It’s also worth noting that the White House’s figures consider only beneficiaries aged 65 and over, but Social Security can be claimed as early as 62, meaning a portion of the recipient population is excluded from their estimate.Meanwhile, older Americans who are barely getting by likely won’t have the income necessary to take advantage of the deduction. If your total allowable deductions already exceed your income, an extra $6,000 doesn’t do much.Only Individuals earning$75,000 or less can claim the full ...