Throughout his long 2024 campaign to retake the White House, President-elect Donald Trump made a number of promises regarding changes to America’s Social Security system. Now that he has won the presidency, what can voters expect to change with regards to Social Security over the next four years?
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More Benefits for Baby Boomers
As reported by Business Insider, Trump has promised to cut taxes on Social Security benefits in the coming years. The impact of such a decision would potentially increase the Social Security benefits received by baby boomers in the short term, increasing the amount of their monthly checks.
As Trump stated on a recent “Fox & Friends” broadcast, “People on Social Security are being killed, and one of the things I’m doing is no tax for seniors on Social Security, and I’ll get it done quickly.”
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Fewer Benefits for Younger Generations and Low-Income Retirees
While Trump’s decision to cut taxes on Social Security benefits would be likely to increase benefits for baby boomers, it would more than likely drain America’s Social Security fund in the process. As a result, a depleted Social Security fund could leave less benefits for younger generations and low-income retirees.
The American Social Security system — which is financed primarily via payroll taxes paid yearly by U.S. workers — is already set to be wholly depleted by the next decade unless Congress takes some form of action. As noted by the nonpartisan Committee for a Responsible Federal Budget, Trump’s proposed cuts would lead to a 33% benefit cut in Social Security by the year 2035, which would fall more upon America’s current younger generations who will come to retirement age by or after that time.
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This article originally appeared on GOBankingRates.com: Trump Won the Election: 2 Changes That Could Be Coming to Social Security in the Next 4 Years
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