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,

Before the passage of the tax bill, 64% of seniors didn’t pay taxes on their Social Security benefits, according to a June report from President Donald Trump’s Council of Economic Advisers. Under the new legislation, 88% won’t pay taxes on those benefits, the report estimated.

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.)