President Donald Trump and Vice President Kamala Harris have different plans for Social Security and Medicare. These plans could affect the retirement of many Americans. Trump wants to end taxes on Social Security benefits.
This could help older Americans financially. But it might also increase the federal deficit by $1.6 to $1.8 trillion by 2035. Trump also promises to keep the retirement age at 67 and not cut Social Security.
Harris wants to defend Social Security. She supports increasing payroll taxes for high earners to keep the program funded. She says this won’t affect those earning less than $400,000 per year.
Harris also highlights her support for union pensions. She voted to pass a law to improve the solvency of multi-employer pensions for union workers. Her campaign says this saved 1 million pensions.
Trump focuses on controlling inflation for older voters.
Social Security and Medicare plans
He criticizes government spending for causing inflation.
Trump wants to extend his 2017 income tax cuts, which lowered rates for most people. Harris frequently talks about lowering prescription drug costs. The Biden administration has capped insulin prices at $35 for many Americans.
Starting next year, Medicare Part D enrollees will have prescription costs capped at $2,000 per year. Harris plans to expand these efforts. Trump says health care and prescription drug costs are too high.
His campaign promises to protect Medicare and improve access to affordable health care. He wants to expand health care options and support veterans’ health care. The candidates’ platforms don’t say much about retirement accounts like 401(k)s and IRAs.
Some stock market analysts suggest Trump’s economic plans could help economic growth and the stock market. But there is no agreement, and market predictions are uncertain. By understanding these campaign promises and policies, voters can better assess how each candidate’s plans might affect their retirement.
It’s important for Americans to consider these issues carefully as they decide who to vote for in the upcoming election.
