Harris vs. Trump on Retirement: How They Stack Up on Social Security, Medicare and More

From former President Donald Trump's proposals to cut taxes for older Americans to Vice President Kamala Harris' plans for lowering prescription drug prices, the two candidates have big ideas on issues that could impact retirement in America.

Their campaign platforms both emphasize that they would protect Social Security, the largest source of retirement income for most older people. But there are several key differences in what they would change about the program.

On the topic of health, Harris and Trump have rolled out plans they say would protect Medicare and improve access to quality health care. They're also trying to convince voters they can lower out-of-control drug prices.

And that's on top of their proposals related to pensions and retirement accounts.

Here's where the candidates stand on major issues that could affect your golden years.

Harris: Protect Social Security and increase payroll taxes for high-earners

Consistent with the platform she and current President Joe Biden ran on in 2020, Harris is focused on defending the Social Security program against "attacks" from the Republican Party — specifically, any changes that would reduce benefits or increase the retirement age. The platform notes that Trump once called for increasing the retirement age from 67 to 70 (but it's a position he no longer supports).

To ensure Social Security can continue paying scheduled benefits long into the future, Harris calls for "making millionaires and billionaires pay their fair share in taxes." Social Security's trust funds are on track to run out of money in about a decade, and in order to avoid benefit cuts, lawmakers would need to enact policy changes to increase revenues. Raising taxes is one of those potential solutions.

Harris says she won't raise taxes for anyone earning less than $400,000, but depending on the makeup of the next Congress, Democrats may look to raise payroll taxes for folks above that threshold.

Trump: End taxes on Social Security, maintain benefits

Trump has proposed eliminating federal income taxes on Social Security benefits, which are currently paid by about 40% of recipients (people who have more than $25,000 of combined income). Ending taxes on benefits could free up money for older Americans struggling to cope with the cost of living, but it would potentially increase the federal deficit by $1.6 to $1.8 trillion by 2035, according to the Committee for a Responsible Federal Budget (CRFB), a nonpartisan nonprofit.

In addition to this proposal, Trump pledges to keep the retirement age at 67 and promises no cuts to Social Security. But a new analysis from the CRFB finds that Trump's proposals on taxes and immigration could actually increase Social Security deficits, worsening the looming funding shortfall.

Harris: Support union pensions

Harris is touting her record on pensions, including a tie-breaking vote in 2021 to pass the Butch Lewis Act, which aimed to improve the solvency of multi-employer pensions for union workers, as part of the American Rescue Plan.

Her campaign says the act has saved 1 million pensions and she commits to "see this effort through and save the pensions of millions of more union members."

Trump: Cut taxes and limit inflation

The former president's pitch to older voters centers on his ability to control the rising cost of living. At a recent rally in Reno, Nevada, Trump said older Americans have been "destroyed on fixed incomes with inflation," blaming government spending. Trump says he has a better record than Biden on inflation. However, economists are skeptical that his policies would result in lower inflation than Harris's.

Beyond cutting taxes on Social Security benefits, Trump wants to extend his 2017 income tax cuts that lowered rates for most brackets, which he says would help Americans cope with higher prices. (Many of these tax cuts would otherwise sunset in January 2026.)

He also supports ending "double taxation" for Americans living abroad, a proposal that would benefit some who retire internationally.

Harris: Fight for lower drug costs

Campaign ads supporting Harris frequently feature her record on and plans to lower prescription drug costs.

Notably, the Biden administration capped insulin prices at $35 for millions of Americans. Recent Medicare drug negotiations have resulted in discounts for millions of enrollees. Starting next year, out-of-pocket prescription costs for Medicare Part D enrollees will be capped at $2,000 per year under a provision of the Inflation Reduction Act.

Harris pledges to extend and build on these initiatives, specifically backing plans to accelerate more Medicare drug negotiations and apply the insulin price cap to everyone.

Trump: Promote affordable health care for older adults

The Trump campaign platform recognizes that "health care and prescription drug costs are out of control." It calls for protecting Medicare and improving older folks' access to affordable health care.

"Republicans will increase Transparency, promote Choice and Competition, and expand access to new Affordable Healthcare and prescription drug options," the platform reads. Trump is also running on his record of signing a 2017 law aimed at expanding health care options for veterans.

What about retirement accounts?

Policies touching on retirement accounts including 401(k)s and IRAs (individual retirement accounts), are largely absent from the candidates' platforms, despite having had more prominence in previous elections.

The 2025 White House budget, which has not been approved, calls for two changes that would affect high-earners and some wealthy Americans: 1) imposing restrictions for large IRA accounts over $10 million and 2) preventing high-earners from taking advantage of backdoor Roth IRA conversions.

In policy explanations, the administration argues that these tax advantages should be modified so they're not used as tax-avoidance mechanisms for the rich.

Retirement savers and retirees may also be wondering what the election would mean for the performance of their investments in retirement accounts. While some stock market analysts say Trump's economic plans — including deregulation and tax cuts — could stimulate economic growth and the stock market, there's no consensus on Wall Street, and forecasting markets is always uncertain.

More from Money:

When Social Security Recipients Will Get Their Checks in October

Democrats and Republicans Actually Agree on These Ideas to Fund Social Security

5 Proposals to 'Fix' Social Security — and How They Could Affect Your Benefits