Undocumented immigrants do not qualify for Social Security benefits if they have not obtained a SSN and are authorized to work in the U.S. by the Department of Homeland Security. https://t.co/Tcj2TyKQLf ...

Retirement Planning Strategies - Utilizing retirement savings or annuities can defer Social Security claiming until age 67 or later [1] - Delaying Social Security benefits claiming can substantially increase monthly payments [1]

Primary insurance amount is a calculation, used with the average indexed monthly earnings (AIME), to determine a person's Social Security benefits. https://t.co/dyi4diqc1Q ...

Social Security benefits are a key source of income for retirees, including spouses. Read how spousal benefits are calculated and what you can do to maximize them. https://t.co/DSGI9KqIFE ...

Social Security Benefits - Social Security benefits terminate upon death [1] - Survivorship benefits may be available to qualifying beneficiaries [1]

Social Security Overpayment Recovery - The Social Security Administration is recouping overpayments by withholding 50% of a beneficiary's monthly check until the total overpayment is reclaimed [1] - Beneficiaries can contact the Social Security Administration to request smaller payment amounts or petition to waive the payment altogether if they cannot afford it [6][7] - Beneficiaries can also request a reconsideration if they believe they were not overpaid or it wasn't their fault [7] Impact of Income on Social Security Benefits - Capital gains from selling a house are not considered earned income and will not directly affect Social Security benefit amounts [10] - Increases in provisional income can lead to a greater portion of Social Security benefits being subject to income tax; provisional income is calculated as adjusted gross income (AGI) plus municipal bond interest and half of Social Security benefits [11] Senior Tax Deduction - A new tax policy includes an additional deduction of up to $6,000 per taxpayer aged 65 and older, regardless of whether they currently receive Social Security benefits [12][13] - The senior deduction is age-based, not benefit-dependent, and is available to both itemizers and those using the standard deduction, requiring a valid Social Security number [13][14] - The deduction is temporary, set to expire in 2028, and is subject to modified adjusted gross income phase-outs beginning at $150,000 for joint filers [14][15] - The White House projects this deduction will increase the number of beneficiaries paying no tax on their benefits from 40-50% to 88% [15] Roth IRA Conversion Planning - A $6,000 deduction equates to $12,000 per couple, but this deduction is reduced to zero between $150,000 and $250,000 of modified adjusted gross income, creating a potential tax cliff for Roth conversions at the $150,000 level [16][17] - Taxpayers should model Roth conversions before executing them to determine whether it's more beneficial to convert before or after age 65 [18] Medicare Premiums - The $6,000 senior deduction can lower adjusted gross income, potentially impacting Medicare premiums, which are determined by adjusted gross income on a sliding scale [20] - Changes in adjusted gross income affect Medicare premiums with a two-year lag; for example, 2025 premiums are based on 2023 income [21] - The Medicare Part B premium is estimated to increase 11% to above $200 for 2022 [21]

Policy Claim Analysis - The "Big Beautiful Bill" does not eliminate taxes on Social Security benefits, despite claims to the contrary [1]

Primary insurance amount is a calculation, used with the average indexed monthly earnings (AIME), to determine a person's Social Security benefits. https://t.co/TIV4BqGA7v ...

Average indexed monthly earnings (AIME) is used to determine the primary insurance amount (PIA) that values an individual's social security benefits. https://t.co/R8YXdDzaaT ...

Social Security Trends - Americans claiming Social Security benefits between January and May are nearly 18% higher than the same period one year ago [1] - The surge in Americans claiming Social Security benefits at an early age (62) is the highest in over two decades [2] - Over 75% of Americans under 50 believe Social Security won't be there for them in full [6] Factors Driving Early Claims - Fear that Social Security may not be available in the future [2] - Legislation allowing previously ineligible individuals to claim Social Security benefits [3] Impact of Early Claiming - Claiming early (e g, at 62) can result in approximately a 30% reduction in benefits compared to full retirement age (e g, 67) [4] - Waiting until age 70 could yield about 30% higher benefits than claiming at age 67 [4] Future of Social Security - Adjustments to the Social Security system are expected, such as raising income requirements and increasing the retirement age [7] - Potential changes to the structure of Social Security may include prolonging when benefits can be taken or implementing means testing [9] Retirement Planning Strategies - Individuals should plan for their future including Social Security and even a potential decrease in benefits [9] - Younger individuals should start saving early, even with summer jobs, by opening a Roth IRA to take advantage of compound interest [11][12] - Consider additional income streams such as non-retirement accounts or side gigs [10]