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An income cap limits the tax on your income Reviewed by Andy SmithFact checked by Suzanne Kvilhaug Douglas Sacha / Getty Images The Old Age, Survivors, and Disability Insurance (OASDI) tax, more commonly referred to as the Social Security tax, is calculated as a percentage of a worker’s income. The tax is deducted from employee…
Simple strategies to maximize your benefits Reviewed by Thomas J. CatalanoFact checked by Vikki Velasquez  red_moon_rise / Getty Images When Social Security was introduced in 1935, it was never intended to be a primary income source that could support people in retirement. Rather, its sole purpose was to provide a safety net for people who…
Fact checked by Suzanne Kvilhaug Veronique D / Getty Images Starting in 2035, the Social Security trust funds could be depleted, resulting in a reduction of benefits. The number of Americans who rely on Social Security retirement benefits for at least a portion of their retirement income is significant—as of September 2024, there were 54…
