[Written by Queenie Burns]

A second term for any administration could bring significant changes to Social Security benefits, potentially affecting millions of Americans who rely on this critical support. Here are some potential areas of focus:

1. Funding and Program Sustainability: Any administration might explore changes to funding methods for Social Security to ensure its long-term sustainability. This could mean adjusting payroll tax policies or making reforms to secure Social Security’s future in response to rising benefit costs and an aging population.

2. Retirement Age: Changes to the full retirement age have been discussed as a way to help extend the life of the Social Security fund. Adjusting the age requirement could impact when individuals can start collecting full benefits.

3. Benefit Calculation Adjustments: Adjustments to how benefits are calculated—such as modifying the cost-of-living adjustment (COLA)—can impact the annual increase recipients see to match inflation. COLA changes could lead to higher or lower adjustments, affecting recipients’ buying power.

4. Means Testing: Means testing would change how Social Security is distributed by determining eligibility based on income level. If pursued, this approach could reduce benefits for higher-income earners while aiming to prioritize lower-income recipients.

While these are potential areas that may be considered, specific changes would depend on legislative and administrative priorities. For recipients and future beneficiaries, it’s essential to stay informed on Social Security policies, as shifts in the program could impact retirement plans, healthcare affordability, and overall financial security.