Here’s what Trump’s promise could mean for retirees and why you shouldn't be factoring this potential change into your financial plans. Tax-free Social Security benefits? In 2

President Donald Trump’s plan to eliminate federal taxes on Social Security benefits sounds simple: cut taxes so older adults keep more of their money. However, the plan is controversial because of its potential impact on the Social Security Trust Fund and the primary beneficiaries of the tax cut.

Trump's tariffs could lead to higher Social Security benefit payments. His proposed tax cuts and immigration crackdown could reduce the amount of money flowing into Social Security. The net impact of Trump's policies could accelerate the depletion of Social Security's trust funds by three years.

Since President Trump was sworn into office on January 20, he has proposed or initiated changes impacting how Social Security functions, including closing offices and offering buyouts. Here's a roundup.

Many seniors oppose the double taxation of their income during their working years and their Social Security benefits in retirement. Eliminating benefit taxes could result in substantial savings for affected seniors.