The election is just a few days away, but there are still undecided voters who are waiting for former President Donald Trump and Vice President Kamala Harris to share more details about their policies, especially regarding Social Security, which needs a major overhaul. Over 67 million American retirees receive a monthly Social Security check, but the program is facing a crisis.
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The Social Security Board of Trustees project that by 2035, there will only be enough money to pay retirees 75% of their benefits. Without changes, future generations won’t receive 100% of their benefits. While both candidates have promised to protect Social Security, the Committee for a Responsible Federal Budget (CRFB), a nonpartisan public policy think tank, said in a recent report that Trump’s economic proposals would “dramatically worsen Social Security’s finances.”
According to the report, Trump’s policies on ending the taxation of Social Security benefits, eliminating taxes on tips, implementing his tariff proposal and expanding deportations would “widen Social Security’s cash deficits.”
The CRFB is not alone in evaluating how Trump’s proposals could negatively affect Social Security. In August, the Tax Foundation stated that the former Republican president’s stance on Social Security tax cuts would reduce tax revenue by about $1.4 trillion from 2025 to 2034 and “accelerate the insolvency” of the program.
Social Security is a hot topic for voters, and neither Trump nor Harris has been forthcoming about a solid plan to save the program. GOBankingRates spoke with undecided voter Russ Johnson, founder of Linx Legal, who explained what changes he’d like Trump or Harris to propose regarding the program.
Tax Social Security Benefits
Trump has not wavered from his idea of ending Social Security benefits taxation. While this proposal sounds great to many retirees, not all voters are on board. Johnson doesn’t believe the plan is realistic.
“I think Trump’s pledge to stop taxing Social Security benefits might sound good on the surface, but it could actually hurt the program in the long run,” he said. “By eliminating taxes on these benefits, the program would lose a crucial source of revenue,” Johnson explained.
He added, “Social Security is already facing financial challenges, and reducing its income could worsen its stability. While it’s important to ensure retirees aren’t overly burdened by taxes, we also need to focus on maintaining the program’s solvency so it can continue to support future generations.”
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Increase to Payroll Tax Cap
Another change Johnson would like to see discussed by the candidates is a gradual increase in the payroll tax cap. “Right now, people stop paying Social Security taxes after earning around $168,600,” Johnson stated. “If they raised that cap, higher earners would continue contributing more to the system.”
To clarify, high earners still pay payroll taxes on $168,600 of their income, but not on any additional income earned after that. This limit is increasing to $176,100 in 2025, but it’s a fairly nominal increase unlike what Johnson is proposing.
He added, “This could bring in additional funds and help delay the depletion of Social Security. I like this idea because it feels fairer, especially when most working Americans are still paying into the system, but high earners are not after a certain point.”
Adjust the Retirement Age
With the state of Social Security, Johnson believes raising the retirement age “slightly” for younger people could help the program and would like to see the candidates consider the idea. However, he emphasized that people close to retiring should not be affected.
“It could help balance the program’s finances in the long term,” he said. “This would give people time to plan and adjust, and it seems like a reasonable compromise between cutting benefits and keeping Social Security sustainable.”
Expand Social Security’s Investment Options
A fourth change Johnson wants to see Trump or Harris propose is expanding the Social Security program’s investment options. He said, “Right now, the program mainly invests in U.S. Treasury bonds, which are safe but not always the most profitable. Allowing for a portion of the funds to be invested in a diversified portfolio, including stocks or infrastructure projects, could potentially yield higher returns over time.”
Johnson explained, “This change could provide a much-needed boost to the program’s finances, helping to ensure its sustainability for the future while still being responsible with taxpayer money.”
The Final Takeaway
With the election in the final stretch, the candidates are campaigning hard, and Johnson remains undecided until Trump or Harris reveal more details about their policy on Social Security. “Neither has given enough clear solutions,” he said. “Trump says he’ll eliminate taxes on Social Security benefits, but that might hurt the program’s solvency even more. On the other hand, Harris wants the wealthy to pay more into the system, but I’m not sure if that alone will fix the problem. I want to see real, detailed plans from both before making my decision.”
Editor’s note on election coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on GOBankingRates.com.
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This article originally appeared on GOBankingRates.com: I’m an Undecided Voter: 4 Changes to Social Security I’d Like To See Trump or Harris Propose