The 2024 presidential race is shaping up to be a rerun of 2020, with President Joe Biden the clear frontrunner to be the Democratic nominee and former President Donald Trump a heavy favorite to be the Republican nominee. Both candidates have promised not to cut Social Security benefits, which theoretically means Social Security recipients have nothing to worry about. But there are still some wild cards at play that could change the landscape.
Social Security: ‘Win-Win’ Bill To Cut Federal Taxes Would Extend Funds to 2054
Learn: 6 Unusual Ways To Make Extra Money (That Actually Work)
The future of Social Security has become a hot topic for the 2024 presidential campaign because of a looming funding shortfall. The program’s Old Age and Survivors Insurance Trust Fund is expected to run out of money within the next decade, leaving Social Security solely dependent on payroll taxes. Those taxes currently cover only about 77% of benefits.
As previously reported by GOBankingRates, voters have a general idea about where the candidates stand on Social Security. Biden has proposed a 4-point plan that is heavily geared toward raising more revenue through higher payroll taxes and would primarily impact high earners who can depend on their retirement savings to get by.
Trump has said he has no plans to touch Social Security if he returns to the White House. Last year the ex-president said that “under no circumstances should Republicans vote to cut a single penny from Medicare or Social Security.”
How To: I Live On Social Security Onwly: Here’s How I Get By
But there are still some politicians who might have a say in Social Security reforms that could slash benefits sometime in the future. Here are three of them:
-
Nikki Haley (R-S.C.): The former South Carolina governor is the last Republican challenger standing against Trump out of what was a crowded field not too long ago. Haley’s proposals to reform Social Security include raising the full retirement age for younger Americans in their 20s and 30s while not touching benefits for current Social Security recipients and those approaching retirement age. She has also proposed cutting or eliminating benefits for wealthy Americans.
-
Rep. Mike Johnson (R-La.): The U.S. House Speaker has a “long history of hostility towards Social Security and Medicare,” according to Alex Lawson, executive director of Social Security Works. As chair of the Republican Study Committee from 2019-2021, Johnson released budgets that included $750 billion in cuts to Social Security, Lawson said in a press release last year. Johnson’s Social Security influence could widen considerably if Republicans win control of the Senate and White House in the 2024 election. For now, though, the Speaker has little power over Social Security policy because even if he proposed cuts, they would be unlikely to win Senate or White House approval.
-
Rep. Kevin Hern (R-Okla.): Hern’s main role in the Social Security debate is that he is the chairman of the 176-member House Republican Study Committee (RSC), which last year approved a fiscal blueprint that would gradually increase the FRA to 69 years old for seniors who turn 62 in 2033. The current full retirement age is 66 or 67, depending on your birth year. For all Americans born in 1960 or later, the FRA is 67.
More From GOBankingRates
This article originally appeared on GOBankingRates.com: Social Security Cuts: Proposals from 3 Politicians Could Slash Your Benefits