2017: Donald Trump Election Leads to Social Security Uncertainty
Donald Trump became president on Jan. 20, 2017. During his campaign, Trump made many promises to preserve both Social Security and Medicare, though it is not clear how his policies might change Social Security.
Because the huge Baby Boomer generation is on the doorstep of retirement — and fewer people are entering the workforce — the Social Security Administration predicts the trust funds supporting the old-age retirement and disability programs will run out by 2034. Many in Trump’s administration and his party support sweeping cuts to these programs.
The president’s promised infrastructure spending might increase the number of people in the workforce, shoring up the trust funds, yet the sweeping tax reform he promises might reduce Social Security funding. The president’s “America First” foreign trade policies might help the economy — and thus increase funding for Social Security. Or, the policies might hurt it, depending on how they play out.
Will Trump’s immigration policies create jobs or eliminate them? Will his policies even be implemented? And what will the administration be willing to sacrifice to balance the budget? Given all of these unknowns, it’s impossible to predict where Social Security will stand in a decade.
To be prepared no matter the future, American workers should read expert tips on how to maximize retirement income — and save as much money as they can.