One key issue during this presidential race has been Social Security and its future. Along with the economy, voters have made it clear this is an important issue to them. Whoever wins in November will need to take action on Social Security.
Find Out: 8 States To Move to If You Don’t Want To Pay Taxes on Social Security
Explore: The Surprising Way You Can Get Guaranteed Retirement Income for Life
Time is ticking away to fix the Social Security Administration’s (SSA) funding cliff. If new funding plans are not put in place under a future administration, benefits could be immediately cut by around a fifth in 2035. During this campaign season, both sides have been claiming they have plans to deal with the future of Social Security and the tens of millions of people who rely on it for support
Here’s a look at four reasons Kamala Harris winning the White House in November could be good for your Social Security check.
Looking at Ways to Fund Social Security
Since Harris only recently announced her intentions to run for president, she has not yet spoken much as a presidential candidate this year about her plans for Social Security. However, she has generally taken the same stances as President Joe Biden during the election campaign so far.
Depending on your income level, you may be pleased to hear her support for Biden’s plans. Harris has generally supported the current administration’s plans for funding the SSA, including imposing additional taxes on people with incomes of more than $400,000.
Harris also has a track record of supporting such ideas. According to CNBC, she backed a plan for similar reforms called the Social Security Expansion Act when she was a senator in California.
Opposing Cuts to Benefits
Harris could also be good for your Social Security check by protecting the amount you receive. “In a previous fact sheet issued by the White House, the administration said it is opposed to “any proposal to cut benefits, as well as proposals to privatize Social Security” — something Harris is likely to stick to during a presidential campaign, given that benefit cuts would be extremely unpopular with the electorate,” according to Newsweek.
Increasing Funding for the SSA
In what may be even better news for you than keeping benefits in place, Harris may look to increase funding for the SSA. For 2025, the Biden Administration has been looking to increase funding by about 9% from the 2023 enacted level.
Changing the Math
Some other proposals by the Biden-Harris Administration also could impact the amount of your Social Security check.
One proposal is to change the calculation used to determine annual cost-of-living adjustments for Social Security. Instead of using the Consumer Price Index for Urban Wage Earners and Clerical Workers, the Administration has favored basing the adjustments on the Consumer Price Index for the Elderly. Some senior advocates have said this better accounts for changes in healthcare costs.
The Administration has also discussed raising the Primary Insurance Amount (PIA), which shows how much money you’ll receive in Social Security benefits. Biden and Harris have proposed raising the PIA for older Americans to help them cope with rising costs later in life.
Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. For more coverage on this topic, please check out Social Security: Trump Says He Will ‘Never Do Anything’ To Cut Benefits — What Is His Plan To Preserve the Program?
More From GOBankingRates
- 9 Cars To Stay Away From In Retirement
- 10 Top Items To Buy at Aldi with a $50 Grocery Budget
- 5 Genius Things People With Healthy Savings Do
- 5 Myths About Debt That Nobody Should Believe in 2024
This article originally appeared on GOBankingRates.com: 4 Reasons Kamala Harris Could Be Good for Your Social Security Check
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
