Social Security is the U.S. government's biggest program; as of June 30, 2024, about 67.9 million people, or one in five Americans, collected Social Security benefits. This year, we're seeing a record-high of 4.1 million Americans turning 65, which could contribute to the surge in recipients.

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Social Security has long been in an insolvent position. As things stand, Social Security benefits are expected to be payable in full on a timely basis only until 2037. It's alarming to think that in just eleven years, this lifeline program for retirees could be nearly, if not totally, wiped out.

But some Social Security recipients are perhaps less worried about what could happen to Social Security in 2037 than about what could happen in 2025 and the following three years under the Trump administration.

Could retirees see Social Security benefits cut under Trump? GOBankingRates spoke with Arron Bennett, CEO of Bennett Financials, to find out.

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Should the Trump administration make adjustments to the Social Security program in order to tackle the problem of its insolvency, the way Social Security operates going forward could change.

"These modifications may not entail direct cuts for current recipients, but could manifest as raised eligibility requirements or alterations to cost-of-living calculations for future retirees," Bennett said.

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Bennett asserted that whether there will be reductions in Social Security benefits will depend not only on Trump's policy agenda, but also on Congress' willingness to act on Social Security reform.

"Trump has previously promised to safeguard Social Security; however, addressing the program's challenges may involve difficult choices," Bennett said. "If no changes are made before the projected depletion of Social Security's trust fund in the 2030s, benefit reductions could occur as a consequence. Alternatively, Trump could focus on broadening the tax base or implementing strategies to maintain benefits without resorting to cuts."

If Trump and Congress resolve to adjust Social Security, how extreme could those modifications be?