Trump plan for Social Security go help baby boomers for short term and e go cut benefits for anybody wey dey younger

Donald Trump get plan to change America Social Security system wen e return to White House for January.

Di president-elect promise for inside campaign say e go cut tax for Social Security benefits for im second term.

Pipo wey dey collect Social Security dey die, and one of di things wey I go do na no tax for seniors wey dey collect Social Security, and I go make am happen quick, Trump tell Fox & Friends for August.

For some baby boomers, lower Social Security tax fit mean say dem go dey collect bigger monthly checks for di short term.

But experts dey predict say di Social Security tax cuts, plus oda campaign promises wey Trump don make, fit quickly finish di national Social Security fund.

Dat go put benefits for low-income retirees and younger generations wey fit depend on dat income as dem dey grow old.

Pipo wey dey collect Social Security dey die, and one of di things wey I go do na no tax for seniors wey dey collect Social Security, and I go make am happen quick, Trump tell Fox & Friends for August.

It dey designed to help retirees, but di pipo wey go suffer na di pipo wey dey rely on Social Security pass, Taylor Lee, wey be certified financial planner for Belmont Capital Advisors, tell BI about Trump Social Security tax cut.

More than 72 million Americans dey collect Social Security and di estimated average monthly check na $1,907 per month, according to Social Security Administration.

Americans fit start to collect Social Security for age 62, or wait make diir full benefits start at 67, wey be di national retirement age.

Trump campaign promise dey come as Business Insider don hear from older pipo wey get small retirement savings.

Plenty of dem dey struggle to fit buy wetin dem need like house and food with di fixed Social Security money wey dem dey collect.

Income tax wey dey on Social Security dey affect all wey dey collect am wey get annual household income wey pass $25,000, and most of dem dey pay tax for at least 50% of wetin dem dey collect.

Low-income beneficiaries dey pay less tax. Social Security tax cut go hurt low-income retirees and younger generations.

US Social Security go finish for di next ten years if Congress no do something.

Dem dey fund am mostly through payroll taxes wey Americans dey pay throughout di work life.

One report wey dem publish for October by di nonpartisan Committee for a Responsible Federal Budget talk say Trump campaign promises wey include to stop tax on tips.

Reduce some income tax, expand deportation, and put tariff go affect di Social Security fund, make am no fit pay within di next six years.

Na three years earlier than wetin di Congressional Budget Office dey estimate now.

dose policies go still make dem cut benefit by 33% for 2035, na 10% increase from wetin di Congressional Budget Office dey project under di current law.

Lee talk say low-income boomers and younger generations go likely feel di wahala of dise cuts.

Low-income boomers wey dey live on Social Security don already dey pay less income tax, so dem no go see di benefits wey Trump promise.

Lee talk say plenty no get odir retirement savings to fall back on if dem cut diir benefits.

E add say older Americans wey get money or middle class go feel less stress from Social Security cuts, and fit benefit for short term from Trump tax plan.

E go help pipo wey dey middle class, pipo wey get di luxury to get 401(k) or IRA and get plenty sources of retirement income, Lee talk.

But na di pipo wey go suffer pass na pipo wey no get dat traditional retirement income.

Lee talk say e fit be say younger generations go get lower Social Security benefits, wey go make dem depend more on retirement savings.

To make am clear, any changes wey Trump wan make for di tax or Social Security systems go need Congress approval.

Wetin dey work for am be say Senate go get Republican majority. (Votes for House representatives still dey count.)

Lee add say tax funding no be di only challenge wey dey face Social Security.

Pipo dey live longer, meaning say dem need more benefits funding per person.

As for oda retirement money, like 401(k) accounts and investments, e no clear wetin second Trump term go mean.

Di president-elect wan put tariffs for foreign goods and make big tax cuts, wetin fit cause inflation and make cost of living dey high.

With wetin go happen to Social Security no sure, Lee talk say e important make retirees build strong financial plan.

Plenty planning dey we fit still do, Lee talk. Government policy we no fit change dat one.

So we just go fit control wetin we fit control.

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