Washington D.C., USA – The 2024 presidential race is already drawing attention to the future of Social Security, with President Joe Biden and former President Donald Trump both vying for their parties’ nominations. Both candidates have pledged to safeguard Social Security benefits, but looming funding shortfalls have raised concerns about the program’s stability in the coming years.
The Old Age and Survivors Insurance Trust Fund, which supports Social Security, is projected to run out of money within the next decade, leaving the program reliant solely on payroll taxes. Currently, these taxes cover only about 77% of benefits, prompting discussions about potential reforms to ensure the long-term sustainability of Social Security.
President Biden has proposed a plan focused on generating greater revenue through higher payroll taxes, primarily affecting high earners who rely on retirement savings. Meanwhile, former President Trump has stated that he has no intentions of making any adjustments to Social Security if elected for a second term.
In addition to the main contenders, other politicians have put forward their own ideas for Social Security reform. Former South Carolina governor Nikki Haley, for example, has suggested raising the full retirement age for younger Americans while protecting benefits for current recipients.
Meanwhile, Rep. Mike Johnson of Louisiana has a history of advocating for cuts to Social Security, while Rep. Kevin Hern of Oklahoma has proposed gradually increasing the full retirement age for future retirees.
With the future of Social Security becoming an increasingly prominent issue in the presidential campaign, voters are closely watching the candidates’ positions and the potential impact of proposed reforms on their retirement benefits.