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Penny-pinchers and savings strugglers, listen up! If you’re part of the under-$10,000 savings club (and let’s face it, that’s a lot of us), you might be wondering how a second term with Donald Trump as president could impact your wallet. Will your piggy bank finally get some love, or is it time to start hoarding quarters? 

Trump, the Republican nominee for president, wrote on Truth Social: “SENIORS SHOULD NOT PAY TAX ON SOCIAL SECURITY!” Seniors can start claiming Social Security benefits at age 62, with their benefits increasing every year they wait to claim until 70. 

According to the Pew Research Center, 51% of American families lived in middle-class households in 2023. These were classified as households with a median income of $106,100 for a three-person household.

“Entitlement program” is a catch-all term used for U.S. federal government programs that provide benefits—often financial benefits—to certain qualifying citizens. For those entering their retirement years, key programs like Social Security and Medicare have long stood as a source of financial empowerment, providing a payout that follows years of tax contributions. Recently, however, entitlement programs have become a source of concern.