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GOBankingRates spoke with financial experts to get their opinions on the issue.
Anthony Termini, an expert contributor atAnnuity.org, set the stage for the discussion.
Social Security is expected to run out of money in 2033.
At that time, income from payroll tax deductions will cover only 79% of benefits, he said.
This backdrop of financial instability for the program frames the potential changes a Trump administration might implement.
Here are three Social Security changes that couldimpact the wealthyif Trump is elected.
If he were elected, I would expect him to make good on that promise.
This change could have significant implications for wealthy Americans.
However, this short-term gain could lead to long-term pain.
Termini warned, Without that funding, it is difficult for me to see how Social Security could survive.
This could mean reducing benefits.
For wealthy Americans, this could mean a significant loss of income in retirement.
The timing of that loss would be dependent on how rapidly the trust fund balance is drawn down.
Impact on Wealthy Americans
These changes could have a mixed impact on the wealthy.
On one hand, the elimination of FICA taxes would provide an immediate boost to their take-home pay.
On the other hand, thepotential reduction or lossof Social Security benefits could lessen their retirement income.
The other thing thats important to note is that any major reforms would require congressional approval.
So, whether or not anything changes will largely depend on the makeup of Congress following the 2024 election.
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