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There are currently nearly 69 million recipients, according to the Social Security Administration (SSA).
However, not all Social Security recipients have their benefits taxed.
Savings would grow for future years.
Here are four smart money moves to consider if Trumpcuts taxes on Social Security benefits.
Its wise for retirees to save even more, targeting at least six to nine months of living expenses.
Unfortunately, many retirees dont meet this threshold.
Purchase Dividend-Paying Stocks
A fantastic way to use unexpected savings is to grow the funds.
Despite market uncertainty in 2025, dividend-paying stocks have fared well.
The S&P 500 Dividend Aristocrats, as one example, has gained nearly 3%.
Other dividend payers have gained significantly more, according to theWall Street Journal.
Using unplanned savings to manage risk and grow wealth can be an effective way to attain both.
Use the Funds To Travel
Why not use extra savings to fund something fun like travel?
Nearly 70% of Americans over 50 are planning to travel in 2025, according toAARP.
Perhaps you’re free to use savings to pamper yourself on vacation or simply cover costs.
Travel expenses, like other costs, do increase.
Americans say that cost dictates their travel.
For retirees concerned about travel costs, using the savings can be a good way to manage travel-related expenses.
Save For Large Expenses
Inflation has been problematic for many Americans.
Additionally, tariffs have the possibility of furthering pain when shopping.
Worse yet, Social Security is a major source of income for many retirees.
This can make major purchases troublesome, at best.
Applying savings toward large expenses is a good way to mitigate impact on a budget.
Its not a done deal that Trump will attempt to eliminate taxes on Social Security benefits.
Any changes to Social Security require an act of Congress.
If that does come to pass, consider one of these money moves to bolster your finances.
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