A new year brings fresh changes to Social Security. One of the most prominent changes is the cost-of-living adjustment (COLA), which will be 2.5% this year and is slated to boost the average retiree's checks by just under $50 per month.

Trump has repeatedly said he won’t “cut one cent” from Social Security or raise the retirement age. The official Republican Party Platform adopted at the Republican National Convention echoed those promises but it’s less clear how Trump plans to shore up the program’s finances.

Once those trust funds are emptied, Social Security may have no choice but to cut benefits universally. The most recent Social Security Trustees Report puts the timing of those benefit cuts at 2035, which is when the program's combined trust funds are expected to be depleted.

The House is expected to try next week to pass a Social Security-related bill to ensure benefits for workers who are also eligible for other pensions.

President-elect Donald Trump has promised to eliminate taxes on Social Security benefits. However, experts say it’s too early to factor such changes into financial plans, even with a Republican majority in Congress.