President Donald Trump made bold promises about Social Security during his 2024 campaign, pledging to eliminate federal taxes on benefits and protect the program from cuts. As 2026 unfolds, millions of retirees are discovering which promises have materialized and what changes are actually taking effect.
The most concrete change hitting in 2026 is the annual cost-of-living adjustment (COLA). Social Security benefits and Supplemental Security Income (SSI) payments for 75 million Americans will increase by 2.8%, according to the Social Security Administration (SSA).
For the average retired worker, the 2.8% COLA translates to about $56 more per month, raising the average payment from $2,015 to $2,071. However, rising Medicare Part B premiums will eat into those gains. The standard Part B premium jumped to $202.90 per month in 2026, a $17.90 increase deducted directly from most Social Security checks, according to CNBC.
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During his campaign, Trump pledged, “Seniors should not pay taxes on Social Security, and they won’t.” The reality in 2026 is more nuanced.
Trump did not eliminate federal taxes on Social Security benefits directly. Instead, his “One Big Beautiful Bill Act” introduced a temporary $6,000 standard deduction increase for seniors through 2028. This helps many seniors avoid taxes on their benefits, but around 40% of Social Security recipients still pay federal income tax depending on their income levels.
Critics warn that fully eliminating taxes on Social Security benefits would accelerate the program’s insolvency, potentially causing benefit cuts of 33% by 2030.
Trump promised not to raise the full retirement age, and he’s kept that commitment. For those born in 1960 or later, the full retirement age remains 67. However, lawmakers may eventually need to push it to 68 or 69 for younger workers to shore up Social Security’s finances, as trust funds face depletion by 2034.
Trump suggested using U.S. oil and gas revenue to bolster Social Security, telling Fox News in 2023, “We have such incredible wealth under our feet, that that takes care of everything.” The administration hasn’t advanced any such proposals, making it unlikely Social Security’s financial forecast will improve in 2026.
Trump has technically kept his core promises: no benefit cuts and no changes to the full retirement age in 2026. However, he hasn’t taken meaningful steps to prevent the looming insolvency crisis, with trust funds projected to run dry by 2034.
