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.
While Trump has vowed not to cut Social Security, the new administration is expected to shake things up.
Above all, any reduction or slower growth in benefits could make it harder to cover basic needs.
This might lead to reduced benefits or stricter eligibility requirements.
Such changes could disproportionately affect individuals without other income sources, leaving them more vulnerable.
He added, Higher Medicare premiums mean lower Social Security checks.
This could force tough choices between healthcare and other needs and it might push some seniors into poverty.
The budget also proposed lowering benefits for the highest-earning beneficiaries and emphasized the changes will not take immediate effect.
Last year, nearly 68 million people received amonthly Social Security check.
Asher stated, It is difficult to speculate what level of cuts will get passed.
She explained, If you are currently receiving Social Security benefits, you may see a reduction in benefits.
After that, a reduction in benefits may occur unless the systemic issues are addressed.
Explore how to supplement income, such as part-time work, if possible, he stated.
Furthermore, retirees should focus on budgeting carefully and considering assistance programs for essential services.
Above all, staying informed about potential legislative changes and advocating for policies that protectSocial Security benefitsis critical.
More From GOBankingRates
Share This Article:
