Secretary Bessent hints Social Security income tax changes are coming

Today, about 68.5 million Americans receive Social Security benefits; for many, these monthly checks represent a major share of their retirement income. 

Yet there’s often a wide gap between what Social Security provides and what retirees actually need to spend—a gap made even wider when income taxes eat into their benefits.

In January, the average monthly benefit for a retired worker was $1,976, while couples receiving benefits averaged $3,089.