New deduction may lower seniors’ Social Security tax burden

A blog post by Luke Delorme — director of financial planning at Tableaux Wealth in Great Barrington, Massachusetts — laid out how the change could lower taxable income for people ages 65 and older but also worsen Social Security’s long-term finances.

Actuaries estimate the new provision will move the trust fund’s depletion date ahead by about six months to early 2034. The policy…