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.

Social Security changes in 2026 include a COLA increase, higher retirement age, and tax changes tied to Trump’s new law.

When you cross the top threshold, up to 85% of benefits become taxable income. When pensions, part‑time earnings, or retirement withdrawals are considered, that can mean high effective tax rates for some retirees, particularly in states that still tax Social Security.