The White House says the One Big Beautiful Bill Act got rid of taxes on Social Security; finance experts disagree.

"The One Big Beautiful Bill obviously covers a lot of different legislation, and within it, there was a section that recategorized who is eligible based on immigrant status for a handful of programs, and that was specifically Medicare, Medicaid, CHIP (Children's Health Insurance Program), SNAP, and marketplace subsidies," Thomas said.

Retirees can benefit from Trump’s Big Beautiful Bill with smart tax strategies like updating withholding, Roth conversions and optimizing charitable giving.