A new tax break aimed at seniors may lighten the load on retirees’ Social Security income, but it’s not as sweeping or permanent as some headlines suggest. Tucked inside the “One Big Beautiful Bill,” signed into law by President Donald Trump on July 4,

If you are one of the more than 60 million people who receive Social Security benefits, you may have received an interesting message last week. That’s because the Social Security Administration (SSA) reportedly sent an email to millions of beneficiaries stating that the newly enacted “One Big Beautiful Bill” (OBBB) would “eliminate federal income taxes on Social Security benefits for most beneficiaries.

Here's a look at whether you should be delighted or worried about the bill. (Spoiler: You may want to put away the confetti and noisemakers.)