Major changes for retirement and health care programs

In March 2024, in a recent interview, Trump stated that there is “a lot you can do… in terms of cutting” when asked about what will happen to the entitlement programs. People got scared, but he later clarified that he was talking about reducing waste and not reducing the benefits.

But back in 2000, Trump wrote a book called “The America We Deserve.” In this book, he described Social Security as a Ponzi scheme and even suggested raising the full retirement age to 70 for those younger than 40. Also, he mentioned letting workers invest part of their Social Security taxes in private accounts instead of the traditional system.

Also, there is no secret that Trump wants to renew the Affordable Care Act (Obamacare). We are not yet aware of any details about how Trump wants to change or what the replacement would be, but we are sure it can affect early retirees who use the ACA’s insurance exchanges before becoming eligible for Medicare.

It is important to mention that Trump’s 2020 budget proposal included various reforms to Medicaid, such as rolling back earlier expansions and enabling states to account for seniors’ savings and assets when evaluating eligibility. This might have an impact on seniors who use Medicaid to pay for long-term care.