In a social media post, Donald Trump said seniors shouldn't pay any taxes on Social Security. He was referring to the Social Security benefit taxes that seniors owe if their incomes exceed certain thresholds.

Social Security is a lifeline for many retirees, especially those with lower incomes. Understanding how to maximize these benefits and navigate the tax implications is essential for financial stability in retirement.

Trump once proposed tackling Social Security's funding shortfall by increasing the country's oil and gas leasing revenue. The appeal of this strategy is that it doesn't hurt working Americans by raising payroll taxes, nor does it take any Social Security benefits from seniors who depend on them.

The federal government taxes the Social Security benefits of some retirees if their provisional income exceeds thresholds for their marital status.

The tax system often feels unequal and Social Security is an obvious example. According to economics professor Teresa Ghilarducci, by the time most people celebrated the New Year, Elon Musk had already paid his Social Security taxes for all of 2025.

President-elect Donald Trump's plans to protect Social Security benefits could give retirees more money in their pockets, but it could also deplete the program's funds more quickly over the long term.