Well-off retirees stand to gain thousands of dollars in tax savings every year if President Donald Trump succeeds in his bid to exempt Social Security benefits from income taxes, while younger workers and generations to come will pay the price.

Importantly, Trump is not the only politician to float that idea, nor is support limited to one political party. For instance, Rep. Angie Craig (D-Minn.) introduced a bill in January 2024 that would repeal the taxation of Social Security. And Rep. Thomas Massie (R-Ky.) introduced a bill in February 2025 with the same goal.

To see all of your Social Security benefits, you need to sign up for a My Social Security account. Note that if you've already signed up for a login.gov or ID.me account, you can skip the following steps and just sign into your account. If you've never signed up for either of these services before, here's what you need to do.