Eliminating taxes on Social Security benefits would provide current beneficiaries with thousands more dollars but could cause younger generations to lose thousands in benefits.

Trump said he will fulfill his campaign promise to end taxes on Social Security benefit income. A new report found that will benefit high earners.

If you're currently receiving or soon will be receiving Social Security retirement benefits, here's what to know about which states may tax you.

The Social Security Benefit Statement is also known as the SSA-1099 or the SSA-1042S. It is a tax form we mail to you every January if you receive Social Security benefits. It shows the total amount of benefits you received in the previous year, so you know how much Social Security income to report to the IRS on your tax return.

Retirement account withdrawals and earnings from a job may not be the only taxable income you have, either. The federal government taxes seniors' Social Security benefits if their income exceeds certain thresholds. If you live in one of the following nine states, you could owe some state Social Security benefit taxes as well.

With Trump's looming reciprocal tariffs and newly announced 25% tariffs on steel and aluminum imports to the U.S., many economists believe inflation will contribute to rise, which could further erode the buying power of this year's COLA. However, if inflation continues to rise into the third quarter, that should result in another increase for 2026.

A lot of people end up relying heavily on Social Security for income in retirement. And unfortunately, folks in that boat often get an unpleasant surprise when they learn that Social Security benefits can be subject to taxes.

According to non-partisan group, The Senior Citizens League, 2026's cost of living adjustment increases will not likely keep up with inflation. Here's what the prediction shows.

Donald Trump wants to end federal income taxes on Social Security benefits but that would come at a steep cost.