However, the latest report by the Social Security Trustees makes it abundantly clear that benefit cuts may soon be on the table. In the coming years, Social Security won't collect enough payroll tax revenue to keep up with its financial obligations due to a shrinking workforce.

The agency, which serves 73 million beneficiaries, has struggled to improve customer service amid cutbacks, long wait times and a crashing website.

The same approach could work again: thoughtful, phased reforms that maintain the program’s core protections. Ideas on the table include lifting the payroll tax cap (currently $176,100), gradually raising the 6.2% FICA rate, or making more forms of compensation subject to payroll taxes—similar to how TSP contributions are treated.

The consolation prize retirees received from the One Big Beautiful Bill is arguably a bigger win than ending the tax on benefits.

When you've spent four decades or more in the workforce, it's understandable to be drawn to the idea of claiming those monthly checks at 62.

With concerns over Social Security high, seniors may benefit by supplementing their income with one of these options.

Choosing the right Medicare coverage, deciding whether to buy a long-term-care insurance policy and determining when to claim Social Security retirement benefits are among the most complicated financial decisions older adults need to make.

The Social Security Board of Trustees Just Updated Its 2026 Cost-of-Living Adjustment (COLA) Forecast. Here's How Much Your Benefits Could Increase. The Board of Trustees thinks retirees will get a bigger bump in 2026 than it thought a year ago.