In 1983, with Social Security's asset reserves virtually exhausted, a bipartisan Congress passed, and then-President Ronald Reagan signed, the Social Security Amendments of 1983 into law. This amendment gradually increased the full retirement age and payroll taxation on working Americans, as well as introduced the utterly despised tax on benefits.

While Social Security payments remain untouched in Trump's proposed 2026 budget, other cuts could indirectly impact beneficiaries. From food assistance to energy costs, retirees might face financial challenges despite stable Social Security income.

In the current economy, a lot is up in the air, including the future of Social Security. Here are 7 reasons why you might want to claim soon if you're eligible.

The recent legislative move to increase the standard deduction for seniors under Trump's administration aims to provide significant tax relief to retirees, particularly benefiting those with lower incomes.

A foundational change to Social Security presented by President Trump would fundamentally weaken the program's financial outlook