Social Security benefits might shrink in just eight years if lawmakers don’t step in to fix the program’s funding gap. Right now, the system is on track to run short of cash, which could force automatic cuts unless Congress finds a solution—something they’ve struggled to agree on for years.

Editor’s Note: This isn’t just a far-off problem—millions of retirees and future beneficiaries could see smaller checks at a time when many are already struggling with rising costs. It’s a wake-up call for politicians to act, but with Washington’s track record, there’s no guarantee they will. If you’re counting on Social Security, this is worth keeping an eye on.

The Senate is floating a plan that could shake up Social Security and the SALT (state and local tax) deduction—potentially giving seniors a bigger tax break next year. But tax experts caution that not all of these proposals may make it through the political wrangling.

Editor’s Note: If you're a senior or live in a high-tax state, this could mean more money in your pocket—but don’t bank on it just yet. Tax changes are always a tug-of-war, and what’s proposed today might look very different by the time anything gets passed. Still, it’s worth keeping an eye on, especially if you’re planning next year’s budget.