Will the standard deduction increase cut taxes on Social Security benefits? For context, the estimated average monthly Social Security retirement benefit in January 2025 was $1,97

The One Big Beautiful Bill is a massive proposed tax and spending package loaded with initiatives that align with Trump’s agenda. As it’s currently written, the bill includes major changes to Medicaid, food stamps, border security, taxes and more that have the potential to affect millions of Americans.

There are a myriad of reasons why retirees look to build long-term portfolios that can sustain their spending goals in retirement. For one, social security benefits aren’t generally considered to be enough to cover most Americans’ spending needs in retirement.

Major Social Security changes under President Trump include raising the retirement age, taxing more income, and reshaping benefits. Here's what it means for Americans.

Additionally, President Trump last month pushed Congress to approve a "big, beautiful" tax and spending bill that fulfills several other campaign promises. "In the coming weeks and months, we will pass the largest tax cuts in American history -- and that will include no tax on tips, no tax on Social Security, and no tax on overtime," he said.

The typical retired worker on Social Security today collects about $2,000 a month. Some seniors get more, while others get less. But no matter how much money you’re getting from Social Security right now,

The massive budget bill passed by the House includes new tax breaks for tipped workers and those who get overtime.

During his campaign, Trump promised to eliminate taxes on Social Security benefits for seniors. However, the current Republican fiscal proposal tells a different story, offering a modest $4,000 tax deduction instead.