How will a new president affect Social Security?
Terry Katz & Associates | December 8, 2016 | Last modified on October 17th, 2018 | Social Security Administration News
Many Americans are thankful that the recent presidential election is finally over. For some people, the results come with a sigh of relief, for others, the future is met with uncertainty and unease. Regardless of your beliefs and political views, it is important to take a look at the fears and questions many have regarding the status of the Social Security Administration and how, if at all, the new president’s policies will affect Americans who rely on Social Security benefits.
Much of the future of Social Security relies on how well President-Elect Donald Trump’s tax plan works and how the economy acts and reacts over the next few years. With an influx of “baby boomers” on the horizon and nearing or at retirement age, the bigger concern may be with changes to the current full retirement age. Proposed changes to income tax may reduce the amount of money coming in to fund Social Security Disability Insurance, or SSDI, one of the two disability benefit programs offered by Social Security. Fewer taxes may also mean less money available for Supplemental Security Income, which is funded separately from SSDI. It is still too early, however, to determine if or how this will affect those currently collecting benefits.
It ultimately remains to be seen how President-Elect Trump and a new collection of elected officials will handle Social Security Disability. All most people can do right now is speculate. As of now, nothing has changed, and nothing is expected to change in the immediate future.
The Social Security Administration will continue to help millions of injured and ill Americans who are suffering from mental conditions and physical ailments. Social Security Disability benefits are not designed to fully pay for medical expenses but may help supplement a loss of income and help Americans recover or deal with their debilitating conditions.
Source: , USA Today, “Here’s what a Trump presidency means for Social Security,” Sheryl B. Galler, Nov. 28, 2016