As Donald Trump prepares for his second term, he has laid out ambitious goals, including a proposed “largest mass deportation program in history,” ending birthright citizenship, enacting further tax cuts, slashing regulations, and imposing steep tariffs on imports. Amid these plans, Trump’s approach to Social Security stands out as a critical issue, particularly for retirees.
Here’s what Trump intends to do about Social Security—and the one thing that should raise concerns for those relying on the program.
What Trump Won’t Do to Social Security
To start, it’s important to understand what Trump has pledged not to do regarding Social Security. He has consistently stated that he won’t allow benefit cuts during his presidency. While there could be adjustments in administrative funding to improve efficiencies, these changes would not impact benefit payments.
Trump has also rejected the idea of raising the full retirement age (FRA). The Republican platform released in July confirmed this position, stating, “No changes to the retirement age.”
Similarly, Trump opposes measures proposed by some Democrats, such as increasing payroll taxes or eliminating the income cap for Social Security taxes. For example, the Protecting and Preserving Social Security Act, supported by Democratic lawmakers, aims to phase out the earnings cap to increase funding for the program—a move Trump has not endorsed.
Also Read – California Police Identify Family of 4 Who Died in Apparent Murder-Suicide as ‘Deeply Saddened’
The Biggest Concern: A Lack of Solvency Solutions
The most concerning aspect of Trump’s Social Security plan is not what he proposes but what he leaves unaddressed: the looming solvency crisis.
According to the latest annual report from the Social Security Trustees, the program’s combined trust funds are projected to run out of money by 2035. If Congress does not take action, significant benefit cuts could follow.
Some of Trump’s proposals could exacerbate the problem. For instance:
- Tax Changes: Trump wants to eliminate federal taxes on overtime, tips, and Social Security benefits, which would reduce the revenue flowing into the program.
- Mass Deportations: His plan for large-scale deportations could also negatively impact Social Security’s funding, as many undocumented immigrants contribute payroll taxes that support the program.
While Trump has floated ideas to address fiscal challenges, such as increasing domestic oil and gas drilling, experts argue this approach falls short. The nonpartisan Committee for a Responsible Federal Budget estimates that revenue from oil and gas leasing would need to increase 27-fold to cover Social Security’s funding shortfall—a virtually impossible target.
Potential Fixes for Social Security
To secure Social Security’s future, significant reforms are needed. Options include:
- Raising the FRA: Gradually increasing the retirement age would reduce long-term costs.
- Adjusting Payroll Taxes: Raising the payroll tax rate or eliminating the taxable income cap would bring in more revenue.
- Combination Strategies: A mix of modest benefit reductions and targeted tax increases could stabilize the program.
While these measures come with trade-offs—such as reduced lifetime benefits for future retirees or higher taxes for some workers—they could prevent the drastic benefit cuts projected if Social Security’s funding issues remain unresolved.
Also Read – How Much Do Californians Need to Be Secure? $188K for Families of Four
The Clock is Ticking
The longer policymakers wait to address Social Security’s solvency challenges, the more difficult and painful the solutions will become. Trump’s second term offers an opportunity to tackle this pressing issue, but his current stance suggests that meaningful action may not be forthcoming.
Maximizing Your Social Security Benefits
If you’re behind on retirement savings, there are strategies you can use to boost your Social Security income. Learning how to maximize your benefits—such as delaying your retirement or exploring lesser-known provisions—can make a significant difference in your financial security.
While the future of Social Security remains uncertain, taking steps to optimize your benefits today can help ensure a more confident and comfortable retirement.
- LA City Council Moves to Ban Two Specific Slurs in Meetings - March 24, 2025
- Deadly Gunfight Erupts in Downtown LA, Leaving One Dead - March 24, 2025
- Heartbreaking News: Missing 16-Year-Old Found Dead in Los Angeles - March 24, 2025
