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The IRS has introduced new tax deductions for millions of workers, allowing up to $25,000 in tips and $12,500 in overtime premiums to be deducted starting in 2025.
A small number of Americans receive the maximum Social Security benefit. Achieving this requires a specific strategy involving 35 years of high earnings and delaying claims.
The Social Security cost-of-living adjustment (COLA) for 2026 is projected to be between 2.7% and 2.8%, but a government shutdown could delay the announcement.
Social Security beneficiaries face a unique payment schedule in October 2025, with SSI recipients getting two payments. The SSA will also announce the 2026 COLA.
New government reports project Social Security and Medicare trust funds will be depleted in the 2030s, potentially forcing benefit cuts without legislative action.
