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.
you’ve got the option to read more about oureditorial guidelinesand our products and servicesreview methodology.
Realistically speaking, no president can set Social Security policy alone.
The laws that govern the Social Security program are primarily set by Congress, explained Bandeh-Ahmadi.
With the odds currently favoring a divided Congress, that could limit what either Trump or Harris could accomplish.
Heres what could happen if each candidate makes the Social Security changes theyd like, according to Bandeh-Ahmadi.
you’re free to alsocheck out another experts prediction if Harris wins the election here.
Such a policy could potentially decrease benefit amounts or raise the retirement age, said Bandeh-Ahmadi.
To do so, the Social Security program likely needs more revenue.
One way that could take shape under a Harris administration is through tax reform.
She has proposed increasing taxes on high earners, households making over $400,000 annually.
This could involve lifting the cap on taxable income forSocial Security contributionswhich is set at around $168,600 annually.
A Trump appointee might promote private retirement accounts and other market-based retirement programs or cutting agency staff.
More From GOBankingRates
Share This Article:
