Once those trust funds are emptied, Social Security may have no choice but to cut benefits universally. The most recent Social Security Trustees Report puts the timing of those benefit cuts at 2035, which is when the program's combined trust funds are expected to be depleted.

One thing you can expect from Social Security is that some kind of change will be implemented every year, and 2025 will be no exception. If you plan to retire in 2025 and file for Social

Though President-elect Donald Trump has often promised to protect Social Security, he has not explained exactly how he would save the beloved – but financially troubled – entitlement program. Nor did he take any meaningful steps to shore up Social Security during his first term in the White House.

The annual Social Security cost-of-living adjustment, or COLA, is one of the most important features of the government program. Without those annual raises, seniors would quickly find the purchasing power of their monthly annuity checks failing to meet their needs. That might feel like the case for some even with the COLA.

Trump has repeatedly said he won’t “cut one cent” from Social Security or raise the retirement age. The official Republican Party Platform adopted at the Republican National Convention echoed those promises but it’s less clear how Trump plans to shore up the program’s finances.

President-elect Donald Trump has had his eye on Social Security, but his latest proposal — to cut taxes on benefits — may not have the effect beneficiaries would want, experts said.

President-elect Donald Trump has promised to eliminate taxes on Social Security benefits. However, experts say it’s too early to factor such changes into financial plans, even with a Republican majority in Congress.