Senior citizens are getting a tax break in President Donald Trump’s sweeping tax and spending cuts package, but it’s not the one the president promised on the campaign trail last year.

The "Big Beautiful Bill" did not actually eliminate taxes on tips, overtime, or Social Security, but many people will be able to claim new income tax deductions that will reduce federal taxes on such income.

Social Security is a major source of income for 74M Americans — but how far does the average check go? See average benefits by age and gender, how its calculated and making the most of your money. Updated for July 2025.

The OBBBA boosts tax breaks for seniors with higher deductions, but experts warn it could strain Social Security and deepen the national debt over time.

Imagine losing nearly a quarter of your monthly income just as you’re about to retire. That’s the reality millions of Americans could face if Congress doesn’t shore up Social Security before the trust fund runs dry in 2034.