Retirees could feel the economic impact of President-elect Donald Trump prepares to reclaim office in Washington, DC. In his first term, Trump completely redefined economic policy with corporate tax cuts and an "America First" plan. Now, as his second term looms, a crucial question emerges: What is Trump's "Day One" agenda going to mean for retirees?

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"On his first day back in office, we could see select executive actions aimed at Social Security and Medicare and unforeseen market reaction," said Andrew Lokenauth, founder of TheFinanceNewsletter.com. "Retirees should find themselves ready for sudden policy changes which could immediately reshape their finances."

Retirees may experience some serious shakeups and this article will discuss seven of them, along with crucial retirement advice in this new political era.

Many retirees will get an immediate tax break if President-elect Trump follows through on his promise to eliminate federal taxes on Social Security benefits, as reported by CNN. It could be one of his executive orders, particularly on inauguration day since he was opposed to taxing seniors on social security before becoming president, according to his Truth Social account.

Removing taxes on Social Security benefits would also increase disposable income for roughly half of recipients, most notably higher earners who already pay taxes, Lokenauth said. But this could hasten the Social Security trust fund's depletion by three years to 2031, according to the Congressional Budget Office (CBO).

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With 100 executive orders ready for day one (as reported by The Associate Press), Trump's administration could have its thumb on the scale to force quick changes to Medicare. That might include changes to negotiations for drug prices and changes to the Medicare Advantage plan regulations. Such immediate change could affect retirees' quality of healthcare coverage and costs; plans could change and out-of-pocket expenses for seniors could rise.

The first 24 hours might bring announcements on executive orders about how healthcare policy will change for retirees. Putting together an emergency fund that's even larger might be a good idea to plan for the possibility of the costs of healthcare rising and falling.

The new administration could use executive action on day one to try to kill rules governing retirement accounts. As reported by Time, the fiduciary rule -- which requires financial advisors to put their client's interests first -- is on his radar for a target. It could be relaxation over retirement age withdrawal rules or a tweak on contribution limits of 401(k) plans.