President-elect Donald Trump’s plans to protect Social Security benefits could give retirees more money in their pockets but could also deplete the program’s funds more quickly over the long term.
Currently, the main trust fund that supports Social Security is set to run out by 2034, according to a projection by the Congressional Budget Office. At that point, benefits will be cut by 23%, the research agency said.
That has left many Americans concerned that Social Security will not last long enough for their retirement, and the effect of Trump’s proposals could add to those worries.
On the campaign trail, Trump said he would not change the retirement age or cut Medicare or Social Security funding if elected.
Individuals can claim Social Security retirement benefits starting at 62 years old. However, claiming before reaching full retirement age (FRA) permanently reduces benefits. Currently, anyone born in 1960 or later must be 67 years or older to receive their full benefits.
The president-elect also proposed excluding Social Security payments from …