If America had a solvent Social Security program that wasn’t promising rich couples $100,000 per year, the trade deficit would be dramatically smaller. Social Security’s Trustees just released ...

Claiming Social Security before your full retirement age (FRA) -- which is when you're eligible to receive your base monthly benefit (called the primary insurance amount) -- will result in a decreased ...

A proposed law, the 'Social Security and Medicare Fair Share Act,' aims to address this by taxing incomes over $400,000, potentially closing 80% of the program's deficit.

Key Points The Social Security program is beginning to pay out more than it's bringing in. Social Security benefits could be cut by 23% in 2033 if the deficit continues at its current rate.

However, Social Security paid out $1.327 trillion in 2024 — more than it received — meaning it had to withdraw $103 billion from the trust fund, leaving $2.538 trillion.

Instead of eliminating taxes on Social Security benefits, the House bill includes a new tax break for senior citizens: an extra $4,000 deduction for filers who are 65 and older.

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 first monthly batch of Social Security benefits are paid later this May than in any other month this year due to a quirk in the 2025 calendar and the SSA's payment schedule.

While Social Security is in no danger of insolvency, its existing payout schedule, including annual cost-of-living adjustments (COLAs), is at risk of being cut in the near future.

Given the deficit that Social Security had in 2024, should current and future retirees be concerned? For most current retirees, no. However, if you're a current worker or approaching retirement ...