4 Things That Could Get More Expensive for Retirees in 2025 Under Trump

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4 Things That Could Get More Expensive for Retirees in 2025 Under Trump

Robin Rayne/ZUMA Press Wire / Shutterstock / Robin Rayne/ZUMA Press Wire / Shutterstock

Retirees might want to consider stocking up on items during the busy holiday season while there are endless deals before things could wind up costing a lot more. President-elect Donald Trump has promised to enact a strict tariff policy on imported goods, and

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On Nov. 25, Trump

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, “On January 20th, as one of my many first Executive Orders, I will sign all necessary documents to charge Mexico and Canada a 25% Tariff on ALL products coming into the United States, and its ridiculous Open Borders.”

In addition, Trump is planning a massive tariff hike for China. In a

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on his Truth Social Platform the same day, he wrote, “We will be charging China an additional 10% Tariff, above any additional Tariffs, on all of their many products coming into the United States of America.”

Finance experts predict the many things retirees count on will sharply increase in price.

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Millions of Americans depend on over-the-counter (OTC) medications for relief from the common cold to minor aches and pains, but soon, they might have to pay more at the register.

“Half of the medical drugs consumed in the U.S. are imported, and much of the raw material for the portion that is manufactured domestically is imported,”

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, founder of The Price Whisperer (

) explained. “We don’t know what tariffs will eventually be put on these drugs and their raw materials, if any. If tariffs are imposed, drug prices will increase. Retirees will see this in the price increases on OTC drugs and in increased health insurance costs,” he explained.

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Items such as wheelchairs, blood pressure monitors and hearing aids will likely be more expensive next year, according to Jason Hishmeh,

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co-founder.

“Many of these products are manufactured or assembled in countries like China,” he explained, “If new tariffs are imposed on imports, the additional costs will likely be passed on to you, the buyer.”

Paying more for essential needs for retirees on a fixed income will be a

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“Imagine that you need a new hearing aid and find out that it costs $100 or $200 more than you expected,” Hishmeh stated. “For retirees, many of whom are already facing rising healthcare costs, that’s no small feat. This may mean delaying a purchase or cutting back on spending in other areas.”

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As a result of higher medical device prices, Sjofors predicts bad news for healthcare facilities.

“Like medical drugs, many components that go into medical devices manufactured domestically are important, increasing the cost of manufacturing and, thus, the prices of those domestically manufactured devices,” he explained. “Some hospitals and other health service providers will delay or scrap plans to upgrade their facilities with the latest and greatest technology, denying retirees the best and most modern technology in care.”

Everyday products like electronics, such as your smartphone and home appliances, will also see a jump in price, per Hishmeh.

“If tariffs increase the cost of these items, upgrades or replacements can suddenly seem out of reach. For retirees who rely on technology to stay connected or manage their health, this can be a big problem.”

China is the global leader in producing apparel, and in September 2024 alone, 2.73 billion meters of fabric were made in the country,

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. With so many basic necessities coming from China, shoppers should expect to pay more if Trump imposes his tariff policies.

“Clothes are an ongoing need, and rising prices could stretch already tight budgets even more,” 

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, CEO at

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, explained. “Retirees living on fixed incomes don’t have a lot of room to absorb those kinds of increases, so any added expense hits hard. This could mean having to cut back in other areas just to cover essentials like clothing.”

Experts warn the prices of necessities will soon increase, and according to Sjofors, “Retirees are not necessarily going to be better off during the Trump administration.” To help avoid financial stress during

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, Hishmeh recommended bracing for the added expenses by cutting back on spending, looking for deals and staying informed.

Editor’s note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on

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