Social Security is top financial priority for 42% of Americans in 2024 election
From Nasdaq: 2024-08-25 05:20:00
The 2024 presidential race is seen by some as more about vibes than issues, but financial priorities still matter to Americans. A survey found that 42% prioritize Social Security, with older Americans ranking it higher. Kamala Harris and Donald Trump have both discussed Social Security, with potential changes having significant implications on the program’s future.
Inflation is the top financial priority for 60% of Americans, followed by Social Security at 42%. Older generations, like baby boomers, prioritize Social Security more than younger respondents. Kamala Harris supports raising payroll taxes on earnings above $400,000, while Donald Trump proposed eliminating taxes on Social Security benefits without changing the program.
Proposals to change Social Security could have major consequences. Subjecting earnings over $400,000 to payroll tax could eliminate 64% of the program’s long-term shortfall. Trump’s plan to eliminate taxes on benefits could deplete the trust funds over a year earlier. Social Security faces insolvency by 2035 if no changes are made, leading to significant benefit cuts.
With the 2024 election approaching, the urgency to address the future of Social Security becomes more prominent. American retirees may be missing out on extra income from Social Security, with crucial decisions needed to secure the program’s long-term sustainability. Visit the provided link to discover strategies for maximizing Social Security benefits.
Read more at Nasdaq: 42% of Americans Say Social Security Is Their Top Financial Priority in the 2024 Election. Here’s What Harris and Trump Both Have to Say on the Topic.