“Encouragement Is Free – the Effect It Has on Others: Priceless.”

Looking Into The Impact Of The Presidential Election

Now that we are in “full post – election mode” it’s imperative and important that a closer look be taken at potential negative impacts which could come from new policies initiated by the incoming administration.

Scrutinizing Cabinet Nominees

It’s no secret that a number of the president-elect’s nominees for cabinet positions, are facing multiple questions, regarding their qualifications and suitability, for each respective position, and what effect they will have on their specific agency.

Questions have been raised regarding the following nominees:

Pam Bondi – Attorney General
Tulsi Gabbard – Director of National Intelligence
Pete Hegseth – Secretary of Defense
Linda McMahon – Department of Education
Ron Vought – Director of the Office of Budget and Management
Kash Patel – Director of the FBI &
Elon Musk and Vivek Ramaswamy – heads of the newly created Department of Government Efficiency.

Social Security Under New Scrutiny

One of the aims, as expressed by the president-elect, during his campaign, is Social Security. Trump has proposed “eliminating taxes on Social Security income”, which would eliminate one of the Fund’s sources of payments into the Fund.

As the largest entitlement program, in the country, Social Security provides benefits to more than 70 million retirees, survivors and people with disabilities every month. But, with a change of government on the horizon, the Social Security Administration (SSA) and its programs, could be subjected to closer scrutiny, by the Department of Government Efficiency, which will be responsible for advising the president, on streamlining costs, slashing regulations and such changes could be implemented, by Trump, via Executive Order.

With Social Security, change is virtually inevitable. Rules change, eligibility requirements change, payments change and there’s no reason to believe this will stop anytime soon – if ever!

Some Social Security changes only apply to certain groups of people, but, others apply to most current or incoming recipients. Regarding the latter, there are two major changes, to be aware of, as we head into 2025. Even if you’re not a benefit recipient, they’re worth knowing about, because they could still be relevant to your future retirement plans.

Key Social Security Changes in 2025

The most notable of changes to Social Security benefits, in 2025, should be good news. All current recipients will receive a boost in their monthly benefits, thanks to the Social Security Cost Of Living Adjustment (COLA).

The annual COLA is meant to offset the effects of inflation. Whether it’s food, clothing, or housing, it seems that prices,of most goods and services are steadily increasing and it’s even more impactful for those on fixed income sources lije Social Security.

A second change will be that more income will be subject to Social Security taxes, in 2025. There’s an increase in the wage base limit, which means more income of some workers will be subject to Social Security payroll taxes.

The challenges, faced by both retirees and workers, will be to focus on how will the incoming administration be transparent, in the face of rising costs, tariffs and tax cuts (primarily for corporations and higher income individuals), as the remaining citizens may struggle with making ends meet.

A favorite uplifting adage advises: “Encouragement is free – the effect it has on others: priceless.”