#social-security

#social-security

Under the One Big Beautiful Bill, seniors will see their Social Security income shielded from federal taxes-an adjustment projected to benefit 100,000 retirees in the state. The White House reports that 88% of Social Security recipients will pay no federal income tax on those benefits beginning with the 2026 tax year. That's up from just 64% under previous law and represents 14.2 million additional seniors keeping more of their retirement income.

The OBBBA created a deduction specifically for seniors: $6,000 for individuals over age 65 and $12,000 for qualifying couples, increasing the total deductions significantly.

The One Big Beautiful Bill Act (OBBBA) introduces a senior deduction of $6,000 for individuals and $12,000 for married couples, ensuring 88% of seniors avoid federal tax on Social Security benefits.

The legislation introduces a senior deduction that exempts most Social Security benefits from federal taxation, bringing financial relief to roughly 200,000 retirees in Delaware.

Seniors must maintain an adjusted gross income (AGI) below $150,000 for joint filers and $75,000 for individuals to fully benefit from tax breaks.

Treasury Secretary Scott Bessent has identified components of the budget law as a "backdoor way for privatizing Social Security." He emphasizes the potential threat this poses to the program.

If inflation stays elevated above the Fed's 2% target for too long, interest rates could remain higher for longer, slowing overall economic growth in the U.S.

The transition to electronic payments exclusively aims to improve efficiency, security, and ensure beneficiaries receive their monthly benefits promptly, according to the SSA.

The Federal Reserve's decision to hold interest rates steady came despite intense pressure from President Trump to lower borrowing costs for economic growth.

Claiming Social Security at 65 means filing two years prior to FRA if you were born in 1960 or later. That means you could be looking at a permanent 13.34% reduction in your monthly benefits, more or less.

The new analysis projects a 24% cut to benefits by late 2032, equal to an $18,000 annual benefit cut for a dual-earning couple retiring in 2033.