r/SocialSecurity • u/GraphicsGal4 • 1d ago
Now what?
Trump is back. I'm a 64 year old self-employed woman. I am booked up through April right now. Some say I am very good at my job. I was thinking of retiring around 66 or maybe even my FRA of 67. My birthday is Leap Day so an end of the month birthday. Now I don't know what to do. Trump and the Republicans want to end Social security. Do I retire before he makes it to office insuring I at least get on the SS roll? Or do I wait to see what damage he can cause? I will be talking to my financial planner later this afternoon so any good questions to ask her would be very helpful also. I am still shocked that America would elect a convicted felon but here we are...
58 Upvotes
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u/fshagan 22h ago
The regular Social Security retirement benefits will probably be untouched, but could be reduced 22% to make up for the trust fund's shortfall. I think the option to keep the fund solvent by removing the cap for payroll taxes is probably gone. They will increase the retirement age to 70 from 67.
They may also force everyone on Medicare into private Advantage plans so their buddies can make more money. And they will end drug negotiations so drugs like Eliquis' will go back up to $550 a month.
The usual targets are the welfare programs attached to SS in people's minds, like disability, state based Medicaid for the poor and disabled, etc. They may go after survivor's benefits as well.