President Trump's plans could drain Social Security — here's how you can help protect your retirement plans

Group 1 - A recent AARP survey indicates that 61% of Americans aged 50 and older are concerned about insufficient retirement savings [1] - Social Security was a significant topic in the recent election, with Donald Trump advocating for the elimination of taxes on Social Security benefits [2] - The U.S. Committee for a Responsible Federal Budget (CRFB) warns that Trump's proposal could lead to a 33% reduction in Social Security benefits by 2035 [3] Group 2 - The CRFB analysis suggests that if Trump's proposal is enacted, Social Security funds may deplete by 2031, highlighting the need for individuals to prepare for potential changes [5] - The average monthly Social Security Administration (SSA) payout is currently $1,862, emphasizing the importance of seeking additional financial security options [5] - Consistent contributions to retirement savings are essential for effective planning, allowing individuals to leverage the benefits of compound returns [7]