The outcome of the presidential election may impact the future of Social Security and Medicare.

• Despite the months leading up to the November election, President Biden can still assert his leadership on Social Security and Medicare.
• The election of either former President Donald Trump or Vice President Kamala Harris to the Oval Office could bring about changes to certain programs.
• Here's what we know so far about the plans from the candidates.

In the November election, Social Security is the top issue on voters' wish lists.

A majority of Americans, specifically 87%, are in favor of taking action to address the shortfall in Social Security's trust fund, as per a poll conducted by the National Institute on Retirement Security involving 1,208 individuals aged 25 and above.

According to the Nationwide Retirement Institute, 69% of Americans consider a candidate's stance on Social Security as a significant factor in their voting decision for the presidential election.

A survey was conducted among 1,831 adults aged 18 and above who anticipate or currently receive Social Security benefits.

There is disagreement among experts on how to address the need for a fix, with some suggesting tax increases and others proposing benefit cuts, or a combination of both.

The urgency to fix the programs will intensify during the next presidential administration.

"According to Emerson Sprick, the Bipartisan Policy Center's Economic Policy Program associate director, if something is going to occur before the eleventh hour, it will necessitate presidential leadership. This has not been observed on this issue for a considerable period of time."

Projected depletion dates are looming

The Social Security trustees' latest projections indicate that the program's combined funds may deplete in 2035, with only 83% of benefits payable. The depletion date for the trust fund used to pay retirement benefits is projected to be even earlier, in 2033.

The hospital insurance fund of Medicare is projected to be able to pay 100% of benefits until 2036, but it also faces a looming depletion date.

Lawmakers must address the shortfalls before the projected depletion dates to prevent across-the-board benefit cuts in the programs.

What a Kamala Harris administration could mean for your wallet.

The looming depletion dates come as the programs face other pressures.

More than 11,200 individuals are turning 65 every day, marking the "peak 65" for retirees.

The national debt has reached a record $35 trillion as more people depend on Social Security and Medicare.

Maya MacGuineas, president of the Committee for a Responsible Federal Budget, stated that we must address the dangerously close to insolvent Social Security and Medicare trust funds.

Biden can 'show leadership' before presidency ends

Despite the emphasis on presidential campaigns, President Joe Biden can still seize the chance to tackle Social Security and Medicare issues.

Sprick stated that Biden has a great chance to demonstrate leadership on the issue and kickstart progress as a lame duck.

Some Democrats have proposed raising taxes for the wealthy and increasing benefits.

A bipartisan group of lawmakers has suggested creating a commission to determine the next steps, but these efforts have not yet led to action, which would likely necessitate concessions.

Sprick stated that Congress requires leadership and some protection from the top of the ticket.

During his March State of the Union address, Biden pledged to safeguard Social Security and Medicare and ensure that the wealthy contribute fairly.

If Congressional Republicans agree to the President's budget proposal to raise taxes on the wealthy, Medicare's Trust Fund can be permanently extended without reducing benefits, according to White House spokesperson Robyn Patterson.

"Patterson stated that the President's budget outlines his principles for fortifying Social Security and that he anticipates collaborating with Congress to prudently bolster the program by compelling high-income earners to contribute fairly, without imposing additional taxes on those earning less than $400,000 or reducing benefits."

Trump wants to eliminate some Social Security taxes

Seniors should not be taxed on their Social Security benefits, according to former President Donald Trump's post on Truth Social on Thursday.

According to experts, the post is likely about the taxes that Social Security beneficiaries may owe on their benefit income. Despite this, the Trump campaign did not respond to a request for comment by the press.

The amount of taxes paid by Social Security beneficiaries is determined by their "combined income," which includes adjusted gross income, nontaxable interest, and half of their Social Security benefits.

Up to 85% of benefits may be taxable for individuals with combined income over $34,000 or married couples with combined income over $44,000.

As time passes and benefit income increases, more beneficiaries are becoming subject to tax on their benefits, despite the thresholds remaining unadjusted for inflation.

Eliminating those taxes would enable recipients to retain a larger portion of their benefit earnings. However, this would result in a reduction of approximately $1.6 trillion to $1.8 trillion in revenues for both Social Security and Medicare during the period from fiscal years 2026 to 2035, according to the Committee for a Responsible Federal Budget.

Trump, like Biden, has mostly pledged not to reduce Social Security benefits. However, in a March CNBC interview, Trump hinted at the possibility of cutting "entitlements," which could potentially include Social Security, Medicare, or Medicaid.

"Trump stated on CNBC's "Squawk Box" that there are many ways to address entitlements, including cutting, theft, and poor management."

Harris opposes benefit cuts

The White House states that Vice President Kamala Harris holds a similar stance on Social Security and Medicare as President Biden.

Biden and Harris have collaborated to increase Medicare's financial stability and granted the program the power to negotiate drug prices, resulting in reduced expenses for seniors and people with disabilities.

A White House official stated that the president and vice president are against any proposal to reduce benefits and have presented a plan in the president's budget to ensure the solvency of Social Security and Medicare by asking the wealthiest Americans to contribute their fair share.

As a senator representing California, Harris supported the Social Security Expansion Act, which proposes increasing taxes on the wealthy and enhancing Social Security benefits.

After being appointed to lead the 2024 Democratic presidential campaign, Harris quickly received the backing of retirement advocacy groups.