As election day draws near, it’s a toss-up between whether Michigan will vote for Kamala Harris or Trump.
Changes to Social Security and MedicareRoughly a quarter of retirees rely almost solely on Social Security to meet their financial needs, according to the Social Security Administration.
Yet, both Social Security and Medicare face insolvency, meaning neither program will be able to pay out the full benefit amount at a certain point (2036 for Medicare, 2035 for Social Security).
But doing so could hasten the depletion of the Social Security trust funds — and lead to insolvency sooner.
More From GOBankingRatesThis article originally appeared on GOBankingRates.com: If You Live in Michigan, Here’s How Trump Might Affect Your Retirement..
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