The Trump Economy Begins: 5 Things That Could Get More Expensive for Retirees
Written by
Laura Beck
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Levi Leidy
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Living on a fixed income? Financial expert Anthony DeLuca from RetireGuide warns about some key costs that could rise under the new administration.
Healthcare Changes Ahead
“We need to keep an eye on how President Trump handles the repealing of the Inflation Reduction Act and the premium subsidies from the Affordable Care Act that will expire in 2025,” DeLuca cautioned. The potential loss of these programs could mean higher insulin and prescription drug costs for older adults.
The Tariff Effect
DeLuca pointed to significant trade changes ahead: “10% additional tax would be placed in China and a 25% would be placed on Mexico and Canada.” While aimed at spurring domestic growth, these tariffs could make everyday items pricier.
Food and Agriculture Costs
According to U.S. News & World Report, both Canada and Mexico are among America’s top food suppliers, with imports averaging $30.9 billion and $25.5 billion respectively. DeLuca noted potential labor force changes in agriculture could drive up food costs.
Housing Expenses
Construction and home maintenance costs could increase too. DeLuca warned about potential labor force — such as the deporting of immigrants — could affect the housing sector, which would most likely drive up repair and renovation expenses.
Healthcare Premium Hikes
“Retirees who fall into this window need to be on the lookout for an increased cost to their healthcare,” DeLuca emphasized. Those between 100% and 400% of the poverty line could see their insurance premiums rise as ACA subsidies expire.
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