Two Social Security Policy Shifts That Could Change Your Benefits

Two Social Security Policy Shifts That Could Change Your Benefits

Key Points Social Security is a lifeline for older Americans, but unfair policies routinely cost seniors money. Adjusting the formula for COLAs could help seniors snag larger raises year to year. Changing the rules for taxing benefits could put more money in seniors’ pockets. Are you ahead, or behind on retirement? SmartAsset’s free tool can match you with a financial advisor in minutes to help you answer that today. Each advisor has been ca…

Rep. Larson’s Bold Plan: What a 2% Raise Means for Your Social Security Benefits

If you’re getting Social Security—or planning to one day—there’s some news that might actually brighten your day. Congressman John Larson from Connecticut is pushing hard for a bump in Social Security checks for millions of folks, and it’s starting to get some real momentum. So, What’s the Plan? Larson’s big idea is simple: he wants to give everyone on Social Security a 2% raise. Now, 2% might not sound like a ton, but this would be the first re…

Will Trump's Spending Bill Eliminate Taxes on Social Security Benefits? @themotleyfool #stocks

Social Security income tax deduction clears critical hurdle

New House bill changes standard deduction for seniors over 65.

The Trump Administration Is Clawing Back Social Security Overpayments. Here's What to Know

In a significant policy shift, the Trump administration has reintroduced a 50% clawback rate for Social Security overpayments — meaning the government can now withhold up to half of a recipient’s monthly benefit to recover overpaid funds. This comes after the Biden administration had lowered the clawback rate to 10%, citing the financial vulnerability of many beneficiaries. For a brief (and controversial) period earlier this year, under the Trum…