A new tax law, the One Big Beautiful Bill Act (OBBBA), proposed by President Trump, could offer tax savings for retirees in 2026. Individuals aged 65 and older may receive an additional $6,000 standard deduction, and married couples over 65 could get $12,000. This aims to reduce the tax burden on Social Security benefits for those with incomes up to $75,000 (single) or $150,000 (married), potentially saving some up to $450. The deductions are available through 2028, with income phase-outs.