s what it actually does.
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.
The consolation prize retirees received from the One Big Beautiful Bill is arguably a bigger win than ending the tax on benefits.
The way annuities affect Social Security benefits may surprise you. Here's how they interact and what to watch for.
Financial adviser Devin Carroll got right to work over the Fourth of July weekend assessing his clients’ tax obligations after the Republican megabill was signed. The professional software he uses to run planning scenarios updated with the tax-related changes coming for 2025, and he was able to model what would be different for his clients.
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When Americans can no longer trust the information it receives from the Social Security Administration, there's a problem.