Economy

American Seniors are Over Joyed with Trumps Announcement regarding Social Security Benefits

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Social Security is a crucial financial support system that President Trump is targeting for massive improvement.

Social Security

Every tax paying American pays into the financial support system known as Social Security, however recent deficits have caused a shortage for those finances to be paid out. Currently the age of retirement in America is 65 which means that when a citizen reaches the age of retirement they are automatically entitled to receive social security benefits in order to help supplement their loss of income. Thanks to liberals and illegals bleeding the system dry these citizens who’ve been paying in for their entire working lives are no longer receiving enough supplemental help to support their retirement. Therefore many citizens are forced to continue working after the age of retirement in order to survive financially but doing so negatively effects what little social security they are provided with.

Basically American senior citizens are left with the option of retiring and budgeting in order to scrape by, or continue working and have social security benefits withheld.

President Trump has been tirelessly working towards a suitable solution for American seniors and new SS policies may be the answer Americans have been waiting for. 2018 promises to hold a substantial improvement for any American currently or shortly eligible for Social Security as Benefits and regulations are set to change.

New social security guidelines will increase the amount ‘retired’ Americans are allowed to make without being penalized as well as increase the overall monthly payout for qualified Americans.

Via

President Trump has suggested that he wouldn’t be looking to directly alter the Social Security program, and would instead tackle things indirectly by focusing on economic growth. Since the payroll tax is the primary funding tool of Social Security, a faster growing economy could indeed lift Social Security’s coffers and help stem an estimated $12.5 trillion budgetary shortfall in the program over the next 75 years. Trump is hopeful that individual and corporate tax reforms, as well as a focus on new trade deals, domestic energy, and a long-term infrastructure plan, will add this desired growth and lift Social Security.

3 major changes will be introduced to the social security program thanks to President Trump, and what follows is a brief description of those substantial improvements.

1. The full retirement age is rising once again
Unless there’s some serious cohesion in Congress and a new Social Security bill is passed, the full retirement age for new retirees born in 1956 will be rising by two months in 2018 to 66 years and four months.

2. Seniors will get their biggest COLA in years
There are still a few months to go before Social Security’s inflation calculation is made and 2018’s cost-of-living adjustment (COLA) is announced, but as things stand now, it’s looking quite favorable that seniors will net their largest COLA in years.

3. The rich will pay more
Also, with a growing economy, it’s not uncommon to see a nominal increase in wages among the nation’s labor force. The National Average Wage Index (AWI) is what’s behind SS’s maximum taxable earnings, meaning a steady increase in U.S. GDP probably means a healthy increase in maximum taxable earnings.

Senior citizens in America have earned the right to retire comfortably and without the daily stress of financial difficulties which is the exact reason SS was implemented, America and its political leaders need to respect this notion otherwise the financial burdens associated with old age are bound to financially cripple the country once and for all.



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