Presidential Candidates’ Positions on Retirement: A Comprehensive Overview

As the 2024 presidential election approaches, the looming shortfall in the Social Security and Medicare trust funds has become a critical issue for voters to consider. With the Social Security retirement trust fund projected to be depleted in 2033 and the Medicare Hospital Insurance trust fund in 2031, the next president will play a crucial role in addressing these challenges.

President Joe Biden has proposed increasing taxes on high earners to shore up the trust funds, emphasizing the need for wealthy households to “pay their fair share.” On the other hand, former President Donald Trump has not provided clear details on how he plans to address the shortfalls, leading to uncertainty among voters.

In terms of Medicare, Biden has proposed increasing the Medicare tax rate on incomes over $400,000 and depositing funds from the net investment income tax into the Medicare trust fund. Trump’s past actions, such as signing an executive order that some saw as a move toward privatizing Medicare, have raised concerns about potential cuts to retiree benefits.

While independent and third-party candidates have various approaches to retirement issues, the current political system in the U.S. makes it unlikely for them to win the presidency and implement their policies. As voters head to the polls in November, the future of Social Security and Medicare will be a key factor in deciding who should lead the country for the next four years.