Are you concerned about the future of Social Security and Medicare? The upcoming presidential election could have a significant impact on these essential programs. Here at Extreme Investor Network, we want to provide you with valuable insights into how the candidates’ policies may affect your financial future.
President Joe Biden and former President Donald Trump have differing views on Social Security and Medicare. During a recent debate, Biden accused Trump of wanting to “get rid of” Social Security and cut Medicare, while Trump claimed that Biden is “destroying” these programs. With over 72 million beneficiaries relying on Social Security and more than 65 million Americans depending on Medicare, the stakes are high for retirees across the country.
As the number of retirees continues to grow, it is essential to understand how each candidate plans to address the financial challenges facing these programs. According to a recent AARP survey, 80% of voters aged 50 and up consider Social Security extremely important or very important when deciding how to cast their ballot in the upcoming election.
Biden has proposed making the wealthy pay more toward Social Security to ensure the program’s solvency. He plans to apply payroll taxes to earnings over $400,000 and increase taxes on investment income for high-income individuals. In contrast, Trump did not offer specific changes to Social Security during the debate.
On the topic of immigration, Trump accused Biden of allowing undocumented immigrants to access Social Security benefits, a claim that has been debunked by experts. In reality, immigration can help support Social Security by increasing the number of workers who contribute to the program through payroll taxes.
Both candidates have also taken credit for lowering insulin costs under Medicare. Trump implemented a limited-time model that capped insulin co-payments at $35 per month, while Biden signed the Inflation Reduction Act, which further reduced costs for Medicare beneficiaries.
At Extreme Investor Network, we are committed to providing you with the latest information on personal finance and retirement planning. Stay tuned for more updates on how the presidential election could impact your financial security. Subscribe to our newsletter for exclusive insights and expert tips on navigating the complex world of personal finance.