GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
it’s possible for you to read more about oureditorial guidelinesand our products and servicesreview methodology.
Today, around 67 million people rely on Social Security to help sustain them through retirement.
However, there has been a lot ofuncertainty about its future.
Other systems, like Medicare, are also expected to be cut if no changes are made.
And those who havent even started working yet are even less likely to receive any benefits at all.
All of this is assuming Social Security continues to run exactly as it has.
But what if Kamala Harris is elected the next president?
What might happen to this important system then?
This may or may not account for inflation or rising healthcare costs.
But even if it doesnt, it could still result in larger benefits provided the system can keep up.
Depending on how successful these reforms are, the Social Security system could theoretically become stronger and more secure.
Its certainly not a guarantee, but it could certainly help fund the program.
Right now, Social Security benefits are calculated using a very specific formula.
But if specific strategies are implemented, it could meantactically lower benefitsfor wealthier retirees.
This, in turn, could leave more money on the table for those who need it most.
To give further context, the estimated average monthly benefit amount is $1,907.
If they earned $130,000 a year, theyd receive around $3,800 a month.
This is considered early retirement and likely will result in areduced benefits amount.
In any case, extending thecurrent retirement agecould be a long-term solution to the system.
More From GOBankingRates
Share This Article:
