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Social Security has two other funding sources: benefit taxes on some seniors and interest income earned on money in the program's trust funds. But both of those are in danger right now. The ...
Social Security is spending more money than it is taking in, and these deficits are only expected to get worse over time, until the program completely runs out of money in about a decade.
Taxing income above $400,000 per year: Right now, only income up to $176,100 per year is subject to Social Security taxes. Taxing those at higher incomes would increase Social Security's cash flow ...
Living on Social Security alone is challenging, yet for many, the safety net represents their primary or only source of income. As of mid-2024, the Social Security Administration reported that ...
Social Security benefits received a 2.5% cost-of-living adjustment (COLA) in 2025, but for many retirees, this is not enough to keep up with rising prices. Their monthly checks don't go as far as ...
In 2024, the wage cap sat at $168,600. But this year, it's up to $176,100, which means higher earners will pay Social Security tax on an extra $7,500 of income. At first, that might seem like bad ...
People in the top 1% of monthly Social Security benefits, who collect at least $4,100 a month, would need to have as much as $1.23 million in financial assets to produce the same income as they ...
The Social Security Administration (SSA) doesn't want that to happen, which is why automatic COLAs were introduced in 1975. Social Security cards. Image source: Getty Images.