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The truth is its often dependent on the incoming administration and we wont know that until November.
Vance is the vice president.
While the future is never certain, here are some interesting factors to consider.
you’re free to also read about how much moneyretirees may save if Trump eliminates Social Security taxes.
Vances tie-breaking authority might be extremely powerful regarding changes to Social Security, Termini said.
Proposed Changes to Social Security
While we dont know J.D.
Vances specific stances yet, we can look to Trump and the Republicans for a decent idea.
Donald Trump has campaigned on eliminating payroll withholding that funds Social Security, Termini said.
Reducing benefits and raising the eligibility age would buy the program a little time.
However, the funding cut is certain to gut the programs effectiveness, Termini said.
In that case, there are things it’s possible for you to do.
Those things include diversifying retirement income sources, reassessing personal savings rates and evaluating retirement timelines.
Broader Economic Considerations
Of course, the potential shrinking of Social Security could have wider economic implications.
After all, Social Security serves as an economic stabilizer, providing consistent income for retirees.
Social Securitys future depends on many variables includingpolitical, economic and demographic factors.
As we approach the next election cycle, take the time to review candidates positions on Social Security reform.
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