President Trump is set to make significant changes to Social Security, potentially leading to benefit cuts

From Nasdaq: 2025-03-15 03:44:00

Social Security is a crucial income source for retirees, with 80-90% saying their checks cover expenses. However, the program faces potential benefit cuts by 2033. President Trump is set to make two significant changes in 2025, focusing on efficiency-based cost reductions and influencing Social Security’s 2026 COLA through tariff policies. Despite promises not to cut benefits, Trump’s actions suggest otherwise, with past budget proposals aiming to save billions. The program’s financial health is at risk due to demographic shifts, with a $23.2 trillion funding shortfall projected by 2024. Retirees could face a 21% cut in benefits if reserves are depleted in eight years.



Read more at Nasdaq: Prediction: 2 Ways President Donald Trump Will Decisively Change Social Security in 2025