A foldable step assembly that is adjustably engageable with a trailer hitch receiver to achieve a variable horizontal clearance between a step plate and a rearward end of the receiver. The step plate is pivotally mounted to a step mount shank and is foldable from a horizontal use position to a vertical storage position. The step plate has a latch receiving recess, and there is a latch mechanism mounted on an upper part of the of a facing plate on the step mount shank. A brake light is mounted on the step plate to be visible when the step plate is in the vertical storage position.
