President Trump has pledged to safeguard Social Security and avoid raising the retirement age or making cuts to the program. However, without any changes, the combined trust funds of Social Security are projected to be depleted by 2035, as per the trustees of Social Security. This would result in the program being able to pay only 83% of the benefits owed.
There are concerns that some of Trump's proposed policies, such as eliminating taxes on Social Security benefits, tips, and overtime, could potentially reduce the critical tax revenue flowing into the trust funds. A government watchdog has warned that these measures could accelerate the depletion of the trust funds by three years.
It is essential for individuals relying on Social Security retirement funds to stay informed about the potential impact of policy changes on their benefits. Understanding the implications of these proposals can help individuals better plan for their retirement and make informed decisions about their financial future.
