Social Security benefits are a critical income source for most seniors, which is why this benefits program is such a popular one and why lawmakers from both sides of the aisle have repeatedly made clear that benefit cuts should be off the table.
But, while there is broad support for Social Security, President Trump’s agenda could end up putting the long-term solvency of the benefits program at risk. It could also impact retirees’ ability to get their benefits.
Here’s what could happen to Social Security if President Trump moved forward with his promises related to Social Security
Ending taxes on Social Security benefits
One of President Trump’s key campaign promises centered on ending the taxation of Social Security benefits. This sounds good for seniors — in theory. After all, who wants to pay taxes if they don’t have to?
The only problem is, the taxes that are collected on Social Security benefits go back into the program’s trust fund to help preserve Social Security’s financial stability.
Benefits didn’t used to be taxed, but lawmakers imposed federal income tax on part of these retirement benefits for high earners after the program was created. Reforms in both the 1980s and 1990s resulted in some retirees being taxed on up to 50% of benefits and others being taxed on up to 85% of benefits. Those reforms were driven by a need to generate more revenue so the trust fund that’s used to pay out benefits wouldn’t run dry. Unfortunately, that trust fund is still in danger of running out. And, unsurprisingly, taking away the taxes that current retirees are paying would make that happen faster.
In analyzing President Trump’s Social Security tax elimination proposals before the election, the Committee for a Responsible Budget found that President Trump’s tax cut could add $2.3 trillion to Social Security’s 10 year cash shortfall through 2035 and could result in Social Security’s trust fund becoming insolvent as early as 2031 instead of 2035 (which is when current projections say it will run dry). Further, much steeper benefit cuts of 33% would be required if the proposal became law, compared to a projected 17% cut that is projected in 2035 under current rules.
Obviously, most retirees are not prepared to see their benefits reduced so drastically within five years or so, so the elimination of taxes on benefits is not the great idea that some seniors may think it is. Fortunately for those hoping to keep Social Security’s finances more stable, it’s also unlikely to happen since President Trump has declared victory on the issue of Social Security benefits taxes after passing the One Big Beautiful Bill Act that offered seniors a new $6,000 deduction without actually altering Social Security’s tax rules.
Since the Trump Administration has made clear that it believes most seniors have already benefited from tax relief, it is unlikely that the Administration will be advancing any additional laws in 2026 that actually eliminate the taxes on their benefits that many retirees are expected to pay. This is a good thing for the future of Social Security, even though it may be a disappointment to some seniors who were hoping for a permanent end to taxation of their Social Security checks.
Closing Social Security field offices
The Trump Administration is also making another major change that affects the logistics of getting benefits. Specifically, the Social Security Administration has indicated that it hopes to cut the number of field offices in half next year. This could mean more closures of local offices and less in-person help and support for seniors who may need help claiming benefits or resolving problems.
More than 31.6 million people visited Social Security field offices between October 1, 2024, and September 30, 3035, according to Federal News Network. The SSA has proposed a goal of having no more than 15 million visits to field offices by members of the public in 2026. The big question, of course, is where will all those retirees turn for help if they aren’t comfortable with computers or phone support?
Ultimately, retirees need to be aware of the impact of President Trump’s proposals to change both Social Security’s funding stream and options for customer service so they can make plans to shore up their own financial security despite the turbulence surrounding their retirement benefits.
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