The White House says the One Big Beautiful Bill Act got rid of taxes on Social Security; finance experts disagree.

The Trump bill — which was enacted in early July — introduces an additional tax deduction for taxpayers who are 65 or older. The deduction could be up to $6,000 for an individual tax filer and up to $12,000 for a married couple if both spouses qualify.

If you're nearing retirement or already collecting Social Security, the new "One Big Beautiful Bill Act" might have you wondering how it will impact your benefits — and your taxes. Financial expert Suze Orman recently tackled these questions on her "Women & Money" podcast,

One organization warns that a dual-earning couple retiring in 2033 could experience a Social Security trust fund cut of $18,100.

A new report examining the effects of President Donald Trump’s “One Big Beautiful Bill Act” (OBBBA) shows that it will cause Social Security funds to be depleted more quickly, resulting in significant benefit cuts for new retirees starting in the next decade.

Retirees could see major Social Security cuts by 2032, due to tax changes in the "big, beautiful bill," according to the Committee for a Responsible Federal Budget. The group projects a 24% reduction in benefits,

Social Security's chief actuary said in a letter that trust fund insolvency moved up due to recent tax changes, potentially triggering benefit cuts for millions in less than a decade.