President Joe Biden has been adamant about protecting Social Security benefits. When he campaigned for president in 2020, Biden proposed several changes to Social Security -- none of which involved any benefit cuts. Arguably, the most important component of his plan was to make earnings of $400,000 or more subject to the payroll tax used to fund Social Security.

None of Biden's key Social Security proposals were enacted during his first three years in office. It's likely, therefore, that the popular federal program will again be a major focus in next year's presidential contest.

There are already different views on the table, even in the early stages of the 2024 election cycle. Here's how President Biden's top GOP rivals want to change Social Security.

Wood blocks spelling "Social Security" next to a pen and a cup of coffee.

Image source: Getty Images.

Nikki Haley: Changes for the young and the wealthy

Former South Carolina Governor and U.N. Ambassador Nikki Haley currently ranks third among GOP presidential candidates, according to RealClearPolitics' average of national polls. She has publicly acknowledged the challenges Social Security faces.

In September 2023, Haley delivered a speech about her economic policy in New Hampshire and addressed both Social Security and Medicare. She said, "I recognize that Social Security and Medicare are the last thing the political class wants to talk about. Well, I just did. Any candidate who refuses to address them should be disqualified."

Haley has proposed two key changes to Social Security. First, she wants to raise the full retirement age (FRA) for younger Americans. Second, she thinks benefits for the wealthy should be limited.

Thus far, Haley hasn't provided many details on these two proposals. She didn't specify exactly what the new FRA should be. However, the former governor and ambassador did state, "We'll keep these programs the same for anyone who's in their 40s, 50s, 60s, or older, period." Haley also has not revealed exactly how Social Security benefits for the wealthy would be limited -- or which Americans should be viewed as wealthy.

Ron DeSantis: Need more discussions

Florida Gov. Ron DeSantis is slightly ahead of Haley in the GOP presidential contest, according to RealClearPolitics. He previously served as a U.S. congressman between 2013 and 2018. During his time in Congress, DeSantis supported privatizing Social Security and increasing the FRA to 70 for Americans not nearing retirement.

In March 2023, DeSantis stated in an interview with Fox News that the GOP would not "mess with Social Security." He has more recently qualified that earlier position somewhat.

DeSantis stated during the GOP presidential debate in July that he is opposed to any Social Security cuts that would impact seniors. However, he added, "Talking about making changes for people in their 30s and their 40s so the program's viable -- that's a much different thing, and something I think there's going to need to be discussions on."

Donald Trump: Eliminate fraud and waste

Former President Donald Trump leads the pack in the race for the 2024 GOP presidential nomination by far. Trump didn't make any changes to Social Security when he was in the White House.

Back in 1999, though, he stated in an NBC News interview that he was open to privatizing the federal program despite not liking the idea. A year later, Trump proposed in his book The America We Deserve that the FRA should be raised to 70.

Trump has also indicated a willingness in the past to reduce Social Security benefits in some ways. However, he later walked back those statements. Earlier this year, Trump released a video in which he warned other Republicans, "Do not cut the benefits our seniors worked for and paid for their entire lives. Save Social Security; don't destroy it."

So, what does the former president want to do about Social Security if he returns to office? In the video message from early 2023, he proclaimed, "Cut waste, fraud, and abuse everywhere that we can find it, and there's plenty of it."

A debate worth having

According to the nonpartisan Congressional Budget Office, Social Security's trust funds will run out of money by 2033 if nothing is done. After that, benefits would have to be slashed by 25%.

There are really only two categories of options to prevent this scenario. One alternative is to generate more revenue for Social Security. President Biden's proposal to apply the payroll tax to high earners is a possible source of additional money. The other approach is to reduce benefits. Haley's recommendations to raise the FRA and limit benefits for the wealthy are two ideas on how to do so. A combination of more funding and reduced benefits for some Social Security beneficiaries is also possible.

Politicians -- and other American citizens -- will have different views on the best approach to preserving the program. With Social Security on a collision course with insolvency, discussing those potential alternatives is a debate worth having.