As months were spent debating new budget and tax regulations in Congress, a primary concern for pre-retirees and retirees was the possible impact on Social Security.

According to a 2024 survey, around two-thirds of pre-retirees or retirees in the United States see their monthly Social Security benefits account for at least half of their income¹. While legislators on both sides of the aisle continue to warn against the fact that Social Security is paying out more than it takes in, July’s passing of a new spending bill will not lower current benefits for recipients.

The small changes that have been made to Social Security policy revolve around tax implications. Those classified as higher or lower income benefit recipients won’t see a change, but the White House Council of Economic Advisors estimates that a new “senior bonus” tax deduction will save an average of $670  for 33.9 million seniors age 65 and older. It is important to note that this bonus begins at age 65, meaning those receiving early Social Security benefits will not be eligible for the new incentive².

Remember that Social Security can be much more than a monthly check. When considered as part of a comprehensive financial and retirement plan, there are many ways to elect the benefits received and a thorough review of your total financial landscape can provide efficient ways to elect benefits that are better suited for your overall goals and needs.

Whether you’re just starting to plan for the future or are already retired, talking to an experienced financial professional is always a good idea. Contact us at 678-539-9518 and get a full understanding of how to best manage your income and expenses as part of a comprehensive plan.

1. https://seniorsleague.org/two-thirds-of-seniors-rely-on-social-security-for-more-than-half-their-income/
2. https://govfacts.org/explainer/how-the-one-big-beautiful-bill-impacts-social-security/

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