As the retirement age of 65 becomes outdated, experts debate potential changes to Social Security. One suggestion is raising the retirement age to address the program's looming shortfall. However, critics argue that this would disproportionately affect those with health issues or limited job opportunities. Alternatives being considered include raising the minimum benefit or adjusting the system to automatically account for increased longevity. Ultimately, the goal is to enable workers to retire comfortably on their own terms while ensuring the program's long-term sustainability.
Republicans want to raise the Social Security retirement age and reduce benefits for high-income earners, while Democrats oppose benefit cuts and propose raising taxes on the wealthy to enhance benefits. Both parties aim to address the programs' financial challenges, though their proposals differ significantly.
Trump and Biden have differing views on the future of Social Security. Trump suggests cutting "entitlements," while Biden has released a budget proposal strengthening Social Security and Medicare. This will directly affect beneficiaries, with Trump's potential cuts reducing benefits and Biden aiming to enhance them.
