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This would push Social Securitys insolvency date to 2032 instead of 2033, which is where its currently set.
In the next 10 years, Medicare could lose around $650 billion in revenue.
This could push Medicares insolvency from 2036 to 2030.
In addition to this, Trump has also floated the idea of cuttingfederal income taxes.
Ideally, this would ease the financial burden on individual workers.
But the combination of these policies could actually lead to increased costs for Americans everywhere retirees included.
This is because these things are often indirectly subsidized by tax revenue.
If income taxes are reduced, there could be less funding available for public programs, he said.
Budget cuts in government-run programs like Medicare and potentially Medicaid could also cause out-of-pocket costs to rise.
As for long-term care, cuttingSocial Security taxescould have a similarly adverse effect.
With program cuts, theyd have to start paying more out of pocket.
This could be a significant burden for those on a fixed income.
Currently, eight states dont have personal income tax.
This includesAlaska, Washington, Nevada and Texas.
Washington state has one of the highest combined sales tax rates at 9.23%.
This may not be causation, but there could be a correlation here.
Reduced taxes may also cause the government to borrow more, which would increase inflation.
This, of course, would make everydaygoods and servicesmore expensive.
This program serves as a primary source of income for millions of Americans, said Hodgins.
Without Social Security, retirees might face higher costs forbasic living expenses, including housing, utilities and groceries.
This includes life insurance, health insurance and the like.
Greater demand generally means higher costs unless supply can keep up.
But with program cuts, it might be harder to bring about that necessary balance.
Retirees living on the margins have little ability to absorb rising costs.
Right now, its unclear what will actually happen if Trump is elected.
Its entirely possible that his proposals to eliminate Social Security and income tax might not even come to pass.
Plus, Trump has yet to release amore detailed planoutlining his tax proposals.
The country retirees and non-retirees alike will have to wait to see what happens.
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