President Trump's Plan to End Social Security Benefit Taxes Could Save the Average Senior Household $3,000 in Annual Taxes -- but There's a Downside, Too
Retiring without Social Security today would be challenging, especially if you haven't been able to save much during your career. But retiring on Social Security alone is also difficult. Though cost-of-living adjustments (COLAs) increase benefits in most years, expenses often rise faster. Some seniors find themselves losing a cut of their benefits to the IRS, too.President Trump vowed to eliminate Social Security benefit taxes during his 2024 campaign. Now, Representative Thomas Massie (R-Ky.) has introduced a bill to do just that.It's far from a done deal, but if it passes, it could save the typical senior household thousands per year in taxes. However, it also has a downside that could hurt retirees a few years down the road.Continue reading
Retiring without Social Security today would be challenging, especially if you haven't been able to save much during your career. But retiring on Social Security alone is also difficult. Though cost-of-living adjustments (COLAs) increase benefits in most years, expenses often rise faster. Some seniors find themselves losing a cut of their benefits to the IRS, too.
President Trump vowed to eliminate Social Security benefit taxes during his 2024 campaign. Now, Representative Thomas Massie (R-Ky.) has introduced a bill to do just that.
It's far from a done deal, but if it passes, it could save the typical senior household thousands per year in taxes. However, it also has a downside that could hurt retirees a few years down the road.
