taxable

“In addition to setting money aside in your retirement accounts, consider saving in a taxable account,” T. Rowe Price adds.

Overall, the Senior Citizens League supports raising or removing the cap on the maximum amount of earnings subject to the Social Security tax, known as the taxable maximum.

There’s also a potential deduction on IRA contributions through April 15, 2026 that may cut taxable income.

It’s my understanding an individual can give $19,000 in a year without triggering a taxable event.

The maximum amount of earnings subject to the Social Security tax — known as the taxable maximum — will increase to $184,500 from $176,100, according to the Social Security Administration.