I’m a Retiree: 5 Reasons I Believe Voting for Trump Is What’s Best for Social Security
Written by
Heather Altamirano
Edited by
Ashley Barnett
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Over 67 million American retirees receive a monthly Social Security check that many solely rely on, but big changes are coming that could cause people approaching retirement to rethink their plans. The Social Security trust fund is running out of money, and the situation doesn’t look good for Gen Xers, who are next in line to retire. Without changes, future generations won’t receive 100% of their benefits.
“Currently, the Social Security Board of Trustees projects program cost to rise by 2035 so that taxes will be enough to pay for only 75 percent of scheduled benefits,” the Social Security Office and Retirement of Disability Policy states on their site.
Social Security is a hot topic for voters, and neither former President Donald Trump nor Democratic nominee Vice President Kamala Harris have been forthcoming about a solid plan to save the program. That said, Judy Drew, a retiree from Georgia, is throwing her support behind Trump because she believes he is what’s best for Social Security. She spoke with GOBankingRates and shared why she has faith in Trump to repair the system.
Trump Is Trustworthy
According to Drew, Trump comes across as the more credible candidate because she believes he follows through on his promises.
“I personally trust Trump because he does what he says he will do; he will stop the taxation of Social Security.” Drew depends on her Social Security check and likes Trump’s plan of not taxing her monthly benefits.
Every penny counts,” she said. “If you don’t have a retirement plan or 401k or have your house paid off by the time you retire, then you, too, will be living in poverty.”
Trump’s Business Background
Trump began his career working in real estate for his father’s company, which he later renamed Trump. He became a New York real estate mogul, collecting and managing numerous properties, and his background is what Drew believes can solve problems.
“Trump is the only person with the business sense to fix this country,” she said. “You may not like him personally, but think about your children’s future. Ours is gone; save the children. Maybe the future generations will be able to get a loan with an interest rate they can afford.”
Worried About Future Generations
Drew is concerned about the state of Social Security, and especially about what it means for younger people.
“Yes, I’m worried about it, but I believe Trump will do his best for us,” she said. “But I’m worried about the future generations more because as we are closer to the end of our lives, we don’t matter as much as our children and grandchildren, who are in no way prepared for living off the grid.”
Why Social Security is Running Out of Money
The looming crisis is driven by an aging population and lower birth rates, which result in few workers contributing to the program.
“For the past 35 years, there have been about 3.3 workers per beneficiary,” per Social Security. “After 2030, the ratio will be two workers per beneficiary.”
As a result, anyone retiring in a decade could encounter a significant financial strain.
“With the average worker benefit currently at about $1,000 per month, 3.3 workers would need to contribute about $300 each per month to provide a $1,000 benefit,” according to Social Security. “But after the population age distribution has shifted to have just two workers per beneficiary, each worker would need to contribute $500 to provide the same $1,000 benefit.”
How the Candidates Stand on Social Security
With the election year heating up, the candidates have much to say about the Social Security plight, vowing to save the program.
In 2023, Harris wrote on X, “Our Administration’s budget will protect and strengthen Social Security and Medicare.” She added, ” And let’s be clear: We will do it without cutting benefits or raising taxes on anyone making less than $400,000 a year.”
On the other hand, Trump has been touting his no tax on Social Security to help seniors. On the campaign trail, he has been vocal about the issue and states on his website, “Fight for and protect Social Security and Medicare with no cuts, including no changes to the retirement age.”
Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. For more coverage on this topic, please check out 3 Retirees Explain Why They Believe Voting for Kamala Harris Is What’s Best for Social Security.
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