Baby Boomers are going to all be retiring soon—and Generation X is not far behind them. However, one-third of Americans have no form of retirement savings or pensions, meaning more and more Americans are going to rely on Social Security, which may not be able to handle the burden.
To alleviate the situation, Obama created legislation so that workers could have their own Individual Retirement Accounts (IRAs), and put forward stricter regulations on the advisors who handle 401Ks and IRAs, who were costing retired people $17 Billion a year by giving advice that was not in the best interest to the retiree.
But Trump and the Republicans destroyed all legislation Obama established. First, they ended the state-by-state IRA plan initiative for low-income workers. After that, they proposed drastic cuts to Social Security and raised the age of retirement. Now, Trump signed an executive order forcing the Department of Labor to eliminate the rules for advisors to work in the best interests of the retirees they represent.
To make matters worse, Trump plans on either drastically cutting or even repealing the payroll tax—which funds Social Security. If this happens, and the mandatory 6.2% taken out of payroll, it would give Paul Ryan and Mitch McConnell complete power of appropriating assets for Social Security.
Baby Boomers came out in support of Trump and helped him win the election. Now, he’s returning the favor by dooming them to poverty when they retire.