How would Joe Biden and Donald Trump's Social Security plans affect your retirement benefits?

This year's U.S. presidential election will be different than 2020, even with the same candidates representing the two major political parties. No two elections are the same because political and economic dynamics change.

However, some of the major issues from four years ago will remain important in the 2024 elections. You can put Social Security at the top of the list. President Joe Biden and the Republican Party's presumptive presidential nominee, Donald Trump, have different ideas about what should be done with the popular federal program. How Would Biden and Trump's Social Security Plans Affect Your Retirement Benefits?

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Biden's stance on Social Security

You won't find a detailed Social Security plan on President Biden's campaign website. However, his proposed federal budget for fiscal year 2025 gives a pretty good overview of the Social Security changes the president wants.

The only concrete item on Social Security in Biden's proposed budget is giving an additional $1.3 billion to the Social Security Administration (SSA) to improve service delivery to Americans. The budget does, however, include the president's guiding principles for Social Security reform.

Most importantly, Biden opposes cutting benefits in any way. This position includes the privatization of social security. The president has also made clear in his previous public statements that he is against raising the full retirement age.

Biden's main proposal for keeping Social Security solvent is to “ask the highest-income Americans to pay their fair share.” He insisted on not raising taxes on those earning less than $400,000. One way to implement this proposal is to subject all income of $400,000 or more to the payroll taxes used to fund Social Security. Then-candidate Biden recommended this approach during his 2020 presidential campaign.

The president also wants to “improve social security benefits,” with a particular focus on “those who face the greatest difficulties making ends meet.” Although no details were included on this in his budget proposal, Biden has in the past called for some benefit increases, such as a guaranteed minimum benefit equal to at least 125% of the federal poverty level. He also proposed during the 2020 campaign to increase benefits by 5% for anyone receiving benefits for 20 years or more.

Trump's position on Social Security

Former President Trump's 2024 campaign website mentions Social Security, but only briefly. There's a sentence on the site that says it will “always protect Medicare, Social Security, and patients with pre-existing conditions.”

To assess Trump's position on Social Security, we must turn to his public comments. He essentially spoke out against any changes to social security. During a Fox News town hall in December 2023, Trump said, “You don't have to touch Social Security.” He wants to use America's oil supply to fund Social Security, the same way Saudi Arabia uses its oil wealth to fund public programs.

Trump appears to reject the idea of ​​raising the full retirement age. He criticized former UN Ambassador and South Carolina Governor Nikki Haley during the recent Republican presidential nomination campaign for her proposal to raise the retirement age for young Americans .

In a recent interview with CNBC, Squawk Box host Joe Kernen asked Trump if he had changed his mind on how to handle entitlements such as Social Security, Medicare and Medicaid. He responded: “So, first of all, you can do a lot in terms of rights — in terms of reduction — and also in terms of theft and mismanagement of rights.”

The former president's comments seemed to imply that he was open to cuts to Social Security. However, he later clarified in an interview with Breitbart News: “I will never do anything that would compromise or harm Social Security or Medicare.”

How would these plans affect your retirement benefits?

Neither Biden's nor Trump's Social Security plans would affect most Americans' retirement benefits — at least not in the short term. Those most in need could receive more benefits if Biden's previous proposals are implemented.

However, if no changes are made to strengthen Social Security, the program's combined trust funds will run out of money by 2033, according to the nonpartisan Congressional Budget Office. This would result in a 25% reduction in benefits in 2034.

No major Social Security reforms were passed during Trump's previous term as president or during Biden's current term. Whoever wins in November, four more years of doing nothing could make it more painful to implement the changes needed to keep the program solvent.

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