Donald Trump's Plan Would Change Social Security for Millions

Raise the Retirement Age: Trump's plan includes raising the retirement age to reflect longer life expectancy.

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Adjust Cost-of-Living Increases: Proposes modifying how cost-of-living adjustments (COLA) are calculated to potentially slow benefit growth.

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Privatization: Suggests options for partial privatization, allowing individuals to invest part of their Social Security taxes in private accounts.

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Means Testing: Advocates for means testing, reducing benefits for wealthier retirees to preserve funds for lower-income recipients.

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Payroll Tax Cut: Trump's payroll tax cut proposal could impact Social Security funding, as these taxes are a primary source of revenue.

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Cap Payroll Taxes: Plans to raise or eliminate the cap on payroll taxes, requiring higher earners to pay more into the system.

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Protecting Current Benefits: Pledges to protect benefits for current retirees while reforming the system for future generations.

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Increase Economic Growth: Argues that boosting economic growth through tax cuts and deregulation will ultimately strengthen Social Security.

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