I’m a Social Security Recipient: 3 Worries I Have Under a Trump Presidency
Written by
Laura Beck
Edited by
Jenna Klaverweiden
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There are lots of talks about what could happen with Social Security — especially now that President-elect Donald Trump has been elected into office. At 72, Alexander P. is watching all of them. The widowed grandfather of three is concerned about what could come when Trump becomes president for a second time.
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Here are some concerns of a Social Security recipient ahead of Trump’s presidency.
Loss of Income
“My kids think I’m obsessed with all this Social Security talk,” Alexander said. “But when you’re living on a fixed income, every proposed change feels ultra, ultra scary.”
Alexander pointed out that Trump’s proposed policies could create a $2.3 trillion shortfall in Social Security funding. He relies on these benefits for 85% of his monthly income, so the math is upsetting, to say the least.
For Alexander, this is about much more than politics. It’s about survival. During a recent coffee chat with friends, he tallied up how many of them rely completely on Social Security. “Most of us aren’t asking for much — just what we were promised after working all those years,” he explained.
Cost-of-Living Adjustments
Alexander said his cost-of-living adjustment didn’t come close to covering the price increases he has been witnessing. “They tell us inflation is one number, but I’m seeing something completely different at the grocery store,” he said.
As reported by CNN, between 2010 and 2024, Social Security benefits rose by 58%. However, over the same time period, the costs of goods and services rose by 73%.
And a Trump presidency could have an impact on cost-of-living adjustments in the future. According to The Motley Fool, Trump’s proposed tariffs could lead to higher costs and inflation. That could increase the cost-of-living adjustments for Social Security. That being said, because many people, including Alexander, are finding that the adjustments aren’t keeping pace with inflation, it’s likely that there will still be a loss in buying power, according to The Motley Fool.
Alexander added that he’s looking at local food banks for extra help — something he thought he would never do in his lifetime.
Dwindling Savings
While Alexander owns his modest ranch home and receives a small pension from his manufacturing days, he’s watching his savings go down and down. Last winter, he almost had to choose between filling a prescription and fixing his furnace — until his kids stepped in. “That’s not a choice anyone should have to make after working their whole life,” he said.
Looking ahead, Alexander is skeptical about the future of the social safety net that millions rely on — and he’s not the only one. According to The New York Times, many of the policies Trump proposed during his campaign could weaken the program’s finances.
To account for this possibility, Alexander is trying to save money elsewhere and be prepared if his Social Security income were to be impacted. He’s started a small vegetable garden to help with grocery costs and is planning on selling his car.
“Most people aren’t looking for handouts,” he said. “We just want to keep the benefits we spent our whole lives earning.”
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