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Biden and Retirement: What Has the President Done for Retirees? | Retirement


Retirees have some specific financial challenges that the U.S. government long ago stepped in to help address by introducing programs such as Social Security and Medicare.

Since taking office in 2021, President Joe Biden and his administration have undertaken several initiatives aimed at helping retirees. “The Biden administration clearly does not want to antagonize retirees and future retirees,” says Sean Mullaney, a financial planner at Mullaney Financial & Tax in Woodland Hills, California.

For example, Mullaney says the administration has not gone along with calls from some Congressional Republicans to raise Social Security eligibility ages. That would likely be unpopular for a president of either party to propose.

Biden and Retirement: What Has the President Done for Retirees? | Retirement

Mullaney also points out that Biden signed into law the Inflation Reduction Act, one provision of which allows many retirees under age 65 to claim significant tax credits against their Affordable Care Act medical insurance premiums.

Sarah Goldberg
Sarah Goldberg

Sarah is a seasoned financial market expert with a decade of experience. She's known for her analytical skills, attention to detail, and ability to communicate complex financial concepts. She holds a Bachelor's degree in Finance, is a licensed financial advisor, and enjoys reading and traveling in her free time.

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