Few government programs have had the impact of Social Security. Each year, its payments help lift 22 million Americans — mostly seniors — out of poverty, according to the Center on Budget and Policy Priorities.
“Social Security is a bedrock of this nation,” says Frank Garcia, a registered Social Security analyst and president of InsuranceKO, an independent benefits specialty agency based in Yorba Linda, California. However, he adds that the program is facing a “silver tsunami” as large numbers of Americans reach retirement age and begin receiving benefits.
All those beneficiaries are putting pressure on the program, which is expected to see its retirement trust fund run dry in 2033, under current estimates.
Will the administration of President Donald Trump make changes to Social Security in 2026 to address that looming shortfall?
“It really, really depends on the political landscape,” says Michael Foguth, president of Foguth Financial Group in Brighton, Michigan. Despite Social Security being what Foguth describes as a “top 5” issue, he and other finance professionals don’t think a funding solution is on the horizon for next year.
Others feel confident that a solution is coming.
“I think (President) Trump is trying to be clear (and) precise and find ways to guarantee Social Security for all the beneficiaries who have so faithfully paid into the system,” Garcia says.
Here are some potential and surefire Social Security changes to expect for 2026.
[READ: How Trump’s Mass Deportations Could Lower the Social Security Trust Funds]
A Digital-First Social Security Administration
There may be changes to the way the Social Security Administration operates next year.
“It will be 100% digital very soon,” Foguth predicts.
The government tried to eliminate telephone applications for Social Security in spring 2025 but later reversed that decision. It could be only a matter of time before the agency tries again. The goal appears to be encouraging beneficiaries to go online for most actions involving the Social Security Administration.
Even if that doesn’t happen, many hope the administration will update its computer systems, which are “outdated,” says Keith Fenstad, director of financial planning for Tanglewood Total Wealth Management in Houston. He thinks there may be a place for artificial intelligence to help the government become more efficient.
[Read: Here’s How Much Money You Could Lose if Social Security Goes Bankrupt]
A Different Investment Strategy?
The underlying issue with the Social Security system is that it doesn’t have enough revenue coming in to pay scheduled benefits indefinitely. Money from the Social Security trust funds — there is one for retirement benefits and one for disability benefits — is being used to supplement the taxes being paid into the program. In 2033, the trust fund for retirement benefits will be depleted, according to the latest estimates, and retirees will only receive 77% of their scheduled benefits after that.
Looking forward, Social Security will require changes to either bring in more revenue or reduce benefits.
“There had been some background talk about being more aggressive in the investing of the funds,” Garcia says.
Currently, money in the Social Security trust funds is invested in U.S. Treasurys, which are considered safe investments but earn little. Some have speculated that Social Security Commissioner Frank Bisignano, who was previously a business executive, might advocate for investing a portion of trust fund assets in securities to increase gains.
Changing the Maximum Taxable Earnings Cap … in ‘the Administration After Next’
There could be a “recalibration” of payroll taxes to increase or eliminate the maximum taxable earnings cap, according to Foguth. He also thinks it’s possible that the retirement age could be changed. For instance, instead of being able to claim early retirement benefits at age 62, perhaps it will be 63 in the future.
Should lawmakers adjust the age for benefits, Foguth believes it will be phased in to minimize the effect on current workers. “You only have to appease the people who are voting,” he says. “You can make a 17-year-old mad.”
However, Congress can’t wait too long if it wants to avoid a reduction in benefits for seniors when the trust fund is expected to be depleted in 2033.
“Someone is going to have to step up and make those tough changes,” Fenstad says. He points out that prior to the 1983 overhaul of Social Security, economist Alan Greenspan headed up a commission to make recommendations. Something similar could be convened now to help move the discussion forward.
Fenstad isn’t optimistic, though. “I see it being kicked down the road,” he says. “The administration after next” is his best guess for when meaningful Social Security reform will take place.
Still, Congress may take action when it is least expected. According to Foguth, “A lot of times, those changes get slipped into the last three pages of a 1,000-page bill.”
2026 Changes to Social Security COLA
While policy changes seem unlikely in 2026, there are annual adjustments to Social Security benefits and taxes slated to occur.
Each year, beneficiaries receive a cost-of-living adjustment, known as a COLA, to their payments. This amount is based on the average consumer price index for urban workers for the third quarter of 2025 compared to the average of the third quarter of 2024.
For 2026, the COLA will increase Social Security payments by 2.8%, or about $56 per month on average. That is higher than the 2.5% COLA received last year but less than the 3% annual rate of inflation measured by the September CPI.
2026 Changes to Maximum Taxable Earnings and Retirement Earnings Test Amounts
The Social Security Administration has also announced changes to maximum taxable earnings and the retirement earnings test amounts. Like the COLA, these figures are adjusted annually.
Some workers only pay Social Security taxes on a portion of their income, and the maximum taxable earnings in 2026 is $184,500. This is an increase from $176,100 in 2025.
Meanwhile, early retirees are limited in how much they can earn while receiving retirement benefits. In 2026, those who have not yet reached their full retirement age can earn up to $24,480 per year before a portion of their Social Security benefits is withheld. Those who will reach their full retirement age in 2026 can earn up to $65,150 before their birthday. After a person’s full retirement age, there is no limit on earnings.
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Social Security in 2026: Experts Weigh in on How the Trump Administration’s Plans Could Reshape Retirement originally appeared on usnews.com
Update 10/28/25: This story was published at an earlier date and has been updated with new information.
