Suze Orman's Women & Money (And Everyone Smart Enough To Listen) Suze School: What The “Big Beautiful Bill” Means for Your Social Security Benefit
Jul 27, 2025
Delve into the latest changes in Social Security benefits, including an exciting new $6,000 income deduction for seniors. Learn how this deduction works and why consulting a tax professional is essential for smart financial planning. Get inspired to take action towards enhancing your financial well-being with empowering tips and attractive savings accounts offering enticing interest rates. Plus, discover investment strategies and market predictions to navigate the upcoming months effectively.
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Social Security Taxation History
- Social Security benefits began as completely tax-free in 1935.
- Taxation on benefits started in 1983 and increased in 1993, but income limits for taxation haven't changed since then.
Social Security Tax Rules Unchanged
- The actual taxation rules of Social Security benefits remain unchanged by the new bill.
- The new law adds a distinct income deduction unrelated to Social Security taxation.
New $6,000 Income Deduction
- Taxpayers age 65 or older may claim a $6,000 income deduction starting 2025.
- This deduction is in addition to existing senior deductions and applies even if you haven't started claiming Social Security.