Supporting Social Security and Medicare<\/p>\n
In addition to announcing the retirement savings option, Trump also pledged to support Social Security and Medicare.<\/p>\n
\u201cWe\u2019re also making it easier for Americans to save for retirement and under this administration, we will always protect Social Security and Medicare,\u201d he said. \u200b\ufeff<\/p>\n
Polls show that Social Security is overwhelmingly popular across all age groups and political affiliations. As of\u202fJanuary 2026, about 70 million Americans received Social Security payments\ufeff, including about 54 million retirees and 7.1 million people with disabilities. The average retiree benefit in January was $2,019 per month. \ufeff\u200b<\/p>\n
The Social Security Administration\u2019s chief actuary projects that the surplus in its\ufeff trust fund for retirement and survivor benefits will be depleted in late 2032 unless Congress takes steps to shore up its financing through benefit cuts, additional revenue or a combination of the two. After that, Social Security could still make about 80 percent of payments, and Congress could take action to close the remaining funding gap.\u200b While \ufeffTrump didn’t\ufeff\ufeff address the\ufeff\ufeff \ufeffprojected shortfall, Congress has various options to fill that gap.<\/p>\n
In his speech, Trump also touted a new tax deduction<\/a> for older adults that was included in the One Big Beautiful Bill<\/a>, the massive tax legislation that Congress passed in July 2025. \u200bThe OBBB did not eliminate taxes on Social Security benefits, but it did include a new $6,000 deduction that could reduce or fully offset taxes on Social Security income for millions of older Americans.<\/p>\n The provision applies to people who were at least 65 years old at the end of 2025, and who meet certain income limits. \ufeff\u200b<\/p>\n Individual filers with a modified adjusted gross income (MAGI) up to $75,000, or married couples filing jointly with a combined MAGI of up to $150,000, can claim the full $6,000 deduction. Individuals with incomes of up to $175,000 for single filers or $250,000 for married couples can claim a smaller deduction. \ufeff\u200b<\/p>\n The temporary deduction runs through the 2028 tax year. AARP supported the inclusion of the tax deduction in the OBBB. \u200b\u200b\u200b<\/p>\n","protected":false},"excerpt":{"rendered":"Supporting Social Security and Medicare In addition to announcing the retirement savings option, Trump also pledged to support…\n","protected":false},"author":2,"featured_media":490555,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[39],"tags":[28,12,225000,147,530,968,6476,183914],"class_list":["post-490554","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-business","tag-donald-trump","tag-federal-match","tag-personal-finance","tag-personalfinance","tag-president-trump","tag-retirement-plan","tag-state-of-the-union"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/490554","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/comments?post=490554"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/posts\/490554\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media\/490555"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/media?parent=490554"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/categories?post=490554"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us\/wp-json\/wp\/v2\/tags?post=490554"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}