I’m Voting for Harris: 4 Reasons I Believe She’ll Help Boost My Retirement Savings
Vice President Kamala Harris’ policies seek to address economic and social inequalities through government regulations and tax code changes.
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Harris’ approach appeals to some retirees like Lydia and Mike Pontius, who said Harris’ stance on Social Security, healthcare and taxes aligns with their core beliefs and wallets.
“I support policies that tend to lessen inequality and have a positive impact on our situation,” Mike Pontius said. “Specifically, I support Kamala’s position on raising the capital gains rates and enforcing a minimum tax on the wealthy.”
GOBankingRates spoke to Harris supporters about the four reasons they believe she’ll help them boost their retirement savings.
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Protect Social Security
Lydia Pontius said one of her biggest concerns was the future of Social Security. The federal program faces a significant shortfall in 2035 if the president, no matter who is elected, and Congress fail to act soon.
For Pontius and the nearly 70 million Americans who receive Social Security benefits, a shortfall means losing about $324 a month or $3,900 annually if Social Security goes into the red.
“Kamala respects the fact that Social Security is something we paid into and deserve,” Pontius said. “If Kamala doesn’t win, I fear Social Security will be dealt with as an entitlement that can be spent as that (Presidential) administration sees fit, which would be a disaster for seniors who depend on Social Security.”
While Harris has promised to “protect” and “strengthen” Social Security, she hasn’t released a comprehensive plan to tackle the shortfall. However, if Harris is elected, the revenue gained from raising the payroll tax on high-income earners is expected to maintain and even expand federal programs like Social Security.
“While Social Security can and must be overhauled — the sooner, the better — I have more confidence that the present benefits that current retirees receive are more likely to be protected by a Harris administration,” said David Winslow, a retired small-business owner.
Check Out: I’m an Economist: Here’s My Prediction for Social Security if Trump Wins the 2024 Election
Affordable Healthcare
Harris announced a Biden administration initiative earlier this year to remove medical debt from the credit reports of 15 million Americans and encourage state and local governments to purchase and eliminate medical debt.
She also recommended accelerating Medicare price negotiation of prescription drugs and cutting the cost of some of the most expensive and commonly used drugs by up to 80% starting in 2026. In addition, Harris promised to extend the $35 cap on insulin and $2,000 cap on out-of-pocket spending for older adults to all Americans.
“I’m for anything that will reduce healthcare costs,” Mike Pontius said. “Direct drug price negotiations will help our bottom line. I’m also interested in extending the reach of Medicare to include new and promising procedures and treatments.”
Reduce Housing Costs
Older adults ages 65 and over spend an average of 36.2% of their yearly expenses or $18,872 on housing if they are still paying a mortgage.
“A lot of campaigns are style over substance,” Winslow said. “Harris has at least outlined a plan to tackle the housing shortage and costs that is coherent.”
Harris promised to advance a plan to build 3 million more rental units and housing to address the affordable housing crisis. She also vowed to provide $40 billion to help local governments find solutions to affordable housing, cut the red tape to build housing faster and penalize firms that hoard available homes to drive up prices for local homebuyers.
If Harris’ plans are enacted, older adults could spend less money on housing and make their retirement dollars go further.
“A huge transfer of wealth has taken place in recent years, and it continues to be destabilizing,” Winslow said. “Much of it is an existential problem as it is a structural deficit.”
Lower My Grocery Bill
Retirees experienced a 12.6% year-over-year increase in food costs, whether it was spending an average of $2,509 to eat out or $4,797 to cook at home.
“The price of groceries is totally due to the fact that these corporations are making more money than they ever have before without having to pay taxes,” Lydia Pontius said. “They are getting tax breaks. They are making profits, and they are not passing them off to consumers. The only way we’re going to change that is going after the corporations and making them pay their fair share.”
Harris promised to address high grocery bills by advocating for a federal ban on price gouging on food and groceries. Critics said Harris’ proposal could maintain the status quo. Nevertheless, if enacted in combination with Harris’ other economic proposals, it could lower grocery bills for most Americans, including older adults, and help them stretch their retirement savings.
Editor’s note on election 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 GOBankingRates.com.
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