While a number of Social Security bills have been introduced this year to, among other measures, "modernize the Social Security Administration and reduce fraud, retirees need more immediate help — specifically, more money in their pockets," according to Shannon Benton, spokesperson for The Senior Citizens League. "We’re frustrated by the lack of real progress. All these small bills that don’t solve the core problems aren’t the answer."
In early August, a nonpartisan analysis by the Social Security chief actuary found that the depletion date for the Social Security Old Age and Survivor Insurance (OASI) Trust Fund would come a year earlier, in 2032, due to the One Big Beautiful Bill Act, which was signed into law on July 4.
"Because the revenue from income taxation of Social Security benefits is directed to the Social Security and Medicare trust funds, implementation of the OBBBA will have material effects on the financial status" of the Social Security trust funds, according to the analysis, which was requested by Senate Finance Committee ranking member Ron Wyden, D-Ore.
The OBBBA, President Donald Trump’s recently passed tax and spending legislation, includes a new $6,000 deduction for seniors. Frank Bisignano, the Social Security commissioner, has said the deduction "eliminated federal income taxes on Social Security for most beneficiaries, ensuring that retirees can keep more of the benefits they earned."
Social Security groups complained that Bisignano's statements were misleading. "The OBBB introduces a temporary $6,000 deduction per senior (or $12,000 for couples) to help reduce taxable income — but it doesn’t eliminate taxes on Social Security benefits for everyone," Benton told ThinkAdvisor in an email. "Seniors with higher incomes may be subject to taxation on their Social Security benefits."
Major Social Security legislation will only be considered "if the Democrats take control of one or both chambers of Congress in the 2026 election," Nancy Altman, president of Social Security Works, relayed in a recent message. "We believe that they are committed to voting on one or more of their expansion solvency bills."
See the gallery for six Social Security bills that have been introduced since July or have recently advanced in Congress.
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