What major shifts has President Donald Trump made so far in his second term? Tighter immigration rules are among the most significant. Another major move is the continuation of tax reductions that began during his initial four years in office. Additionally, President Trump's aggressive tariffs and the possibility of more have attracted considerable media attention.
However, for those in retirement, Social Security remains a top priority. Up to now, this widely used federal program hasn't been at the forefront of the Trump administration's agenda. Still, there is one aspect of Trump's Social Security approach that retirees should pay close attention to.
President Donald Trump meets with Argentina's President Javier Milei at the United Nations Headquarters in New York City on Tuesday, September 23, 2025. Official White House Photo by Daniel Torok.
What retirees shouldn't stress over
There are several issues that retirees can safely set aside. Some concerns that may seem pressing are, in reality, not problematic.
For instance, the current government shutdown isn't a cause for alarm—at least not when it comes to Social Security. All payments will continue as usual, regardless of how long the shutdown persists. The main effect is a delay in the announcement of the 2026 Social Security cost-of-living adjustment (COLA). Instead of being released on October 15, 2025, the announcement will now be made on October 24. The positive news is that the COLA itself remains unaffected.
The Trump administration also has no intention of reducing Social Security payments. Any statements suggesting otherwise should be viewed skeptically. In fact, the president does not plan to make any significant modifications to Social Security. While some members of the Republican Party advocate for gradually raising the full retirement age (FRA), President Trump does not support this idea.
Arguably, the most notable change from the White House affecting retirees isn't directly tied to Social Security. The One, Big, Beautiful Act, signed by the president, introduced a new tax deduction for certain people aged 65 and up who fall below specific income levels. This could mean that many retirees will owe no federal taxes on their Social Security payments, though the deduction itself isn't specifically for those benefits. It's also a temporary measure and will expire after 2028.
What Trump intends for Social Security that is worrisome
Is there anything in Trump's Social Security plans that should give retirees pause? In a sense, yes: The president's plan is to take no action.
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." While pledging not to alter Social Security may sound comforting, it actually presents a problem.
The problem is that by not acting, the Social Security trust funds are on track to run out of money. According to the most recent estimates from the program's trustees, the combined trust funds will be depleted by 2034. At that point, unless Congress steps in, significant benefit reductions will be necessary.
Certain Trump administration policies, though not directly related to Social Security, have sped up the depletion of the program's trust funds. The extension of tax cuts and the new 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 be overly anxious
Is ignoring Social Security's issues similar to not stopping a car that's heading toward a cliff? In some ways, yes. But despite how alarming that sounds, retirees shouldn't be overly anxious.
It's likely that action will be taken to prevent the trust funds from running dry, eventually. This could mean increasing Federal Insurance Contributions Act (FICA) taxes, raising the full retirement age for future retirees, or implementing other solutions. No politician, regardless of party, wants to be held responsible for large Social Security benefit cuts in the near future.
