Qualified workers are entitled to retirement benefits at age 62. But anyone who collects Social Security before full retirement age (FRA) will have a portion of their benefits withheld if their income exceeds certain limits known as the retirement earnings test (RET) amounts.

Readers are concerned that his campaign proposals would put Social Security’s finances on thinner ice, endangering their payments.

Though President-elect Donald Trump has often promised to protect Social Security, he has not explained exactly how he would save the beloved – but financially troubled – entitlement program. Nor did he take any meaningful steps to shore up Social Security during his first term in the White House.

Self-employed people must shoulder the full 12.4% tax, though they get to claim a deduction on their income tax return for one-half of the self-employment taxes they pay. In this case, the higher ceiling on Social Security payroll taxes for 2025 will cost them $930 more.

Tax experts advise a 'wait-and-see' approach to planning when it comes to Trump's campaign promise to eliminate taxes on Social Security benefits.

And while a strong stock market may have raised that number since that data was collected, the reality is that many retirees today have minimal savings given their life expectancies. For this reason,

Key Insights from 24/7 Wall St. A larger Social Security benefit takes the pressure off your savings. Think about your desired retirement lifestyle and plan for one-off expenses. Use a time-tested withdrawal rate to figure out what nest egg to aim for.

The timing of filing for Social Security benefits is one of the most important decisions senior Americans must make. But few think about the implications filing early or late in life has on widowed spouses,

Social Security is not a retirement fund—it's a transfer program, taking income from the payrolls of current workers and giving it to retirees. Generally, these retirees are already wealthier than the workers subsidizing them.