What are the biggest changes implemented so far by President Donald Trump in his second term? A restrictive immigration policy ranks high on the list. The extension of tax cuts enacted during his first four years in the White House is another biggie. President Trump's steep tariffs and threats of additional tariffs have generated plenty of headlines as well.
But for retirees, Social Security consistently ranks as a top issue. So far, the popular federal program hasn't been a major focus for the second Trump administration. However, there's one thing Trump plans to do about Social Security that should concern retirees the most.
President Donald Trump participates in a pull-aside meeting with Javier Milei, president of Argentina, at the United Nations Headquarters in New York City, Tuesday, Sept. 23, 2025. Official White House Photo by Daniel Torok.
What retirees shouldn't be worried about
We can easily cross several potential areas of concern off the list. Retirees don't have to worry about some areas that they might think are troubling.
For example, the ongoing government shutdown isn't a reason for angst -- at least not related to Social Security. All benefits will be paid regularly, no matter how long the shutdown lasts. Probably the biggest impact is the delayed announcement of the 2026 Social Security cost-of-living adjustment (COLA). This announcement would have occurred on Oct. 15, 2025, but will now come on Oct. 24. The good news is that the COLA itself won't be impacted at all.
The Trump administration also has no plans whatsoever to cut Social Security benefits. Take any claims to the contrary with a grain of salt. Actually, the president doesn't intend to make any major Social Security changes. Although some Republicans support gradually increasing the full retirement age (FRA), President Trump opposes such a move.
Probably the biggest change enacted by the White House that impacts retirees isn't technically related to Social Security. The One, Big, Beautiful Act signed by the president included a new tax deduction for some individuals age 65 and older who are below specified income thresholds. While this could effectively mean that many retirees won't pay federal taxes on their Social Security benefits, the deduction itself isn't focused on those benefits. Also, the change is only temporary: It goes away after 2028.
What Trump plans to do about Social Security that is concerning
But is there something Trump plans to do about Social Security that retirees should find concerning? Yes, in a manner of speaking: The president plans to do...nothing.
In February 2025, Trump told Fox News' Sean Hannity, "Look, Social Security won't be touched, other than if there's fraud or something. It's going to be strengthened. But it won't be touched." A promise not to touch Social Security might seem to be reassuring, but it's actually problematic.
The issue is that a do-nothing approach ensures that the Social Security trust funds will run out of money. Based on the latest projection from the program's trustees, the combined Social Security trust funds will be depleted by 2034. When that happens, steep benefit cuts will be required unless the federal government intervenes.
Some of the Trump administration's policies that don't directly relate to Social Security have accelerated how quickly the program's trust funds will be exhausted. The extension of tax cuts and the increased deductions for seniors in the One, Big, Beautiful Bill will "have material effects on the financial status of the Social Security trust funds," according to Social Security Administration Chief Actuary Karen Glenn.
Don't worry too much
Is doing nothing about Social Security tantamount to not slamming the brakes in a car headed for a cliff? Sort of. As scary as that image may seem, though, retirees shouldn't worry too much.
Something will likely be done to prevent the trust funds from being depleted, sooner or later. Perhaps Federal Insurance Contributions Act (FICA) taxes will have to be raised. Maybe the full retirement age will be raised for younger Americans. Other solutions could be implemented. No politician, regardless of party affiliation, wants to be blamed for major Social Security benefit cuts a few years from now.
