Senior Citizens and Their Diversion from Social Security Cuts: A Closer Look
The support of senior citizens for Trump and the Republican party, despite their public stance on cutting social security, is a complex issue. Many argue that senior citizens don't believe Trump will take away their income or healthcare, and thus, they are more concerned with their current financial stability rather than future cuts.
Why Older Voters Support Trump
There are valid reasons why older voters, especially senior citizens, support Trump. One of the primary reasons is their belief that their income and healthcare won't be affected. Many senior citizens rely heavily on Social Security and Medicare, which are critical sources of income and healthcare for them. They are concerned about who will take care of them if they completely rely on government funding. If Trump succeeds in cutting social security, it would mean billions of dollars less being spent on their well-being, which many seniors find unacceptable.
Younger Voters and the Future
The younger generation, including boomers and Gen X, may be at risk due to the likely strong reaction of older voters. An older voter like myself, 83, finds Trump and the Republican party to be problematic. Trump, during his first term, struck me as an idiot, and his decline since then has made me even more wary of supporting him. He is a failed businessman with a history of deliberate behavior towards his vendors, and his willingness to milk his followers is concerning.
Personal Financial Reflections
As someone who receives more than the average from social security and also has investments through a 401K and other sources, I have a different perspective on social security. I acknowledge the need for funding issues to be addressed, but the 20% cut projected for the 2030s is a valid concern.
Another 58-year-old individual has a different view on social security. My social security is projected to be $1,390 at age 65, with Medicare premiums paid out, and the rest goes to pay taxes from the income drawn from dividends on a Roth IRA. With the average 12% growth rate in investments and a lower COLA based on a consumer price index, I am not overly concerned about this benefit. Investing similar amounts as paid into FICA has allowed me to draw dividends far exceeding the benefits provided by social security.
The Government's Role in Retirement Planning
While many seniors rely on social security for their retirement, it is important to note that it is not the sole responsibility of the government to provide a retirement plan. Employers and private companies have also played a significant role, often managing old-age income accounts. This dual responsibility can leave individuals in a precarious financial position.
The government needs to balance providing support to those who didn't plan as well for their retirement with ensuring that those who did have a reasonable chance to achieve a good quality of life. Legislation like Project 2025 and Agenda 47 need to be carefully considered, and their implementation should be based on evidence and the well-being of the elderly, rather than strictly financial gain or perceived benefit.
Conclusion
Senior citizens who support Trump are driven by a combination of fear and financial stability. The younger generation should not assume that their situation will be any better, especially given the potential reaction of older voters. While the government has a crucial role in ensuring that all citizens, including the elderly, have a decent standard of living, it is also important to recognize the diverse approaches to retirement planning and the potential for different outcomes.