President Donald Trump and Vice President Kamala Harris have different plans for Social Security and Medicare, which 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 says she wants to defend Social Security but has not supported Social Security while in office. She supports increasing payroll taxes for high earners to keep the program funded and 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, claiming her campaign would save one million pensions.
Trump focuses on controlling inflation for older voters and helping them be able to keep more of their paychecks.
Social Security and Medicare plans
Trump criticizes government spending on wars for causing inflation and says we need to watch the money here at home.
Trump wants to extend his 2017 income tax cuts, which lowered tax rates for most people in the U.S. Harris frequently talks about lowering prescription drug costs but hasn’t done so while in office. The Biden administration has capped insulin prices at $35 for many Americans.
Starting next year, Medicare Part D enrollees’ prescription costs will be capped at $2,000 per year. Harris says she plans to expand these efforts, if possible. Trump says healthcare and prescription drug costs are too high, and he lowered them while in office, which hasn’t happened under the current administration.
Trump’s campaign promises to protect Medicare and improve access to affordable healthcare. He expanded healthcare while he was President and wants to expand healthcare options. He said he would especially include better support for veterans’ healthcare.
The candidates’ platforms don’t say much about retirement accounts like 401(k)s and IRAs. However, Harris believes the government could better manage the funds saved for retirement, and Trump thinks people should be responsible for managing their own money.
Stock market analysts suggest Trump’s economic plans would help economic growth, the housing market, and the stock market — and would specifically help businesses. If it were possible to understand these campaign promises and policies, voters could better assess how each candidate’s plans might affect their retirement.
Trump helped retirees when in office, but will he continue? The Biden administration hasn’t helped the cause of retirement, but would a Harris admin now do that?
It’s important for Americans to consider these issues carefully when deciding who to vote for in the upcoming election.
